Why Resolver?
Resolver helps Theresa and her team keep things fluid. “Assessments are now as near time as possible,” states Theresa. As they learn about risks from the audit team or their business lines, they can capture those risks and keep things fluid.
“Before Resolver, it took 10-16 hours to create a board report package,” says Theresa. “Now we can easily produce reports for them in the click of a button. This facilitates better discussion and saves my team up to 5 weeks of work per year.”
“Audit tracking with Resolver has brought us to another level,” states Theresa. “With Resolver, we know where we are at any moment. We can now say with ease that we have this many findings and this many are closed and we can even say what speed we are closing findings. We have tasks in place and know open tasks will be worked on. If we want to know what happened, we can easily see that too.”
“We also used Resolver to significantly improve the COSO process,” says Theresa. “It was near impossible without Resolver to manage COSO, but now it’s so simple we do it on a quarterly basis.” When the regulators ask Bangor Savings Bank to show them the controls that meet the COSO objectives, there is no fumbling around, they pull up a report in Resolver.
Resolver also helps Theresa’s team manage compliance. Business line managers share the status of compliance and quality assurance with Theresa’s team. “With Resolver, we can aggregate all compliance across business lines to create a board report that clearly shows the state of compliance,” says Theresa.
Bangor Savings Bank has also utilized Resolver’s incident tracking functionality to track incidents of suspicious transactions. Previously, suspicious activity incidents were submitted via email, and as we all know, things can easily get lost in email. “Anyone at the bank can log an incident and it’s tracked in Resolver, allowing us to connect incidents directly to risk,” states Theresa.