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Achieving operational excellence starts by looking beyond your organization’s day-to-day needs to find new ways to build success. But gaining an overview of the gaps you face between your current state and future vision requires time, resources and leadership.
Strengthen compliance with guidance from former industry professionals.
Execute on the critical initiatives you need to move your organization forward.
Access strategic guidance from an experienced COO.
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Whether you’re managing modernization, regulations or new growth, Wipfli’s outsourced COO and compliance support can provide the guidance and targeted execution you need to strengthen performance.
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Wipfli’s outsourced compliance support services leverage our real-world experience to deliver the best practices you need to satisfy regulators.
Our team includes former financial institution compliance officers, compliance auditors, regulatory examiners, certified regulatory compliance managers, certified anti-money laundering specialists and certified risk assurance managers. Having worked in the trenches, we understand your environment and provide the hands-on, in-house assistance you need to support a successful compliance management system or Bank Secrecy Act program.
Enlist our support for the interim while you search for key compliance leadership, bring us on as a temporary extension of your existing staff or secure our support long term as part of an alternative staffing plan.
Whatever your organization’s needs, we can help enhance your ongoing compliance journey.
Build a foundation for your continued success with Wipfli’s outsourced operations services.
We’re ready to help your organization:
- Translate strategy into action.
- Implement organizationwide goal setting.
- Manage operations planning.
- Examine critical processes or areas of concern.
- Managed day-to-day needs for initiatives and projects that drive operational excellence.
- Document customer journeys and implement key customer experience projects.
Wipfli’s outsourced chief operating officer services can help guide strategy at the highest level of your organization. Our experienced, knowledgeable team is ready to help you overcome obstacles to growth and:
- Develop your strategic plan and operations strategy.
- Build a stronger culture.
- Establish and implement an organizational vision.
- Analyze efficiency measures and ratios to determine organizational impact.
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Our advisors bring deep financial services experience to help organizations improve performance, manage risk and execute on their vision for the future.
Insights & resources
ARTICLE
Is hiring a vCISO the most cost-effective way for financial institutions to mitigate cybersecurity risks?
While financial institutions have long needed to guard against cybersecurity threats, today’s threat environment grows ever more complex. AI has created a wave of new dangers — not just in the hands of attackers, but also when used by your own team — while longstanding risks like phishing scams, ransomware attacks and third-party data breaches remain present. To protect themselves from this web of cybersecurity challenges, more financial institutions are turning to a fractional or virtual chief information security officer (vCISO) as a more cost-effective alternative to a full-time CISO. Could this make sense for your institution as well? Keep reading to learn more. Financial institutions must mitigate cybersecurity risks like phishing, third-party data breaches and AI Financial institutions must manage cybersecurity risks stemming from both external attackers and internal mistakes. Key risk areas include: Business email compromise: During this type of attack, often called a phishing scam, an attacker will attempt to gain unauthorized access to your systems via fraudulent email messages. Ransomware attack: Business email compromise can sometimes lead to a ransomware attack, during which a hacker is able to block you from accessing your core systems or critical data until you pay a ransom. Business continuity disaster recovery: As financial institutions increasingly transition onto cloud-based systems, many have not yet adapted their disaster recovery strategies to adjust to this change. AI risks: Some of the biggest AI-related risks are actually about how your own team uses it , like poor governance or shadow AI use that can lead to your private data being fed into public AI models, with unpredictable consequences. Also watch for SaaS vendors who add AI features into platforms you already use before your IT team can vet them for operational or security risks. Third-party data risks: A data breach at one of your software or IT vendors can expose any data you shared with that vendor — even if your own security remains fully