TraceRiskFrequently Asked Questions

Frequently Asked Questions

Can I try out TraceRisk™ before I make a decision?

We offer free virtual demos (via GoToMeeting) to give you and your team an inside look at exactly how TraceRisk™ works. These take about half an hour with ample time included to answer any questions. Schedule your free demo now.

If you schedule a demo, we’ll be happy to provide complete pricing information. TraceRisk operates with a flat subscription fee, but there’s no need to commit to a long-term contract. In fact, there’s no contract required at all.
Most people find they can start using TraceRisk with little or no training. But we do offer a one-week implementation program with an on-site facilitator. We’ll send you a banking and risk management veteran to work side-by-side with your team. At the end of the week, a typical client completes the entire initial risk assessment process and feels comfortable using the software solution for quarterly updates.
Definitely. We have a free help desk line that’s open from 9 a.m. to 5 p.m. PST Monday through Friday. If you’re having trouble, you can call NUMBER and either talk to someone immediately or leave a message. You’ll generally talk with a knowledgeable support person the same day you call.
Yes, absolutely. It’s both permitted and encouraged. Here’s a helpful excerpt from the FFIEC Interagency Policy Statement On The Internal Audit Function And Its Outsourcing:
“Some institutions seek to coordinate the internal audit function with several risk monitoring functions (for example, loan-review, market risk assessment, and legal compliance departments) by establishing an administrative arrangement under one senior executive. Coordination of these other monitoring activities with the internal audit function can facilitate the reporting of material risk and control issues to the audit committee, increase the overall effectiveness of these monitoring functions, better utilize available resources, and enhance the institution’s ability to comprehensively manage risk.

“Management, staffing and audit quality. In managing the internal audit function, the audit service provider is responsible for control risk assessments, audit plans, audit programs and audit reports.

“A control risk assessment (or risk assessment methodology) documents the internal auditor’s understanding of the institution’s significant business activities and their associated risks. These assessments typically analyze the risks inherent in a given business line, the mitigating control processes, and the resulting residual risk exposure of the institution. They should be updated regularly to reflect changes to the system of internal control or work processes and to incorporate new lines of business.

“An internal audit plan is based on the control risk assessment and typically includes a summary of key internal controls within each significant business activity, the timing and frequency of planned internal audit work, and a resource budget.”

Absolutely. We’re constantly seeking ways to improve and strengthen the application, and we welcome your thoughts and ideas for making TraceRisk better. Drop us a note to tell us about your idea: ideas@TraceRisk.com
Our board of advisors, which includes veteran community bankers and risk managers, constantly updates TraceRisk. We’re adding new subject areas every month along with key risk indicators (KRIs) to support them. In addition, we’re constantly updating the regulatory resources within the app to direct you to the latest information and guidance.
We’re constantly updating TraceRisk with no additional charges. When you log into the app, you’ll automatically learn about any updates we’ve made, including any changes based on new or evolving regulations.

In the future, we may offer special tools or resources for a separate price from the subscription fee. These optional features will be marked clearly and you’ll have the option to purchase or simply keep using the core application at no additional charge.

This has happened multiple times and regulatory examiner reaction was positive.
Completion times will vary. It is reasonable to expect that a week or two will be necessary to collect, analyze and validate the data and perform the assessments. We suggest that managers and department heads be actively involved with the risk scoring under the direction of the bank’s risk officer.
Definitely. Once you’ve completed an initial risk assessment, print the reports! Then review the results with your management team. If you find that your outcomes may not accurately reflect your real or perceived risk, re-visit the key risk indicators (KRIs) on those subjects and see if you scored the probability and impact appropriately. Adjusting the scores is not uncommon.
You can use TraceRisk as often as you like without any additional charges. It’s as easy as opening the website, logging into TraceRisk and strengthening your risk management program with all the application’s user-friendly features.
As a best practice, we recommend you review and update your risk scores quarterly. But since TraceRisk is always available to you, you can make updates whenever you choose.

When you make risk score changes on any subject, you should support the change by making notes in the commentary section (built into the app) to support your conclusions. This creates an audit-friendly trail and makes it easier to generate comprehensive reports.

As a best practice, we recommend you review and update your risk scores quarterly. But since TraceRisk is always available to you, you can make updates whenever you choose.

When you make risk score changes on any subject, you should support the change by making notes in the commentary section (built into the app) to support your conclusions. This creates an audit-friendly trail and makes it easier to generate comprehensive reports.

We’re happy to help. Just drop us an email: support@TraceRisk.com

Don’t see your question here?

We’re happy to help. Just drop us an email: support@TraceRisk.com