Source: Jack Hnery
Jack Henry & Associates, Inc. (Nasdaq:JKHY), a leading provider of computer systems and electronic payment solutions primarily for financial services organizations, today announced that its Jack Henry Banking™ division has established a new strategic alliance with Redi Enterprise Development, Inc.
Jack Henry Banking now provides Redi's iRisk solution to the banks automated by its core banking platforms. iRisk enhances Jack Henry Banking's existing suite of risk management and protection solutions with the ability to consolidate disparate risk management activities across the entire enterprise into digestible information so banks can more frequently, accurately, and quickly evaluate their overall operational and financial risk. Twenty-two Jack Henry Banking clients have already contracted for the iRisk solution.
According to Steven Thibodeau, senior vice president and CFO/COO for New Hampshire-based Sugar River Bank, "Safety and soundness exams are in reality risk-based exams, so banks need a product that helps them effectively manage those risks. iRisk is that product. This solution has helped us automate, manage, and monitor risk across our entire organization. And this isn't software that we use once in a while to meet compliance requirements and then put away until later. iRisk is a 'living tool' that consistently provides current and valuable information. This solution has also helped reduce or eliminate manual processes at Sugar River Bank. iRisk is one of the best investments our bank has made."
Tony Wormington, president of Jack Henry & Associates, said, "As governmental regulations and oversight continue to intensify, it's important that banks fully understand the risks that are inherent in their daily operations. In order to effectively and efficiently identify and mitigate those risks in today's complex banking environment, they have to deploy technology. We believe iRisk is an extremely advanced tool that will help them do just that. iRisk is a fully integrated solution that assimilates risk management processes into daily operations so banks can easily assess risk across the enterprise. We're excited about our newest partnership with Redi and the ability to add this high-demand layer of protection to our existing suite of sophisticated risk k management solutions."
Redi's comprehensive suite of risk management functions includes loan portfolio stress testing, automated loan review, ALLL management, audit management, policy and procedure management, and automated risk assessments. Future modules will include vendor management and SOX compliance.
According to Chris Renshaw, president of Redi Enterprise Development, Inc., "We've partnered with Jack Henry & Associates since 1997 to jointly provide an array of proven products and services to its client base, and we have a proven and successful history working together to help banks respond to industry and operational challenges. The new iRisk solution enables banks to seamlessly and instantaneously review their risk position and preventative measures from a single, user-intuitive source. The risk management process that was once an exercise in futility can now become an exercise in efficiency for Jack Henry Banking's core clients, and we are confident that iRisk will quickly become an essential component of their risk management platforms."
Redi's founders also developed other Jack Henry Banking solutions including the Vertex Teller Automation System™, Yellow Hammer™ Yellow Hammer™ Fraud Detective™, Yellow Hammer™ EFT Fraud Detective™, and Yellow Hammer™ BSA.
Wormington concluded, "Now more than ever, banks need to consolidate risk assessment practices to avoid the pitfalls caused by fragmented oversight. And they need to take a proactive approach to reducing risk exposure rather than reacting to regulatory mandates after-the-fact. iRisk incorporates a holistic approach to risk management that can help our core banks be efficient and compliant."