Challenge

With locations in Florida and Georgia, Envision Credit Union, a state-chartered credit union, helps the “unbanked become banked” by unlocking better futures. Envision has grown through partnerships, mergers, and acquisitions while remaining committed to its members. They have always implemented appropriate risk management processes, leveraging software and services to protect its members, propel business, and ensure continuity.

However, this year their examiners highly recommended implementing a fully integrated enterprise risk management (ERM) program to reach their growth goals. Envision was also looking for assistance for their Chief Risk Officer (CRO) to centralize and focus their ERM program, and to help steer them forward with a documented ERM policy and Risk Appetite Statement that included appropriate metrics and key risk indicators (KRIs).

Solution

Although Envision originally explored a software-centric ERM solution, they ultimately selected WolfPAC Integrated Risk Management® as their preferred vendor for its fully integrated ERM offerings. Pairing industry-leading software with Wolf & Company’s Fractional Chief Risk Officer Advisory Services, Envision received the elite combination of services they—and their examiners—were looking for.

“I wanted someone that possessed this advanced knowledge and could help me through the process without me knowing everything, and without placing a support call,” said Stephanie Straker, Envision’s Chief Financial Officer (CFO).

Wolf’s Fractional CRO offering was the optimal advisory service, providing immediate results for the organization. Through the Fractional CRO services, Envision now receives consultative and advisory risk management services to validate their strategic risk approaches.

In addition to providing ongoing strategic guidance on important risk-related topics, Wolf’s Fractional CRO works with Envision prior to each ERM Committee and Board meeting to:

• Consolidate and prepare Board materials
• Develop messaging for the Board
• Assist with speaking points and presentation materials

And, with WolfPAC’s software solutions (including Enterprise Risk Management and Third-Party Risk Management), Envision is able to:

• Quickly extract relevant data from each functional area to report on risk assessments
• Obtain critical information on threats and related controls that keep the credit union safe
• Easily compile their findings to prepare their enterprise risk department for quarterly Board meetings

Result

Envision’s Board is impressed with the new detailed reporting and guidance. They’re now able to see the strategic information from each functional area in a clear, colorful, and concise format—allowing them to better understand valuable information available in comparison with their own risk policy, risk appetite statement, and KRIs. The generated reports provide the ability to instantly evaluate and monitor risk areas that need improvement, and others that don’t need immediate attention, all at a glance.

By gaining a professional CRO with extensive ERM experience to augment their risk department and articulate important information, Envision was able to implement strategic roadmaps other risk management providers didn’t offer.

“With [these] services, I now feel good about answering whatever questions the Board has concerning risk management and our plan,” says Straker. “We’re more conscious and more aware. We use it make better informed decisions. The reports are now easily digestible, allowing the Board to become more engaged. They confidently know we can answer all questions, review what’s moving in the right direction, what trends are concerning, and how to address those risk trends.”

Conclusion

While some technology providers over-promise and under-deliver, Wolf & Company and WolfPAC did the opposite. Wolf’s Fractional CRO services and WolfPAC’s integrated ERM software provided Envision with heightened assurance and unparalleled risk guidance—and according to Straker, “the Board is all in.”