RISK MANAGEMENT
Risk is ever present and must be managed but too often the approach stops there and leaves it up to the CU to find the answerSOLUTION ORIENTATED
After identifying risks & control gaps we work to provide solutions and not just measure existing processes and proceduresPROCESS DRIVEN
Sorm provides the foundation stones and processes required to embed risk and improve operationsSORM & YOUR CU
CU focused support designed to aid your credit union
Sorm is based on years of credit union experience. Drawing from strategic planning and risk management for credit unions we have put together a support offering that mixes consultancy know-how with technology support. We put the framework in place that is underpinned by technology and then solutions that can be implemented thus addressing risk and compliance requirements
Solutions that meet your CU’s specific needs.
No need to start from a blank page – we provide the framework and work with you to customise it to your needs
OUTSOURCING MANAGEMENT
Trying to manage all your 3rd Party suppliers? We can help
DATA MANAGEMENT & GDPR
Looking to protect & manage your data? We have it covered
POLICIES & PROCEDURES
Easily managed with audit trails and compliance checks
BUSINESS CONTINUITY
Tailored plans for managing continued operations
INFORMATION SECURITY
Be assured that your network and systems are safe & secure
Our Approach
The Secret of Risk Management
No matter which risk management tool your credit union uses, control questions and risk registers only go so far. Repeatedly asking whether or not something is done is reactive and as credit unions become more advanced in terms of risk management, and Compliance & Internal Audit continue to ask for proof and audit trails, CU’s will find it essential to integrate risk management into processes.Frameworks & Tools
Most risk tools identify risks and point out gaps in what you are doing, the integrated risk function in SORM is no different. We highlight risks, provide assessments to identify gaps and provide control questions to monitor these risks. Where SORM differs is that we also put in place operational processes to address the gaps e.g. risk will tell you what should be done to manage 3rd parties (you need a business case, due diligence, contracts, service level agreements, non-disclosure agreements) but then lets it up to operations to put the process in place.Processes and structure
When we identify risks we look for solutions (it’s in our name and DNA – Solution Orientated Risk Management). We use our system to put the operational structure in place so that the risk is managed, we report on how people are implementing/complying to the agreed process and then once embedded the reactive control questioning practice is replaced by controls that direct/manage operationsLinking to other tools
Most risk tools do the same thing – identify and measure risk. Using SORM, you can either use the in-built risk framework or one you already use, and put the operational processes in place that reduce your need to ask whether or not something is done, SORM has the frameworks and approaches in place that guide the user through a process, enable monitoring and oversight; and provides the audit trails requiredCASE STUDY
The Secret of Success
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Process flows and GDPR
Before we begin, let’s just outline what a process flow is and why it’s important from a GDPR perspective. All activities in a credit union can generally be thought of[…]
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We know credit unions and are aimed are providing solutions to the everyday challenges!
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