Visage incorporates GLBA, BSA/AML, OFAC Survey Support

Raleigh, NC, January 20, 2009 – Visage Solutions, LLC, announces additional survey support for its Risk Matrix in Xcel using OpsAudit™ methodology.  This is in addition to the Entity Level Control support in Visage’s initial release of its cost effective solution targeted for risk assessments for Community Banks and small to medium sized organizations.

Bob Broda, Managing Partner states, “We are excited about the additional support for our Risk Assessment services. It seems that the bank examiners are especially diligent this year on any kind of potential fraudulent activity and information security weaknesses.  These additional questionnaires and matrices give the auditors and the banks executives the comfort they need that these regulations are being met effectively in a cost effective manner.”

The FFIEC (Federal Financial Institutions Examination Council) requirements and the new Auditing Standard (SAS112) now in effect, require non-subjective Risk Assessments for any organization subject to an external audit. The additional support provided supports the following legislation:

  • GLBA - Gramm-Leach-Bliley Act (privacy)
  • BSA – Bank Secrecy Act
  • AML – Anti Money Laundering
  • OFAC – Office of Foreign Assets Control.

The tool and methodology were designed to minimize the costs associated with performing a formal Risk Assessment and documenting the results. Although most executives have a clear understanding of their business risks, they may not have a corresponding knowledge of ERM (Enterprise Risk Management) concepts or the requisite steps to establish a non-subjective Risk Assessment strategy. Visages methodology and survey support is designed to assist executives in providing the logic and evidence necessary to produce reports required by the auditors in a cost effective approach.

A series of articles and a webinar is planned and will be available for executives wishing to gain additional guidance on the use of the tool and survey support. Visage makes the Risk Matrix spreadsheet and corresponding white papers available to organizations on a complementary basis for a limited period of time. Those interested can request the matrix or view the articles via the Visage web site (www.VisageSolutions.com).

About Visage Solutions – www.VisageSolutions.com

Visage Solutions is a consulting company operating in the areas of regulatory compliance, risk assessment, information security, risk management and compliance processes. Utilizing our proprietary SingleVue™ and OpsAudit™ methodologies, the company focuses on assisting business entities in mitigating operational risk. Visage has provided solutions to a client base ranging from private, entrepreneurial companies to large multinationals. Our team is comprised of experienced executives, managers and consultants who can assist clients with the development, implementation and execution of their risk management and compliance strategy.

 
 


"The Visage Risk assessment tool and methodology allowed us to respond the risk assessment requirements of the FFIEC in a timely and cost effective manner ".
   Robert Kernodle, SVP and Risk Officer of Cornerstone Bank
 
"Although there is always a degree of subjectivity in any risk assessment, the Visage Risk Assessment tool and methodology is one of the best I've seen in removing subjectivity and providing the underlying support for the scoring system".
   Patrick Camblin Senior Partner in Camblin CPA, PLLC

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