SOURCE: Wolf & Company

Wolf & Company

February 14, 2012 10:00 ET

Michael Cohn of WolfPAC® Integrated Risk Management Says Practicing ERM Will Change the DNA of an Institution and Make It More Successful

Expert on Enterprise Risk Management Says Community-Based Financial Institutions Must Practice ERM to Survive

BOSTON, MA--(Marketwire - Feb 14, 2012) - In a white paper just released by the Financial Managers Society, Michael Cohn, an expert in enterprise risk management, advises community-based financial institutions to begin practicing enterprise-wide risk management in order to become "more efficient, smarter, and better able to compete in an increasingly complex environment."

"Unfortunately many smaller community-based financial institutions are not practicing enterprise risk management. This is causing them to incur higher operating costs, which may lead them to a point of crisis," said Michael Cohn, Director of WolfPAC® Integrated Risk Management. "By implementing a robust ERM program, community-based financial institutions can reduce costs, improve delivery of products and services, and survive in an increasingly competitive and regulated environment." The methodology introduces an element of ERM not addressed in many current ERM approaches. When the cost of risk management is married to the threat/control risk assessment results, misalignments are obvious. If an effective ERM program brings a holistic view of the enterprise, then the measurement of the cost of risk management should provide a pathway for improved efficiency ratios.

The white paper, "Why community-based financial institutions should practice enterprise risk management," can be downloaded here.

Cohn draws on his extensive experience advising banks and credit unions across the country on enterprise risk management to explain how an effective enterprise risk management program can help financial institutions become stronger and improve their bottom line.

"Adopting and practicing ERM is a requirement today for community-based financial institutions that want to remain viable," says Cohn. "Practicing enterprise risk management, especially when structured in a bottom-up approach, will change the DNA of an institution in a positive way and make it more successful today and into the future."

Cohn and his team at WolfPAC Integrated Risk Management work with financial institutions nationwide to build and implement successful ERM programs using the WolfPAC Integrated Risk Management® tools. Cohn says that community-based financial institutions should realize that beginning an ERM program is easier than they may think.

"Implementing an ERM program is not hard -- many of the elements needed to create a program exist in community-based financial institutions today. It's a matter of reorganizing and reorienting the institution at all levels to embrace and practice ERM."

WolfPAC Integrated Risk Management, developed by Wolf & Company, P.C., is an online suite of enterprise risk assessment, management oversight, and risk governance tools that will help financial institutions achieve their business goals by lowering exposure to risk and reducing losses. WolfPAC helps financial institutions achieve their business goals by providing tools and guidance that assess risk, identify enterprise-wide control gaps, and establish the foundation for a comprehensive risk management program.

Contact Information

  • CONTACT:
    Joseph M. Romanello
    National Sales Director WolfPAC®
    (617) 261-8195
    Email Contact