News

Cornerstone Bank, CSI team up to implement enterprise risk management solution

The SmartRisk IQ solution from CSI measures institutions against eight key risk categories outlined by the Office of the Comptroller of the Currency.

April 28, 2015

Cornerstone Bank, a West Union, West Virginia-based FI, has partnered with Computer Services Inc., a provider of end-to-end financial technology solutions, to add new enterprise risk management services, a CSI press release said.

Cornerstone has implemented the SmartRisk IQ platform from CSI as a holistic approach to risk management based on real-time snapshots, according to the release.

SmartRisk IQ measures institutions against the eight key risk categories outlined by the Office of the Comptroller of the Currency: compliance; credit; interest rate; liquidity, operational; price; reputation; and strategic.

An FI can use SmartRisk IQ to provide examiners with proof that their institution is proactively managing risk by securely collecting, storing, analyzing, scoring and reporting on risk data, risk direction and mitigation activities, the release said.

"Overall, SmartRisk IQ has proven to be an invaluable, forward-looking management tool that has enabled our bank's ERM team to become more unified, involved and, most importantly, aware of our cumulative risk profile and how to manage it effectively," said Lorraine L. Brisell, president and CEO of Cornerstone Bank.