Financial Institution Risk Assessment

Weaver assists financial institutions in achieving their risk management objectives by providing an independent, objective and disciplined approach to evaluating and improving the effectiveness of current practices. Risk assessments measure a financial institution’s compliance and operational risks within the context of exposures or vulnerabilities associated with key internal and external activities.

What is a financial institution risk assessment?
A risk assessment for a financial institution identifies, measures and helps manage all compliance and operational risks associated with significant departments or activities, both internal and external. While some risks are inherent to an institution’s operations, most can be addressed and mitigated with the establishment or refinement of an appropriate internal controls system.

What necessitates a risk assessment?
Numerous regulations and standard operating practices make a risk assessment not only advisable but necessary for financial institutions. In addition to overall regulatory compliance risk assessments, these include:

What are the benefits of a risk assessment?
Upon identification and measurement of a financial institution’s vulnerabilities, recommendations are developed to establish effective internal controls and monitoring. These recommendations help create a strong internal control environment and a secure information systems environment.