risk management

Risk Management

Our Approach to Practical Financial Services Risk Management Protects Your Business and Removes Pressure

Risk is an ever-present force in our industry. The race to provide all services and products through digital platforms increases your exposure to risk. Managing risk, rather than eradicating it, is the only way you can run a profitable enterprise of any scale.

At Bridgeforce, financial services risk management is our core competency—our decades of experience span all risk disciplines—from bolstering operational risk management at the 1st line of defense to swiftly processing complaints at the 2nd line of defense; then building workflows for transparency at the 3rd line of defense.

We understand risk drivers and how consequences can blindside your business.  With more than 900 client engagements, we also know that risk management varies—it’s not one-size-fits-all.  While in many areas (data security, regulatory, reputational) the risk appetite should be zero, in others (credit, operational, fraud), it should be some.  We show our clients practical ways to manage risk: where to create the controls to eradicate certain risks and where to develop strategies to manage others.

Real Results.

In the past 5 years, we have:
  • Realigned fraud operations for a top 5 bank resulting in $1 million of fraud recovery improvement after one month.
  • Mitigated a major global bank’s risk, despite the enormity of more than 100 MRAs to address, by creating an individualized remediation program that resolved several existing consent orders and prevented expected future consent orders.
  • Completed 7 fraud-related projects in the last year for several top 20 banks and credit unions, earning an average client satisfaction score of 9 out of 10.
  • Implemented a new 2nd  line risk division into a top 10 bank’s enterprise operational risk management model to address open regulatory issues.
  • Successfully completed 28 risk management projects for 11 different clients ranging from global banks to large credit unions.
Case Studies Enhancements Reduce Bank’s Fraud Disputes Backlog by 80%

A top 20 bank had a large backlog of 25,000 fraud disputes. Bridgeforce's suggested process automation enhancements slashed the backlog to 5,000 for an estimated $1.15M total saved in fraud...

Managing your risk to prevent unwanted consequences

Risk Appetite and Policy Framework

We’ve designed and implemented hundreds of frameworks to identify and manage risk for all types of lenders from top 10 banks to global lenders and credit unions.  Our experience spans enterprise-level risk management, specific business unit tolerances, escalation triggers for management intervention, monitoring routines and remediation.

Fraud Analytics and Process Improvement

Staying ahead of increasingly sophisticated fraudsters is a key challenge facing financial institutions today. Bridgeforce’s fraud experts complete comprehensive current state assessments on fraud operations.  Our results focus on strengthening fraud prevention and detection controls while maintaining sales volumes with a frictionless customer experience.

Governance and Reporting

Strong governance and management routines are essential to the safety and soundness of any organization. Done incorrectly, they can create a drag on senior leaders’ limited time and delay progress by slowing down much needed approvals.  Our clients strike the right balance between effectiveness and efficiency from our streamlined governance frameworks that support agile decision-making without compromising controls.

Vendor Management Solutions

Outsourcing core services to specialist third party providers can be highly effective and cost-efficient, but it also creates operational and reputational risk. Having successfully selected and managed scores of partners for clients, we built a vendor management toolkit (from RFP creation to onboarding and management) that administers critical dependencies on external suppliers. Our robust control framework can efficiently be incorporated into your oversight and governance routines.

Management Information Framework Design and Build

In today’s fast-moving operating landscape, data is critical but information overload is an ever-present danger.  Our extensive risk and operations management experience helps clients focus on the key metrics you need to identify risks and operational hotspots. Once identified, we design routines to ensure that senior leaders get only the information they need to be confident and make informed decisions.

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The Bridgeforce Team delivered more than expected and billed less than what was approved.  The team’s real-world experience made a big difference in what we were able to accomplish.  Thank you for the partnership.

-Top 20 Bank