Risk Management

In today’s business environment, risks are heightened by many factors including technology, social media, litigation, and regulations. A strong risk management program includes an in-depth assessment and a corresponding plan to avoid, minimize, transfer, or eliminate significant risks. The appeal of managing risk is strong, as an organization which effectively manages risk will be insulated from potential adverse events.

Turning Risk Into Opportunity
Herbein works with organizations to determine the right course of action in regards to risk management. Herbein’s experienced team of Certified Fraud Examiners provides customized solutions tailored to each company’s needs and exposures.

A successful risk management initiative holds the promise of a high return on investment.. an effective deterrent may save thousands of dollars in theft, the right insurance policy may bring your organization back from a catastrophic event, a company hotline may result in hundreds of thousands in savings for harassment cases, etc.

Peace of Mind
Life insurance agents often point out that you do not buy life insurance for yourself, you buy it for those you leave behind. Indeed, peace of mind is a critical component of an effective risk management program.

Holistic Approach
Herbein takes a holistic approach to risk management. From human resources to finances, from worker safety to product safety, Herbein begins every risk management project with a review of the most vital components of your organization’s risk exposure areas which may include:

  • Organizational charts (including accounting and finance departments)
  • Code of Conduct
  • Compliance documents
  • Vision statement
  • HR manual
  • Fraud prevention policies
  • Whistleblower policies
  • Fraud assessment programs
  • Audit Committee charter
  • Internal audit charter
  • Internal control documents related to finance department
  • External audit report including management letters
Technology Risks
A strong information technology services team is critical to your organization given the technology dependent environments to which all financial institutions are dependent. Through our FOS subsidiary, we have dedicated professionals who focus on information technology, information security, and cyber security 100% of the time. Our professionals have proven experience in the financial institutions industry and are certified in the field. They stay abreast of the ever changing environment and bring a practical approach to the information technology services we offer.

Our information technology audit involves the development and execution of an information technology and internet banking audit program based on a risk analysis of the related areas. The Federal Financial Institutions Examination Council’s (FFIEC) “Community Financial Institution IT Examination Handbook,” supplemental regulatory guidance on IT and internet banking issues, and input from Management will be used as a reference in performing the audits. Components of the information technology audit include corporate governance/risk management, change control, application security, end‐user computing, logical access controls, network/server security, disaster recovery planning, physical security, vendor management, internet banking, mobile banking, cyber security, and GLBA compliance.

Our IT professionals can tailor our services to meet your needs:
  • IT Review
  • IT Audit
  • IT Awareness
  • IT Design
  • IT Management Assistance