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Integrated Risk Management

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Integrated Risk Management

Integrated Risk Management (IRM) is a unified strategic framework that connects a bank’s operational, financial, and compliance risks to its overall business goals.

For smaller banks, IRM is the operational link that prevents compliance from operating in a silo. Instead of a compliance officer tracking consumer law in one spreadsheet while a technology officer tracks cybersecurity in another, IRM brings these risks into a single, cohesive dashboard for the executive team and the Board of Directors.

Core Pillars of Integrated Risk Management:

Strategy

Aligning the bank's growth goals directly with its risk boundaries.
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Assessment

Identifying, evaluating, and prioritizing risks across every department.
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Response

Implementing consistent controls to mitigate or accept identified risks.
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Monitoring

Continuously tracking risk metrics to catch vulnerabilities early.
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Reporting

Providing clear, actionable data dashboards to the Board and regulators.
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Technology

Utilizing unified software rather than fragmented, manual spreadsheets.
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Inherent Risk & Residual Risk

Smaller banks prioritize their limited resources by identifying their inherent risk (the raw risk of an activity without any protections) and calculating their residual risk (the risk that remains after internal controls are applied). This ensures they only spend manual hours auditing high-residual-risk categories.

Assisted by a technology stack and AI Agents, the capabilities of limited resources can be greatly enhanced while actually reducing the overall cost of compliance.

Improved Fraud Detection

As consumer fraud losses grow year-over-year, legacy batch-processing detection methods are no longer sufficient. Modern fraud strategies require real-time, behavioral, and interagency mechanisms to intercept bad actors before funds leave the ecosystem.

Riskavant provides an AI agent on Microsoft Copilot integrated with workflows on ServiceNow to improve fraud detection.

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Real-time Transaction Monitoring

AI agent monitors banking transactions for suspicious activity using pre-built templates and custom rules via a rule engine. Benefit: Enables continuous, automated scanning of transactions for anomalies, instantly alerting teams in Teams when high-risk events are detected.
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Automated Fraud Detection and Notification

AI agent detects a potential fraudulent transaction and automatically creates a fraud incident ticket and routes it to the appropriate compliance or fraud analyst team via pre-built ServiceNow workflow and promptly notifies all relevant stakeholders. Benefit: Rapid escalation and assignment of incident ticket, reducing time-to-response and ensuring compliance alignment. Multi-channel notifications to ensure prompt action. All actions are logged for audit and reporting.
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Contextual Investigation and Data Gathering

With ServiceNow integration and orchestration in place AI agent combines the ERP data with external sources (sanctions lists, news feeds) via connectors to uncover hidden relationships and patterns. Benefit: Reduces false positives and improves investigation accuracy.
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Support Center Response Plans

The next step is to coordinate across specialized teams (fraud analyst, compliance officers, customer service). Multiple agents collaborate working with human counterparts and share data, orchestrating a unified fraud investigation process. ServiceNow acts as an orchestration layer. Benefit: Distributes work across teams, enables comprehensive investigations, and supports faster, more accurate resolution of fraud cases.
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Automated Customer Communication

Using a list of impacted customers, AI agent drafts the email/text and after review and approval by human-in-the-loop, sends secure, compliant communications via text or email to affected customers, informing them of potential fraud and next steps. Benefit: Ensures timely, accurate, and compliant customer notifications, reducing reputational risk and improving customer trust.
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Integrated Risk Management

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