Financial Services

Use our automated tools to ease your compliance burden and keep your auditors satisfied

FINANCIAL SERVICES companies such as banks, credit unions, broker dealers, investment advisors, collection agencies and the like, are subject to comprehensive regulation meant to ensure safety, privacy and fair practice. Compliance failures can result in significant consequences. As such, managing compliance should deserve more attention than a patchwork of spreadsheets, Word docs and PDFs can provide. With Strunk Risk Manager your firm will be better prepared to pass your regulatory audits with a minimum of stress, with the significant side benefit of knowing your data, customers, and reputation are protected from malicious or careless actors.

Strunk Risk Manager Provides Automated Tools For Financial Organizations To:

Use Risk Assessor to complete your required internal risk assessments. Manage your policies in a cloud-based database that provides a single source of truth available to everyone who needs access. Track changes to policies with our red line tool, including approvals. Manage control procedures for testing policy compliance and recording test results.

Strunk Risk Manager allows you to create reader and editor groups to control who has access to policies and controls. You can log employee acknowledgement of reading policies and create tests for employees to demonstrate their knowledge of your policies.

Strunk Risk Manager hosts your entire compliance program in a secure, structured cloud-based database that keeps everything organized and at your finger tips.

Testimonials

Risk Assessments can be a challenge for many community banks.  Strunk’s program brings efficiency to the process and allows us to focus on areas of high risk.  Our team sees great value in the process and reporting generated by the Strunk program.  It is an affordable way to manage regulatory required risk assessments rather than using excel spreadsheets from each area of the bank.

Sterling Bank has partnered with Strunk for the ODP Manager program since 2005. The ODP Manager software has been a tremendous pivotal asset in our successful overdraft program.

Our implementation process was well organized and efficient. Our initial risk assessment template and policy upload were complete in only 8 weeks. The Strunk team was great and we look forward to using these tools!

We have been very pleased with the new ODP Manager. Not only is it easier to use than the previous software, it has also been a huge plus to have Strunk host the solution, which takes that responsibility off of our bank and has allowed them to deliver regular updates seamlessly.

Policy Manager allows our organization to have a central location for management of all bank policies. The program ensures consistent policy editing, change tracking and formatting. Owners of policies are notified automatically when a policy is to be reviewed which has saved time for our team. Also, the Board appreciates the consistent format for all policies it reviews.

I have enjoyed working with everyone at Strunk.  Strunk offers a very valuable product and not only is it an income producer for the bank, it is a great service for the account holder.  I have been a proponent of this product since it was first introduced to me 15 years ago.

We adopted Strunk’s Policy Manager to centralize all policies and the related policy management functions into one system.  Everything is in one standard format, policy ownership and access is assigned and policy edits, approvals, employee and board review schedules are managed from one location.  Strunk was easy to work with throughout the project and was very open to adding enhancements to their program, adding value to our policy process.

Strunk’s implementation of Risk Manager was excellent. Impressive software you all have developed.

We wanted a format which allowed easy access for tracking, organizing and reviewing our expanding portfolio of policies and procedures.  The Strunk Policy Manager has exceeded our expectations!

Strunk’s Risk Manager program is a great product that makes the risk assessment process easy to manage and is proving to be very helpful to us.

We had looked at other discretionary overdraft payment programs but decided on Strunk. We liked Strunk mostly because of their expertise in compliance. We knew we were well covered. They understood everything in terms of regulatory issues surrounding overdraft privilege. The members love it!

Our policy and control structure is very complex having both a broker/dealer and an investment advisory firm. Policy Manager allows us to easily organize a large volume of policies and maintain our control testing documentation all in one convenient place—a significant improvement over our previous process!

When I was Chief Risk Officer at a $750M bank, we implemented Strunk’s ERM Solution. It brought together all areas of the risk assessment process into one easy to use format and we eliminated the Excel spreadsheets. I highly recommend it for any size bank.

We currently use Strunk’s Policy Manager to update and track changes to our policies. We like the audit trail it leaves of changes and also the PDF Redline that indicates changes used for the Board to review and approve. Strunk Customer Support has been prompt and they always assist with any issues we might have.

Strunk Policy Manager is the most efficient policy manager tool I have come across. It provides convenient access to policies at anytime from anywhere. You can assign various ‘read’ and ‘edit’ access rights to policies based on your needs. Policies can be amended in the policy manager and you can retrieve a redline version, just with a click. This helps eliminate version control issues.

Strunk’s Risk Manager has helped our bank with the risk assessment process. Before implementing their solution, we used Excel in each functional area, independent of each other. Their software solution makes it easy to do risk assessments on a quarterly basis and provides one consistent format for reporting to our board and regulators. Great product at a great price. We highly recommend this product for your enterprise risk management efforts!

Strunk’s Risk Manager solution has reduced the time and made the process of doing risk assessments easier than our old excel spreadsheets that we previously used. The overview for the board and regulators is now in one concise report that helps us identify and manage areas of high risk. I would recommend the program to any community bank.

  • Risks

    Assessing existing compliance according to regulator-driven risk assessment frameworks

  • Policies

    Establishing and maintaining policies that ensure regulatory compliance

  • Skills

    Periodic internal testing to confirm your organization is following its policies

FOR BANKS AND CREDIT UNIONS

Overdraft Privilege

We started by showing banks and credit unions how to leverage overdraft protection to grow their bottom line in full compliance with banking regulations. If your institution does not have an overdraft protection program—or if you have not reviewed your program in several years—contact us.

In addition to our consulting services, our hosted ODP software is packed with even more features than ever to ensure the success of your program.

LEARN MORE

Compliance Commandments

  1. Know your risks
  2. Ensure policies mitigate key risks
  3. Trust, but verify
  4. Prove it

Our Software

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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.

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