Online Banking Risk Assessment Software

As a financial institution, your business needs to keep on top of risks coming from all conceivable angles. Stay ahead of e-banking risks with LogicManager’s comprehensive Online Banking Risk Assessment solution package.

What is an E-Banking Risk Assessment?

Online banking, or electronic banking, involves the use of computers (as opposed to human interaction) to conduct monetary transactions. Inevitably, there are risks associated with transferring money online and it’s important to know what those risks are ahead of time.

Online banking capabilities, while a huge innovation, has increased the exposure of banks and consumers alike. As consumer trends shift and technology advances, online banking is no longer just a perk offered by larger banks. Customers across the financial services industry now expect online and mobile banking. Private information that needed only be protected by bank branches is vulnerable because of this widespread remote accessibility. Financial institutions of all types and sizes need to perform regular e-banking risk assessments.

A risk assessment, a process that analyzes the specifics of various risks, is a fundamental process within any ERM program. An online banking risk assessment is a risk assessment that analyzes the risks involved with conducting banking online.

Online Banking Risk Assessment Risks

There are a variety of risk exposures introduced to your organization when you implement e-banking. For example:

  • Consumers have come to expect 24/7 support when it comes to online services. Should you experience a service interruption, customers may not be able to complete critical transactions and ultimately become less satisfied with your company.
  • If a breach occurs and your customers’ sensitive information is compromised, the damage can be irreversible. If your organization is found at fault, fines can quickly add up.
  • Outages or disruptions can cause customers to miss payments, which can prevent them from continuing a service or finalizing a time sensitive purchase. It can even lower their credit score. 

Complete your E-Banking Risk Assessment with LogicManager

Take a root cause approach

LogicManager’s global risk scoring criteria takes a root cause approach, fostering consistency on how you evaluate risks across your organization. This makes cross-departmental communication more effective and helps uncover systemic problems.

Identify areas for improvement

Based on the inherent and residual risk scores determined by your risk assessment, identify other areas that need to be improved. Do business continuity plans need to be updated? Are customer communication plans underdeveloped? How protected is your system? These insights help you continually improve your business.

Save time, money and resources

E-banking helps lower operating costs associated with in-person banking, but using an automated system like LogicManager to streamline your e-banking processes helps you reallocate resources more effectively, enabling you to save even more over time.

LogicManager’s Online Banking Risk Assessment Solution

Here’s what you can expect with LogicManager’s E-Banking Risk Assessment solution package: 

  • Increase engagement across your enterprise by sending out direct tasks with email integration to the people closest to the operations and involved e-banking processes.
  • Continually strengthen your organization through the mitigations that are born out of your e-banking risk assessment. Test the effectiveness of these controls by assigning monitoring tasks to users who will provide crucial qualitative, quantitative and event-driven data.
  • “Bookmarking” allows you to save the scores of every risk assessment to draw comparisons and see the improvements you’ve made to your e-banking processes through lowered scores and increased mitigations. This also provides an accurate record to regulatory agencies and auditors to satisfy legal compliance requirements
  • Our GRC platform helps you visualize interdependencies across other activities at your organization, enabling you to work more efficiently and effectively.
  • Access a wide range of out-of-the-box risk reports, including a variety of heatmaps and plan-specific reports that can be customized and scheduled on a set frequency.
  • Through your subscription, access strategic and best practice advice from our expert Advisory Analysts. Our team is there to help you organize and strengthen your ERM program and use LogicManager to its fullest potential.

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Bank Branch Risk Assessment Tools

Want to learn how LogicManager’s E-Banking Risk Assessment solution package can help transform your ERM program? Start by requesting a free demo today.