Banks…How to Stay Independent and Viable

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When I started in banking in 1984 there were 625 banks chartered in the state of Kansas and today there are less than 200. The same thing is happening in every state, but of course that is over a 40 year time period. What will happen in the next decade as very few new charters are being established and banks are consolidating almost daily across the country? Furthermore, how can your bank be competitive and stay independent?

As bank ownership becomes older and some with families who don’t have children interested in running a bank the decision to sell is inevitable. But, for those who want to keep the bank and pass it down to generations there are several things you can do.

Financial Institutions with a small asset base or in smaller rural communities need to find ways to increase income and become very efficient from an expense perspective. Of course the regulatory environment can seem overwhelming at times but it doesn’t have to be that way.

For the past 30 years, Strunk has provided income solutions and cost saving programs that help all banks regardless of size. Our signature Overdraft Privilege program has been one of the best fee income ideas in the history of banking. Many banks are revitalizing their “old worn out” ODP program that was implemented 20+ years ago. We also have other tremendous fee income ideas that cost very little to implement.

Our Risk and Vendor Manager program can help cut costs and make it easy for your bank to do regulatory required risk assessments and manage the vendor due diligence process.

Contact Strunk at 800.728.3116 or email at info@strunkaccess.com to learn how we can help you make money or become more efficient.

 

Why do Banks Outsource Vendor Management?

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Managing the vendors that a bank does business with can sometimes seem like it is a hassle and many times that task is outsourced to a third party. Why waste the money? It doesn’t have to be that way.

Regulators have moved the needle to ensure banks understand the risks of each vendor they do business with. On average a bank has 90+ vendors with generally only 4-6 of them considered “critical” or “high” risk based on risk assessments. Many times if a vendor has access to personal identifiable information the bank automatically considers it a critical risk vendor.

Having a repository for information pertaining to each vendor is of course something all banks need to have. Documents such as contracts, service level agreements, insurance certificates, business continuity plans and updated financial information are necessary as well. Having a tickler system to notify the bank that a document is about to become outdated is important too.

Doing risk assessments on an annual basis for critical and high risk vendors is a best practice and required by the regulators. A process to standardize the assessments is also a good way to manage vendors.

Strunk’s Vendor Manager solution has a repository for pertinent information; has a tickler system to notify bank personnel of needed updated documents; and it has a comprehensive risk assessment tool that allows the bank to manage the vendor management process affordably.

Contact Strunk at 800.728.3116 or email at info@strunklp.com to learn how our Vendor Management solution can help your bank.

Introducing Strunk’s New Cybersecurity Assessment Feature

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As the digital landscape evolves, so do the tools necessary for financial institutions to assess and manage cybersecurity risks. We are excited to announce the release of Strunk’s updated cyber risk assessment feature, designed to help your organization transition away from the FFIEC’s Cybersecurity Assessment Tool (CAT), which will sunset on August 31, 2025.

The FFIEC has recommended several alternative resources, including the NIST Cybersecurity Framework (CSF), Cyber Risk Institute’s (CRI) Cyber Profile, CISA’s Cybersecurity Performance Goals (CPGs), and CIS Critical Security Controls. To address the need for modern, flexible, and regulatory-aligned frameworks, Strunk now offers two new assessment templates based on our preferred tools: NIST CSF and CRI Profile.

These templates provide a structured approach to managing and reducing cybersecurity risk. The NIST CSF offers a high-level, adaptable foundation for organizations of any size, while the CRI Profile provides enhanced detail tailored to the unique needs of financial institutions. By utilizing one of these frameworks, you can effectively evaluate your risk posture and strengthen your cybersecurity efforts.

When choosing the right assessment tool, it’s important to consider your organization’s size, complexity, priorities, and goals. The FFIEC encourages institutions to use self-assessment tools that are “commensurate with their risk” to support a robust control environment. Our new feature empowers you to explore these alternative frameworks and tools, ensuring a seamless transition and continued effective cyber risk management.

For more information about how our solution can assist you in preparing for the future of cybersecurity risk management, please contact Strunk at 800.728.3116 or info@strunkaccess.com.

Risk Assessments Made Easy for Banks

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The risk assessment process for community banks can time consuming and daunting but it doesn’t have to be that way. When Strunk demoed their Risk Assessment tool to regulators in Washington DC they said “community financial institutions struggle doing risk assessments and your program will help them with the necessary process”.

Whether your senior lender is looking at loan concentrations; your IT person doing the risk assessment for cyber security; or your operations team is working the on ACH or BSA risk assessment, generally those doing the assessment hate the process whether it is annually or more frequently.

Key Risk Indicators handed down by the regulators govern the risk assessment process and you must quantify risks and then determine the quality of risk management to determine the “residual risk”. The Strunk solution can help you do this and it is easy to use, automated and affordable. We provide over 950 key risk indicators so you don’t have to come up with your own.

