Bank of Lake Mills: Pro-active Assessment Leads to Success

Bank of Lake Mills is a state charted bank that was founded in 1893. The Bank, a full-service community bank serving businesses and consumers, has always stayed true to its mission of putting personal back into banking.

Situation

In order to best meet the needs of the Bank, management made the decision to develop an information technology (IT) risk assessment and ongoing IT examination cycle based on the results of the IT risk assessment. To accomplish this they partnered with Wipfli.     

Strategy

Wipfli partnered with the Bank to implement the IT examination plan. Each year the Bank provides for the completion of an IT examination and other testing based upon their risk assessment. With Wipfli’s industry and service expertise Wipfli was able to assist the Bank in addressing concerns and issues identified during the process.

Benefits

Through the ongoing partnership between Wipfli and the Bank, Bank of Lake Mills has seen great results. The ongoing examination cycle has helped the Bank manage and organize their focus and resources from year to year on various areas of IT. As a result of the Bank’s commitment to the IT risk assessment, ongoing examination cycle, and remediation efforts, as well as Wipfli’s assistance in providing sound solutions to address the identified recommendations the Bank’s recent regulatory examination was successful.

Relationship Executive