New Jersey-based Valley National Bank has selected the ARC Logics for Financial Services offering from Wolters Kluwer Financial Services, to proactively measure, monitor and manage audit, risk and compliance across all of the bank's business lines and operating entities.
According to the Wolters Kluwer, ARC Logics for Financial Services will provide Valley National Bank with the actionable compliance and risk intelligence they need, when and how it require within their enterprise risk management (ERM) program.
ARC Logics for Financial Services will help Valley National Bank in bringing the transparency, control and efficiency to manage compliance and operational risks as well as to the audit function.
ARC Logics’ modular approach is expected to enable the bank to meet its immediate objectives in a targeted, cost-effective manner while allowing for expanded usage in the future on the same platform.
The solution’s modules are policies and procedures, risks and controls, program management, and audit. They can be deployed all at once or individually, and can be expanded as needed with changing business requirements and regulations.
Stephen Davey, senior vice president of risk management for Valley National, said: “By sharing a common, more complete view of risks across the organization, we can work together to reduce overlapping efforts. At the same time, the solution allows each area to continue using its own independent risk management methodologies.”