intact. Financial institutions are more likely to suffer from this kind of data breach than experience a successful direct cyberattack. Managing these risks in a proactive, strategic way is beyond the purview of your regular IT team. That’s why some institutions hire a CISO. How does a vCISO help you defend your financial institution from cyberthreats? A vCISO is a C-suite-level fractional executive who leads your cybersecurity and cyber risk management efforts. Your vCISO’s primary responsibility is to mitigate your everyday and strategic risks in areas like data security, technology and AI, while also serving as a bridge between your IT team and your other executives. Look to a vCISO to: Bolster your cybersecurity: A vCISO takes the lead on cybersecurity inside your C-suite. vCISO responsibilities include assessing your current defenses, finding gaps and implementing an up-to-date cybersecurity strategy. Lead AI governance and security efforts: Your vCISO will also take charge of your AI governance and security policies. Good AI governance can help ward off shadow AI risks , reducing the chance that team members unthinkingly share your business or customer data with unauthorized or public AI systems. Manage third-party data security risks: A skilled vCISO will also know how to map out your third-party data risks and assess whether your vendors are taking sufficient steps to secure the data you share with them. Bridge the gap between C-suite and IT: A vCISO serves as a crucial conduit between your executive offices and your frontline IT team, able to speak the language of both groups and advocate for the latter before the former. Now, if a vCISO is such an asset, shouldn’t you just hire a full-time CISO instead? Not always. Why should your financial institution hire a vCISO rather than a full-time CISO? If your financial institution wants stronger cybersecurity but doesn’t have the need (or budget) for a full-time CISO, a vCISO or fractional CISO can deliver the same level of insight, experience and strategic capability for a fraction of the cost. Onboarding a vCISO can also give you a broader perspective on how the financial services industry as a whole is tackling cybersecurity. Key benefits to hiring a vCISO include: Cost-effective security leadership Unless you actually need 40+ hours a week of strategic cybersecurity leadership — and most financial institutions don’t — it may not make sense to pay a mid-six-figure salary plus benefits to a full-time CISO. A vCISO typically costs dramatically less than a full-time hire, while providing the level of support your business requires. Scalable support You can hire a vCISO for two hours a week, or 20. If you’re growing your business, your vCISO support can grow along with it, and you can also choose to engage a vCISO on a per-project or time-limited basis. A vCISO can also go back and forth between providing strategic leadership and taking charge of implementing or executing on individual projects. Regulatory goodwill Financial regulators no longer want to see one IT director managing both your IT and cybersecurity. Hiring a vCISO eliminates this problem and also keeps most cybersecurity matters off your CFO’s or COO’s plate. (Some forward-thinking institutions are doubling down on this approach by hiring a full-time CIO to implement their overall technology strategy and working with a vCISO to manage cybersecurity.) Broad industry awareness An experienced vCISO will typically have worked with dozens of financial institutions. You’ll gain access to that big-picture awareness — which can’t be matched by someone who has worked only as an in-house CISO — to better understand how the financial services industry as a whole is solving cybersecurity challenges. Coaching and leadership development If you have promising in-house IT staff who want more responsibility but lack the strategic skills to take on a CISO role themselves, a vCISO can help prepare them to move up. This allows you to shore up your cybersecurity now while also creating a path forward for your top talent. What is the process for hiring a vCISO? Hiring a vCISO should be a relatively straightforward process. There are three major steps: 1. Find a cybersecurity and risk management advisory firm. 2. Assess your specific needs and develop a cybersecurity roadmap. 3. Onboard a vCISO (typically provided by the advisory firm) to oversee implementing your roadmap. As you consider which cybersecurity advisory firm to hire, make sure that you’ll only be paying for the level of vCISO service that you actually need. Don’t get locked into 15 hours a week of vCISO support if you only need five. Read more Minus a data strategy, financial institutions will fail at AI Financial institutions must be more proactive about general ledger certification Can traditional banking avoid losing Gen Z to fintech?
ARTICLE
Could an outsourced CIO help your financial institution boost growth and manage cybersecurity risks?
