Risk Manager, offered to Jack Henry Bankingâs SilverLake SystemÂ® clients, now consists of two distinct modules â the new Significant Account Monitoring module and the General Ledger (GL) Settlement module. The Significant Account Monitoring module is a fully automated compliance solution that enables banks to seamlessly identify, research, and report exceptions related to general ledger transactions. This module allows banks to set rules that are tailored to each bankâs individual requirements. The GL Settlement module provides automatic identification, research, and clearing of operational exceptions in loans, certificates of deposit, and checking account transactions and the associated general ledger entries. These automated modules streamline the review of exception transactions using a Web-based case management tool that significantly reduces the number of staff hours historically required to meet compliance with bank-specific internal controls, Sarbanes-Oxley, and other regulatory directives.
According to Cindy Pyburn, president of Capital City Services Company, a subsidiary of Capital City Bank with more than $2.5 billion in assets, âWe have been using Risk Manager for a year now. We deployed the GL Settlement module in September 2007 and have seen up to a 90 percent savings in the time required to identify and resolve our DDA, loan, and CD balancing exceptions. With the new Significant Account Monitoring module, we are seeing additional benefits not only in the reduction of time we spend monitoring and reviewing our general ledger transactions but also in our ability to identify potentially risky transactions not captured in our manual review process. The ability to use custom rules to monitor and flag general ledger transactions has identified even the smallest of transactions improperly posted to our general ledger, improving our ability to assure the accuracy of our financial reporting and to meet our regulatory reporting and Sarbanes-Oxley compliance requirements.â
Stan Viner, general manager of sales for Jack Henry Banking, said, âRisk Manager enables banks to respond to two of todayâs top-of-mind business challenges â mitigating and managing risk, and improving operational efficiencies. We are excited about the addition of the new Significant Account Monitoring module to our product offering and the ability to complement the GL Settlement module with this fully automated compliance solution. We are confident this new module will exponentially increase the tangible benefits our bank clients realize with Risk Manager â even extremely efficient and progressive banks like Capital City Bank.â
Banks can implement Risk Managerâs Significant Account Monitoring and GL Settlement modules individually or as an integrated product suite.