Managing the board approval process for policies can also be a hassle. Our tool tracks changes and allows your associates to either read, make changes, or approve policies based on their log in credentials. When the regulators ask what changes have been made to policies since the last exam all you have to do is click on a button.

Tracking issues that arise from an outside audit or exam may be a manual process as well. Our solution helps coordinate those issues until they are resolved.

Lastly, vendor management is a hassle or in some cases outsourced to a third party vendor. It doesn’t have to be that way.

Contact Strunk at 800.728.3116 or email at info@strunkaccess.com to learn how our Enterprise Risk Management solution can help your bank.

Make more money with Strunk’s time tested solutions

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Strunk has been working with community banks for the past 40 years with a variety of fee income and risk management tools. All of the services we provide are time tested and market proven to help with your bottom line. Now is the time to consider making more money!

When Strunk introduced their ODP program it was the best fee income idea in the history of banking. Not only can you help consumers by saving them returned check fees you can also add additional fee income to your bottom line without raising prices. Our low annual fee agreement provides state of the art collection and reporting software to ensure compliance with all regulatory laws and best practices.

Thirteen years ago we introduced Secure Checking and over 1000 banks use the service. Simply put, consumers are willing to pay for value in a checking account while the bank can still offer a no frills no fee account. Banks typically increase fee income by at least $50 per year per checking account on at least 80% of their checking account base.

We developed an enterprise risk manager solution to help community banks with regulatory required risk assessments, something many banks do on Excel spreadsheets today. The tool is pre populated with over 900 key risk indicators so each department of the bank has something to start with. Risk assessments are cumbersome and time consuming for most bankers and our solution helps you identify and quantify risks with ease.

Strunk’s Pricing Manager has provided hundreds of community banks with advanced analytics to take pricing and profitability to the next level. The fully hosted, web based solution allows FIs to deploy a tool to all lenders so that they are armed to price loans profitably based on the FI’s target profitability objectives.

Strunk’s employees have helped thousands of community financial institutions. Contact Strunk at 800.728.3116 or email at info@strunkaccess.com to set up a web demo of any of our services.

Strunk at ICBA LIVE 2025

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The Independent Community Bankers Association (ICBA) hosted this year’s LIVE event at the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee from March 11-14. In addition to various roundtable discussions, ThinkTECH presentations, and Learning Labs attendees enjoyed visiting with vendors in the Expo Hall. The highlight of the event just may have been the final evening at the Grand Ole Opry!

Strunk was excited to meet with so many bankers, discussing a variety of topics important to them. Many banks are taking advantage of Strunk’s Pricing Manager solution, a full-featured loan and deposit pricing application. Banks are able to deploy a tool to all lenders to ensure they are armed to price loans profitably and consistently based on each bank’s target profitability objectives. It also provides the ability to understand the details of relationship profitability so that better pricing decisions can be made. Pricing Manager is affordable, easy to implement and use, and it will increase the bank’s net interest income by 25-50 basis points.

Many banks are understandably concerned about lost fee income, so another hot topic of conversation was to review Strunk’s Overdraft Protection program with current and prospective clients. As regulatory scrutiny increases, Strunk’s compliance guarantee is even more valuable than ever.

Strunk continues to provide value-added SaaS solutions that help community banks increase profitability, while controlling operating expense. In addition to these offerings, Strunk discussed their best-in-class governance, risk and compliance solution, Risk Manager.

For more information on Strunk’s solutions, visit https://strunkaccess.com/ or contact Strunk at info@strunkaccess.com.

 

Strunk at the ABA’s Conference for Community Bankers 2025

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This year, the American Bankers Association hosted the Conference for Community Bankers in Phoenix, Arizona at the beautiful JW Marriott Desert Ridge Resort and Spa from February 16-18. Attendees kicked the event off with a golf tournament, some educational sessions and an exciting reception where they were able to reconnect.

Speakers discussed topics such as the future of community banking, the age of digital transformation and a variety of sessions focused on lending. Both bankers and vendors alike enjoyed a reception on Monday evening toasting to community banking.

Strunk was excited to have the opportunity to discuss and demo, Pricing Manager, to several clients as well as to many new faces. Pricing Manager is a full-featured loan and deposit pricing solution that will provide banks with the ability to set loan and deposit pricing consistently and profitably. Commercial loans can be priced consistently by every lender – creating options for customers that all achieve the bank’s profitability targets. Additionally, rate sheets for consumer loans, residential mortgage loans, and deposits can easily be created that are also based on established profit objectives. Not only will Pricing Manager drive consistent achievement of profitability targets – it will also help banks win more quality deals! Pricing Manager integrates with any core system, so lenders can see the value of the full relationship when making each pricing decision.

Strunk’s goal is to continually provide value-added SaaS solutions that help community banks increase profitability, while controlling operating expense. In addition to their latest offering, Strunk highlighted their overdraft service and best-in-class governance, risk and compliance solution, Risk Manager.

