Press Release: SRA Watchtower Integrates Risk Management Components into Its Holistic Risk Intelligence Platform

GLEN ALLEN, Va., Sept 18, 2024 – SRA Watchtower, a Glen Allen, Va.-based financial technology services firm, today announced the integration of its best-in-class risk assessments and risk maturity frameworks into Watchtower, The Holistic Risk Intelligence Platform™. Financial institutions eliminate redundant data entry, create a consolidated picture of risk, and improve regulatory compliance, through the automated ingestion of results from these risk management components into a holistic enterprise risk management view.

The configurable SaaS platform enables the executive team, Board, and Risk Committee to align the institution’s behavior and risk appetite. It fosters a risk-aware culture, seamlessly connecting risk management to strategy, streamlining regulatory engagement, and empowering executive leadership to make informed decisions. It also allows business unit leaders and frontline employees to easily capture and monitor risks in daily operations, enhancing overall risk awareness throughout the organization.

Watchtower delivers an integrated suite of risk management solutions tailored for financial institutions that includes:

• Watchtower’s Enterprise Risk Management (ERM) module aggregates, normalizes and analyzes inputs from internal and external data sources to provide a comprehensive, top-of-the-house picture of risk indicators

• Newly integrated modules, including Program Risk Assessment, Risk and Control Self-Assessment (RCSA), and FinTech Risk Assessment, feed into summarized ERM dashboards, enabling bottom-up risk evaluation

• Watchtower integrates outputs from its industry-standard risk maturity frameworks—covering enterprise, compliance, and fintech risk management—into its ERM module

“Implementing Watchtower has been an invaluable platform for the maturity of Rockland Trust’s risk management program. The platform's integrated approach has enhanced our risk management processes, providing us with a clear, comprehensive view of our risk indicators. We can now quickly identify emerging risks, and trends and be more proactive with our risk management strategies. The platform's dynamic reporting capabilities have made it easier to communicate consistent, data-driven risk information to our leadership team and Board,” said Wesley Dow, Enterprise Risk Strategist & Reporting Manager, Vice President of Rockland Trust.  “Since adopting Watchtower, we have seen improved data quality, enhanced risk governance, reporting efficiency, and overall alignment between our risk and strategic objectives. Watchtower is not just a tool for us, it also supports our continued growth and maturity as a risk organization.”

SRA Watchtower’s proprietary technology, built by risk pros for risk pros, introduces standardized Key Risk Indicators (KRIs) as a foundational element, with the flexibility to personalize based on specific operational needs. The platform delivers timely, frequently evaluated data, compared against industry benchmarks and an institution’s overlaid risk appetite. Leveraging the platform’s dynamic reporting and dashboard components, Watchtower enables full transparency for leadership and the Board, breaking down silos across lines of business. This streamlined approach not only reduces the administrative burden of manual reporting but also ensures compliance while empowering executive leadership to conduct informed, data-driven decision-making.

“SRA Watchtower is committed to helping financial institutions optimize their efficiency and effectiveness by streamlining risk management processes and improving data quality,” said Edward Vincent, CEO of SRA Watchtower. “These platform integration enhancements eliminate redundant manual efforts and deliver actionable insights, allowing our clients to focus on optimizing risk, ensuring the safety, soundness, and long-term success of their business.”

###

About SRA Watchtower

SRA Watchtower is a leading SaaS provider of innovative risk management solutions, serving the financial services industry and beyond. Our suite of proprietary technology solutions and methodologies were built “by risk pros for risk pros” and designed to help customers navigate risk and drive growth. Watchtower, The Holistic Risk Intelligence Platform™ provides practitioners, executives and the Board with a panoramic view of risk to make informed decisions and drive performance. As a forward-thinking company, we recognize that risk is not just an obstacle, but can also be a catalyst for growth.

For more information, visit srawatchtower.com, connect on LinkedIn or contact info@srawatchtower.com.