Every day, financial institutions face cybersecurity risks, outdated platforms that limit growth and other significant technology-related challenges. To gain access to the strategic technology leadership needed to overcome these hurdles, more institutions are moving to hire a CIO. But is a full-time hire always your best option — or can an outsourced CIO provide an effective (and cost-effective) alternative? Keep reading to learn more about why financial institutions are increasingly exploring outsourced or fractional CIO services as a way to boost both growth and cybersecurity. What are the top technology challenges that financial institutions must overcome? Growth-focused leaders at financial institutions must often overcome aging technological infrastructure or an outdated user experience. And all institutions face ongoing challenges around cybersecurity and risk management as leaders seek to protect their customers and meet the requirements of industry regulators. Key specifics include: Risk management and cybersecurity Cybersecurity and risk management are perhaps the biggest technology-related challenges for financial institutions. Institutions face both strict cybersecurity compliance requirements and an active cyberthreat environment that includes a relentless barrage of attempted ransomware attacks . Worse, the explosive growth of AI technology has only increased the cybersecurity threat level . AI tools have made it easier for would-be hackers to launch cyberattacks, making it possible for individuals without sophisticated coding or IT knowledge to launch phishing scams and other cyberattacks. Beyond cybersecurity, financial institutions must also navigate other strict regulatory compliance rules and manage liquidity risks, both of which can be made harder by legacy systems. Aging back-end infrastructure Aging technology infrastructure makes it harder for financial institutions to grow. National institutions all have integrated, interconnected systems that generate vast pools of customer data, which those institutions can then use to precisely match their marketing and product offerings to individual customer needs. For the many community or mid-sized financial institutions that lack similar capabilities, competing for those customers has gotten harder. Poor front-end user experience National financial institutions and fintech companies typically offer a smooth, attractive front-end user experience on their apps and websites. Does yours compete? Often, the answer is no, which can make potential customers less likely to consider you as a banking option. Limited digital asset capabilities More financial institutions are considering entering the digital asset space , especially in the wake of the GENIUS Act. But a technology deficit makes it harder to do so, further hindering your appeal to both consumer and commercial customers who may want to invest in cryptocurrencies or use stablecoins as a payment mechanism. How does CIO outsourcing help your financial institution grow and manage risk? An outsourced or fractional CIO gives your financial institution strategic technology leadership without needing to invest in a full-time C-suite position. This can provide a cost-effective way to boost growth, streamline your operations and strengthen your cybersecurity defenses. And a CIO is also a people leader who can help your team members work together more effectively. Look to an outsourced CIO to provide: Strategic growth: Your IT team is focused on putting out today’s fires, not thinking strategically about what technology you’ll need to thrive five years from now. By contrast, an outsourced CIO is always looking ahead to give your institution the tech infrastructure you’ll need to deliver on your long-term strategic goals. Cybersecurity leadership: Unless your institution is large enough to hire a CISO, your CIO is your strategic leader on cybersecurity. An outsourced CIO will understand the most effective cybersecurity strategies, like defense-in-depth and lead your institution towards implementing a modern, risk-based security posture. People leadership: As a C-suite level executive, an outsourced CIO typically understands people as well as tech. This is a critical (if often overlooked) benefit, because your CIO can help you identify not just technology gaps, but also skills issues and personal development roadblocks that could be limiting growth. Look to a CIO to help you build a more effective technology team that’s able to tackle higher-level work. Member experience improvements: An outsourced CIO can help you compete for new customers, especially among millennials and Gen Z, by leading efforts to modernize your app and website. These improvements can make you more attractive relative to national institutions or fintech rivals, which typically offer a smooth user experience but may fall short on customer service. Better operational infrastructure: It’s tough to grow if you’re running on legacy systems that don’t talk to each other. An outsourced CIO can change that, leading the charge to migrate to modern integrated systems and better integrate AI , delivering the back-end infrastructure to drive growth. When does it make sense for your financial institution to hire an outsourced CIO? When does it make sense to hire an outsourced or fractional CIO? Here are key questions to consider: Could better leadership deliver more ROI? Think about what you are already