Risk Matrix in eXcel
- RALEIGH, NC, June 19, 2008 - Visage Solutions, LLC, announces a cost effective solution for performing risk assessments for Community Banks and small to medium sized organizations. The FFEIC (Federal Financial Institutions Examination Council) requirements and the new Auditing Standard (SAS112) now in effect, require non-subjective Risk Assessments for any organization subject to an external audit.
The tool and methodology were designed to minimize the costs associated with performing a formal Risk Assessment and documenting the results. Although most executives have a clear understanding of their business risks, they may not have a corresponding knowledge of ERM (Enterprise Risk Management) concepts or the requisite steps to establish a non-subjective Risk Assessment strategy. This solution is designed to assist executives in providing the logic and evidence necessary to produce reports required by the auditors while introducing concepts that will help improve their corporate operations.
The tool combines the COSO ERM (Enterprise Risk Management) concepts, the FFEIC requirements (including Graham-Leach-Bliley Act) and Visage's proprietary OpsAudit methodology into a spreadsheet that includes an inventory of Risk Scenarios and standard Entity Level Controls commonly used to mitigate risks. Example weighting and scoring mechanisms are available that can be adopted, modified and applied by each organization using the tool.
A series of white papers and webinars are planned and will be available for executives wishing to gain additional guidance on the use of the tool. Visage will make the spreadsheet and corresponding white papers available to organizations on a complementary basis for a limited period of time. Those interested can request the matrix via the Visage web site (www.VisageSolutions.com).
Robert Kernodle, SVP and Risk Officer of Cornerstone Bank states; "The Visage risk assessment tool and methodology allowed us to respond to the risk assessment requirements of the FFEIC in a timely and cost effective manner".
Patrick Camblin Senior Partner in Camblin CPA, PLLC says "Although there is always a degree of subjectivity in any risk assessment, the Visage Risk Assessment tool and methodology is one of the best I've seen in removing subjectivity and providing the underlying support for the scoring system".
About Visage Solutions, LLC -
www.visagesolutions.com
Visage Solutions is a consulting company operating in the areas of regulatory compliance, risk assessment, information security, risk management and compliance processes. Utilizing our proprietary SingleVue and OpsAudit methodologies, the company focuses on assisting business entities with cost effective approaches in mitigating operational risk. Visage has provided solutions to a client base ranging from private, entrepreneurial companies to large multinationals. Our team is comprised of experienced executives, managers and consultants who can assist clients with the development, implementation and execution of their risk management and compliance strategy.
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