End-to-End Risk Mangement with Archer and RadarFirst
A Comprehensive Approach to Reducing Risk and Safeguarding Trust
Archer offers sweeping portfolios of solutions to address corporate governance, risk, and compliance threats, but lacks a solution for a critical moment of the risk management lifecycle—incident assessment and remediation. That’s where RadarFirst complements Archer.
Streamline Incident Intake
Archer’s integrated risk management platform offers an incredible array of GRC-focused solutions, from Third Party Risk Management and Operational Resilience to ESG Management. The platform’s offerings help ensure a culture of compliance and risk management in their customers’ organizations, but culture can never entirely mitigate risk.
Data incidents—and breaches—are inevitable. However, Archer is not designed to keep up with new and evolving data breach notification regulations.
A purpose-built incident response management platform that automates and simplifies the process of assessing privacy and security incidents to determine if the incident is a breach, whether it is notifiable, which regulatory bodies must be notified, and by what date.
Driven by our patented Breach Guidance Engine™, RadarFirst solves a critical risk management challenge that no GRC platform can—intelligent breach notification decisioning—ensuring a defensible, end-to-end approach to safeguarding customer, and stakeholder, trust.
Operationalize digital transformation and drive process efficiency while helping protect brand reputation with Archer and RadarFirst. Key benefits of a collaborative approach to risk management include:
- Automated decision-support guidance based on current data breach regulations, including the EU GDPR, HIPAA, GLBA, and state data breach laws; potentially reducing overdue notifications by 50%.
- Consistent and defensible incident risk assessment eliminaties subjectivity inherent in manual approaches.
- Proof of compliance with data breach notification laws.
- Elimination of over and under incident reporting.
- Access to a repository of current global data breach notification law overviews, along with continuously updated regulatory watchlists of proposed and recently passed legislation.
A regional bank experiencing unprecedented growth, both to their bottom line and to their employee headcount, turned to Archer to help them transform their risk management program. The leadership team recognized the need to centralize and operationalize their compliance, IT, security, and privacy programs, removing the silos that had cropped up between cross functional teams, and increasing overall efficiency via digital transformation.
The CCO and CISO deployed a collection of Archer’s core solutions: Enterprise and Operational Risk Management, Third Party Governance, and IT and Security Risk Management. The result was considered an end-to-end, comprehensive approach to creating a culture of risk mitigation and corporate trustworthiness—until the inevitable data incident occurred. An employee laptop with sensitive data was stolen.
The leadership team quickly realized a GRC platform could strengthen their compliance and security programs, but couldn’t support the privacy team with digitally transforming incident management.
Their privacy team needed a purpose-built solution for quickly reporting, assessing, and determining notification requirements when a data incident did occur. In other words, they needed to further elevate their organization’s digital transformation to include intelligent privacy incident management.
RadarFirst was onboarded to automate and simplify privacy incident response and management, helping the privacy team to eliminate manual, inconsistent processes and accelerating breach resolution, from discovery to notification, by up to 80% (based on actual client feedback).
Overdue notifications were also reduced by 50%, and the team essentially eliminated both over and under-reporting of incidents to regulators and stakeholders.
The benefits of adding RadarFirst were noted far beyond the privacy team, however. The Board of Directors was granted in depth insights into the effectiveness of the privacy program thanks to Radar’s reporting dashboard. And the cross functional collaboration built into the platform via incident dimensions and integrations to enterprise productivity and communication tools, saw the security and compliance teams also further achieving their efficiency and digital transformation goals.
The cumulative benefits of embedding both Archer and RadarFirst into the bank’s compliance, privacy, security, and IT teams resulted in a truly comprehensive risk management program that ultimately increased the ROI of both platforms, and saw the bank continue to build the trust, respect—and business—of the communities it served.
Schedule a demo to add flexibility to your incident reporting within RadarFirst