Naugatuck Valley Savings and Loan decided it was time to overhaul its enterprise risk management after seeing inefficiencies, regulatory oversight and wasted man hours mount.

A team of more than 50 employees at the $491 million-asset company spent last year implementing the WolfPAC enterprise-wide risk management program. The software allows the Connecticut lender to quickly assess technologies and critical vendors for their compliance with more than 40 regulations. Its management team can now easily check to make sure risk assessments are up to date.

Previously, the bank used spreadsheets on a shared drive to outline and rate risk management practices, a process that was time-consuming and inefficient, said James Cotter, the company's chief operating officer. The spreadsheets were not integrated with each other, so often work had to be repeated.

So far, Naugatuck has saved roughly 100 to 150 man hours with the upgrade, Cotter estimates.

"We recognized that regulators were more focused on risk management and we realized that we had inefficiencies in this area," Cotter said. "We were able to kill two birds with one stone."

It was challenging to get everyone to commit the time required to complete the project but it had the support of senior management so "the message was delivered strongly that we needed to get this done," Cotter said. Naugatuck was able to complete the entire integration in a year and implement more than 700 risk assessments.

But all of the effort and resources dedicated to the project were worth it in the end, said Rita Myers, a senior operations officer at Naugatuck.

"When we actually saw this beautiful final report and how all of these risk assessments tied into each other, it was a nice moment," she added. "Everyone took a deep breath."