OVERLAND PARK, Kan.– Rochdale, formerly known as Rochdale Paragon, has rolled out its new Operational Risk Management (ORM) module, which it said is the newest feature of its risk-management platform, apogee iQ.
The CUSO said launch of the solution follows Rochdale’s repositioning within the credit union community. Since the beginning of 2021, the risk-intelligent software company has rebranded, launched a new website, tapped an entirely new team of skilled developers from large-scale corporations such as Google, led a campaign to “Reimagine Risk” for its clients, and hired its new chief revenue officer, Angie Strunk.
“The strategic addition of senior developers and subject expertise has enabled Rochdale’s team to quickly develop and perfect the ORM module, which establishes and improves efficient risk assessment processes within a centralized platform,” the company said. “The module, prompted by client demand, additionally allows credit unions to gain added visibility and control over the full risk management process, from initial identification to risk assessment and maintenance.”
With a renewed focus on talent acquisition and development, Rochdale said it is delivering a more complete software offering with more robust reporting and functionality to create a better user experience.
‘Unknowingly Vulnerable’
“Across operations, there are many processes that leave organizations unknowingly vulnerable and open to risk,” said Rochdale CEO Tony Ferris. “Our ORM module solves for a large gap in our industry by providing a more efficient and effective management of risk assessment programs across the entire organization, as it centralizes and standardizes required operational and compliance assessments. The process ultimately saves our clients key resources and expenses, reduces operational losses and produces the needed assurance that leadership desires.”
Rochdale reported it has seen significant growth in the number of credit unions served, with more than 350 across the U.S. (including 25% of all credit unions with $1 billion or more in assets) as its software “fills a much-needed gap in risk-based solutions for the industry.”
Rochdale noted it also provides Enterprise Risk Management (ERM) certification for more than 25% of all credit union professionals and has a client retention rate of 95% across its software and services clients.
‘ORM is Critical’
“ORM is critical to an effective risk management program and is a key element of the ERM framework,” said Avery Tummons, Rochdale’s product manager. “In recent years, the number of risk assessments has grown immensely, and they have become increasingly complex and far-reaching. To strengthen credit union efforts and to reduce the burden on risk professionals, we worked with industry stakeholders to build a credit-union-specific software solution capable of delivering a robust and customizable framework. This framework includes best-practice templates and program management functionality, and our suite of solutions focuses on engaging clients and providing value-added results.”
For info: reimaginerisk.com.