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December 31, 2018

Updating Assessment Processes for OCC Guidance

How did Procipient change to meet the OCC Guidance?

In June, the Office of the Comptroller of the Currency (OCC) further defined what community banks should assess when analyzing their defined categories of risk: Credit Get Audit ReadyRisk, Market Risk, Liquidity, Operational Risk, Compliance Risk, Strategic Risk and Reputational Risk with its Community Bank Supervision handbook. The new guidance also clarifies definitions for board and management roles, and it incorporates revisions to the Uniform Interagency Consumer Compliance Rating System.

Our in-house experts configured this new guidance into the existing Categories of Risk framework and assessment table to offer an easy, compliance-ready solution. This allowed our customers under OCC guidance to immediately begin their compliance work with the new categories and operations in alignment.

Many banks we work with use a modified version of the OCC guidance as the basis for their program, even if the OCC isn’t their primary regulator. Because Procipient® is so easily configured, this prebuilt framework can be quickly adapted by you or our expert consultants, giving you a more compliant starting point.

The Power of Flexible Frameworks and Updating Risk Assessment Processes to Match OCC Guidance

How you build a piece of software can be almost as important as what you build into the software. This was illustrated this summer when the OCC – a governing body for many of Procipient’s customers – released new guidance regarding risk assessments.

How we built Procipient® mattered a lot in that moment because our customers were able to alter their processes precisely because of the structure that underlies Procipient® – the framework. The flexible framework builder – with its content-tree structure – allows a company to develop any custom framework that is aligned with internal business practices.

Does this matter if I’m not under OCC jurisdiction?

The specific framework and template doesn’t matter to customers who aren’t ruled by OCC jurisdiction. But the technology does matter. This recent conversion demonstrates just how quickly a company can implement a new risk assessment methodology – with a streamlined and efficient workflow.                                                        

You might need to do so due to new regulations, a change in leadership, or other event that inspires a change in your process. The power of the Procipient® framework is its flexibility and agility in responding to your changing needs.

Because Procipient® allows for multiple frameworks within the same company account, the Risk Assessment framework that serves as the underlying structure for a company’s use of the tool could be easily implemented to reflect these changes.

Contact Us

If you're interested in an ERM solution with the agility and flexibility to align with your Risk Assessment processes or want to see how software can help you build those processes into your business, contact our team to get a demo. See for yourself the power in the framework.