The RMA and SRA Watchtower Cohost Risk Maturity Framework User Group

SRA Watchtower and the Risk Management Association (RMA) recently cohosted our third Risk Maturity Framework (RMF) User Group on October 1, 2024. This collaborative event, open to all RMF product users, focused on the importance of presenting risk data in a digestible format, especially for board-level audiences, and highlighted upcoming product enhancements designed to improve user experience and strategic decision-making. Some key takeaways are highlighted below.

Collaboration for Better Risk Insights

Shea Scarpa Gardner from the RMA emphasized the power of leveraging data to drive strategic decisions and enhance the adoption of the Risk Maturity Framework across more financial institutions. She highlighted how the RMA and SRA Watchtower collaborated to bring this product to market, offering an industry standard framework, peer benchmarking, and self-assessment tool so banks and credit unions can evaluate their enterprise risk program.

Shea then welcomed first-time guest Pete Darata, RMA Relationship Manager. Pete highlighted key RMA Member benefits including peer sharing, and training, and announced the recent merger between RMA and BAI to jointly form Prosight Financial Association. RMA and BAI, complimentary organizations, both are trusted with rich histories and deep expertise in risk, compliance, retail and commercial banking.

Product Enhancements

New features like peer benchmarking visualization enhancements, configurable reporting, and Power BI integration will provide more robust data insights to suit different audiences, from risk teams to boards. SRA Watchtower’s product team went through the product roadmap and demoed the new reporting, which was received positively by the attendees.

If you are a current or prospective RMF user who wasn’t able to make the meeting, please reach out to Sharon Campbell to set up a personal demonstration of the upcoming reporting enhancements

Focus on Board Engagement

Improving the clarity of risk reports for senior leaders was a priority, with actionable insights designed to aid long-term planning. We heard from the participants some tips and tricks they’ve implemented regarding reporting RMF data to the board and risk committees.  

Takeaways for Financial Institutions

The collaboration between SRA Watchtower and RMA has proven to be instrumental in driving RMF adoption, with the number of participating institutions growing from 25 in 2021 to nearly 100 banks and credit unions utilizing the tool today. The user group also reaffirmed the value of conducting annual assessments to guide strategic risk management decisions and pinpoint areas for improvement.

This event underlines the commitment to evolving the RMF tool and ensuring financial institutions can better manage risks and creating a proactive risk culture with data-driven insights.

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