investing in areas like cybersecurity, AI and member technology experience. Are you happy with your results — or could additional strategic leadership offer better outcomes? Could better front- or back-end tech drive growth? Better tech usually makes growth easier, but should you prioritize back-end infrastructure or front-end member experience? And do you have the capability to improve either without additional help? Does your current IT team still meet your needs as-is? Your IT team may have been set up to fit the needs of your organization as it was structured a decade or more ago. Is it still working as it should, or would you benefit from a strategic IT overhaul? Do you need more people leadership? Read more Ransomware attacks on financial institutions: What to do Financial institutions need proactive general ledger certification FDICIA: How banks nearing $1 billion in assets should prepare
ARTICLE
The benefits of human resources outsourcing for financial institutions
Financial institutions looking to navigate change, strengthen organizational performance and incorporate new tools like AI will often benefit from focused HR leadership. But does that leadership have to involve a full-time hire? Often, HR outsourcing services can offer a more cost-effective approach that not only enhances operational efficiency but also allows financial institutions to focus on their core competencies. Keep reading to learn more. Understanding the role of outsourced human resources Human resources plays a pivotal role in shaping the overall landscape of an organization. When outsourcing HR functions, HR becomes instrumental in facilitating the alignment of departmental operations with the institution’s strategic goals. Key responsibilities of an outsourced human resources team Strategic alignment: Your outsourced HR aligns human resources with your overall business strategy. This includes understanding the unique challenges faced by financial institutions and tailoring solutions accordingly. Compliance oversight: Financial institutions must adhere to stringent regulations. Outsourced HR brings expertise in compliance, helping to navigate the complex legal landscape while minimizing risks . Performance management: Your outsourced HR is essential in setting performance metrics that enhance employee engagement and productivity, supporting an organization’s focus to remain results-oriented. The benefits of outsourced human resources services for financial institutions Outsourcing HR offers financial institutions several advantages. Outsourced professionals can bring specialized insights into HR strategies tailored to the industry, allowing organizations to access high-level knowledge without the overhead costs associated with a full-time executive. Their industry-specific experience can also assist in navigating the complex regulatory environment that financial institutions face. Additionally, outsourcing HR provides an objective perspective, which is crucial for identifying areas of improvement within the organization. This external viewpoint, combined with their ability to offer flexible engagement based on the institution’s needs, allows for cost-effective solutions and adaptable HR strategies. By leveraging an outsourced HR, financial institutions can enhance their HR capabilities, drive strategic initiatives and gain a competitive edge in attracting and retaining top talent, all while focusing on their core business operations. The advantages of HR outsourcing for financial institutions Outsourcing your HR functions can yield significant benefits for your financial institution. Some key advantages include: 1. On-demand, experienced insights Outsourcing HR allows financial institutions to tap into specialized knowledge as needed. This can include: Access to experienced industry professionals: Engaging with seasoned professionals who have hands-on experience in HR for financial services can bring in-depth insights that drive better decision-making. Tailored solutions: Outsourced HR providers can offer customized services to address the specific needs of financial institutions, from compliance to talent acquisition. 2. Flexibility and scalability The dynamic nature of the financial sector requires HR solutions that can adapt to changing demands, and outsourced HR can assist with this, offering: Scalable solutions: Financial institutions can easily scale their HR operations up or down based on current needs, allowing for efficient resource allocation. Agility in response: Outsourced HR allows organizations to quickly adapt to market changes, keeping HR practices aligned with business goals. 