|By Marketwired .||
|September 4, 2013 10:43 AM EDT||
BOSTON, MA -- (Marketwired) -- 09/04/13 -- WolfPAC Integrated Risk Management®, a division of Wolf & Company, P.C., today announced that its successful Regulatory Compliance Risk Assessment online tools now include a sub-module for Unfair or Deceptive or Abusive Acts or Practices (UDAAP) risk assessments for financial institutions. The UDAAP risk assessment sub-module follows the recent addition of the Fair Lending Risk Assessment (FLRA) sub-module to WolfPAC's comprehensive set of Regulatory Compliance Risk Assessment tools created to help community-based financial institutions hold their competitive edge by remaining in compliance while keeping costs as low as possible.
The new UDAAP sub-module ensures that a financial institution's business practices are not in violation of the most current version of the regulation and provides essential reports such as the UDAAP risk report by product, overall risk report by product category, and overall risk report by product. Both the UDAAP and FLRA modules are integrated into WolfPAC's improved Regulatory Compliance Risk Assessment module that includes a new graphical interface that is more user-friendly, intuitive, and has several new features.
"As the regulatory environment intensifies and costs associated with compliance increase, community-based financial institutions must find more efficient and effective approaches to compliance management and risk assessment," said Michael Cohn, Director of the WolfPAC Solutions Group. "This latest addition to our Regulatory Compliance Risk Assessment module, and our work improving the entire WolfPAC suite of automated online tools, reflects our continued commitment to the financial services industry to use innovation and the latest technology to drive down the cost of risk management."
When used with the full WolfPAC Integrated Risk Management system, the comprehensive Regulatory Compliance Risk Assessment module adds to a robust and highly effective enterprise risk management program that provides a competitive advantage for community-based financial institutions by helping them achieve their business goals and plan for success. The WolfPAC Regulatory Compliance Risk Assessment module is available separately or as part the WolfPAC Integrated Risk Management suite of online tools.
About WolfPAC Integrated Risk Management
WolfPAC Integrated Risk Management is a secure, hosted enterprise risk management solution used to automate the identification of risks, threats, and control gaps. Developed by financial professionals in 2004, WolfPAC provides tools to review and monitor information technology, privacy, vendor, regulatory compliance and other enterprise-wide risk assessments and programs. Quarterly methodology updates are designed to align with changing business environments and emerging compliance and examination standards. A robust suite of reports allows management to analyze their control gaps and benchmark risk profiles against peers. WolfPAC keeps institutions safe and sound, and maximizes the outcome of strategic objectives.