For more information on Pricing Manager or any of Strunk’s other solutions, visit https://strunkaccess.com/ or contact Strunk at info@strunkaccess.com.

Tracking Vendor Due Diligence Material

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How does your financial institution manage the tracking of vendors’ due diligence materials? Is there a centralized repository for these documents, or are they merely stored in folders on your computer? It’s important to note that Strunk’s Vendor Manager software offers a hosted solution designed to help financial institutions consolidate vendor due diligence materials into a single, central location.

Vendor due diligence materials include essential information about a vendor’s corporate history, financial status, legal structure, compliance record, operational capabilities, and potential risks of the partnership. A centralized repository for these materials removes the need to consult multiple sources, ensuring the information remains accurate, up-to-date, and easily accessible.

Key benefits of having a centralized repository:

  • Enhancing data accuracy and consistency: By keeping all due diligence documents in one location, the risk of conflicting or outdated information is reduced, ensuring that everyone utilizes the most reliable details for each vendor. This approach allows departments involved in vendor selection to share information effortlessly and collaborate on materials, ensuring everything stays current.
  • Streamlined review process: With all due diligence materials in one accessible location, reviewing vendor information is more straightforward, saving time and effort. This arrangement also simplifies the provision of necessary documentation during audits for your vendor management program.

Strunk’s Vendor Manager software establishes a centralized repository for your financial institution’s due diligence materials, granting swift access to all pertinent vendor information and significantly speeding up the decision-making process. Check out our site to learn more: https://strunkaccess.com/compliance-software/#vendors.

Why use Strunk’s Issue Manager instead of Excel

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How does your financial institution keep track of internal and external audit findings, customer complaints, and comments from regulators that require corrective action? Many financial institutions use Excel spreadsheets to monitor these outstanding issues. It’s no surprise that financial institutions rely on Excel for these tasks, as it remains one of the most widely used business software programs out there. Most employees find Excel convenient and believe it meets their needs for issue tracking.

Many financial institutions may not be aware of the risks and downsides of using Excel as their main document for tracking audit findings, customer complaints, and regulatory comments. Excel currently lacks a clear visual history of file updates, requiring users to save multiple versions of a file to track changes. This leads to numerous duplicate copies, time wasted on figuring out the latest version, and a high risk of lost data. Furthermore, the process can be disrupted when key personnel responsible for the Excel spreadsheet leave the business without providing proper instructions. As regulators demand complete audit trails and transparency, Excel cannot meet this requirement. Another issue with Excel is its lack of access control tracking, which can lead to unauthorized access, data corruption, or accidental deletion. Managing Excel spreadsheets is a manual, time-consuming, and highly inefficient process. With labor costs constantly rising, financial institutions are beginning to understand that increasing employee productivity by using efficient software solutions can significantly impact their bottom line.

Strunk’s Issues Manager module can help your financial institution to solve the problem of tracking audit findings, customer complaints, and regulatory comments in Excel. Strunk’s hosted solution allows financial institutions to track issues that arise and assign responsibility to associates within the organization. Issues Manager also enables you to attach documents, assign priority and due dates, and track the status of the issues within the solution, while generating reports for auditors or external use. Contact Strunk if you would like to automate your issue tracking in a secure environment that creates full audit trails.

Strunk’s Issue Manager software simplifies issue resolution & improves risk management

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Managing issues can be a cumbersome task for financial institutions, whether it’s tracking incidents, customer complaints, or audit and exam findings. The issue management process involves maintaining an issue log with action items, due dates, and responsible team members, often blurring the lines between issue management and project management. Standardizing your financial institution’s issue management program can improve efficiency and strengthen your Enterprise Risk Management program. Strunk’s Issue Manager software can quickly and efficiently identify and resolve issues for financial institutions.

Strunk’s Issue Manager Software:

• Define the issue, the source it came from, and who reported it.
• Details of the issue and attach any supporting document that you would like to support your issue (ex: audit findings, issue report, incident report or customer compliant report).
• Ability to prioritize issues to address the highest priorities first, moving down the line to the less urgent ones.
• Create a corrective action plan to develop the action items management will take to correct the issue, along with due dates and responsible team members.
• Track the issue’s progress as it moves toward resolution while creating a due date for it.
• Receive notification as the progress in correcting the issue within the agreed-upon timeframe.
• Create reports for internal use, auditors, and external use to help ease the remediation process.

Strunk’s Issue Manager software simplifies issue resolution, improves risk management, and enhances business operations.

An independent certified public accountant has examined Strunk’s operations and found them to be in compliance with the AICPA’s Trust Service Principles. It was determined that Strunk meets the Security, Availability, Processing Integrity, Confidentiality, and Privacy criteria for SOC 2 established by the AICPA.