3. Cost control Managing costs is a critical concern for financial institutions, and outsourcing HR can help achieve this goal through: Reducing fixed costs: By outsourcing, organizations can minimize fixed HR costs, allowing them to allocate resources more effectively across other areas of the business. Focusing on core activities: With HR functions handled externally, financial institutions can concentrate on their core activities, enhancing overall productivity. Outsourced HR can also help your financial institution implement AI more effectively AI is transforming how financial institutions do business . Most financial institutions already use or plan to use AI-based tools, creating a push for change that is disrupting not just processes, but people. Institutions looking to adopt or make better use of AI need to reevaluate their talent strategies, consider what roles should look like in an AI-powered workplace, update existing performance management metrics and reassess their overall approach to workforce planning in light of AI’s capabilities and limitations — all areas where outsourced HR can provide leadership. Further, because AI adoption is also a major exercise in change management, outsourced HR can help your institution navigate that process more effectively. Look for support in how to communicate with your team, listen to and address concerns, maintain momentum from a people perspective and avoid harming your culture during a time of transition. Operational and strategic support through outsourced HR Outsourced HR can provide both operational and strategic support, which is essential for the success of financial institutions. Operational HR functions are vital for your organization’s day-to-day management. Key areas like compliance, employee relations and hiring processes all benefit from the insights an outsourced human resources team can bring. Employee relations: Maintaining positive employee relations is crucial for morale and productivity. Outsourcing HR can help manage conflicts and foster a positive workplace culture. Onboarding and offboarding: Efficient onboarding and offboarding processes facilitate seamless transitions and preserve organizational knowledge. Compliance management: Adhering to labor laws and regulations is crucial, particularly in the highly regulated financial sector. An outsourced HR can assist in maintaining compliance with these standards. In addition to operational functions, outsourced HR can also provide strategic support that drives long-term success, in areas such as: Talent strategy development: A strategic approach to talent management helps financial institutions attract and retain top talent, which is critical for maintaining a competitive edge. Workforce planning: Effective workforce planning helps financial institutions maintain the appropriate number of employees with the necessary skills to address future needs. Leadership development: Investing in leadership development through outsourced HR can enhance the capabilities of current and future leaders, fostering a culture of excellence. Evolving team culture: Less than 50% of current CHROs say their current workplace culture offers a solid foundation for future success . However, outsourced human resources support can help change that by spearheading efforts to reevaluate your employee value proposition (EVP) to better attract and retain talented people to power your organizational success. Navigating compliance challenges Compliance is a significant concern for financial institutions, and outsourcing HR can help mitigate risks. Financial institutions are subject to numerous regulations, including those related to employment practices. Non-compliance can result in severe penalties and reputational damage. Outsourcing HR provides extensive knowledge of industry regulations, helping financial institutions remain in compliance. They can assist in conducting regular audits to help identify potential compliance risks and enable proactive measures to be taken. They can also provide training on compliance-related topics to help ensure employees are aware of their responsibilities and the importance of adherence to regulations. What’s next for the role of outsourced HR in finance? As the financial landscape continues to evolve, the role of outsourced HR will adapt to meet new challenges and opportunities. Advancements in technology, shifting workforce expectations and increasing regulatory demands will drive financial institutions to seek more strategic and flexible HR solutions. Outsourcing HR functions will not only help organizations streamline operations but also enhance talent management, compliance and overall efficiency in an ever-changing industry. Some trends shaping the future that outsourced HR can provide support for include: Technology integration: The integration of technology in HR processes will enhance efficiency and data management, allowing for more informed decision-making. Increased focus on employee experience: Financial institutions are placing greater emphasis on employee experience, and outsourced HR can play a key role in creating positive workplace environments. Investing in continuous improvement: Financial institutions must prioritize continuous improvement in their HR practices to remain competitive and responsive to industry changes. Building strong partnerships: Collaborating with outsourced HR providers that understand the financial sector will be essential for success in the future. Outsourcing HR functions offers financial institutions a pathway to enhanced efficiency, compliance and overall organizational success. By leveraging on-demand insights, flexibility and cost control, financial institutions can navigate the complexities of human resource management while focusing on their core business objectives. As the financial landscape continues to evolve, embracing outsourced HR strategies will be vital for staying competitive and fostering a thriving workplace culture. Read more Regulation Z trigger terms that can derail your ads How should financial institutions respond to the federal compliance pullback? How can financial institutions get more value from using AI?
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