AnoldRussianproverbasserts, “It’s not the wolves you see that you should worry about the
most, it’s the one you don’t see.” Riskactsinthesimilarway.Thus,ithasbecomeextremely importantfororganizationstoidentifythreatsthatcouldjeopardizetheirbusinessobjectives oranyofthecriticalstrategy.
Thoughriskisanuncertainphenomenon,stillitcanbeusedtofuelinnovation.Itactsanopportunity toinstigatethechange,asbytakingariskcentricapproachbusinessescanformulateastrategyfor success.Hence,byincorporatinganintegratedapproach,EnterpriseRiskManagement(ERM), businessesareachievingtheirgoalsandobjectives,evenwhentheyencounterobstacles.Itis consideredtobeastrategicdriverthatassistsbusinesseswiththeassessmentofsignificantrisksand theimplementationofsuitableriskresponses.
Riskmanagementismoreaboutmakinginformeddecisionswithkeepingriskinmind,ratherthan managingrisks.Consideringtheenterprise-wideperspective,throughasoundERM,businessesare revisitingtheapproachtocorporatestrategydevelopmenttointroducemoreagility,adaptability,and responsivenesstoemergingthreats.Beinganewmanagementdiscipline,ERMisenablingbusinesses tocontinuouslymonitorthechangesintheenvironmenttodeterminewhichcouldbetrulydisruptive. Companiesareabletoeasilypredictandrespondtothewavesofdisruption.
Toshedlightonthedisruptionsoccurringininterpretingrisks,InsightsSuccesshasenlisted “The10MostTrustedERMSolutionProviders,2018”,whichareprovidinganinnovative approachandframeworkinidentifyingrisksandresolvingthem.
ThelistingincludesAuditComply,arisk&performanceplatformdevelopingcomprehensive solutionsformanagingrisk,quality,complianceandEnvironmentHealth&Safety(EHS),allin onecentralizedplatform;JCAD,aleadingcompanywhichisstreamliningriskmanagementand continuouslystrivingtoprovideapersonaltouchatallcustomertouchpointswhetheritbeat pointofsale,duringimplementationorsubsequentsupport;Riskonnect,theprovideroftrue integratedriskmanagementsolutions;Allgress,aglobalproviderofautomatednext-generation integratedComplianceITSecurity,andRiskManagementSolutionsfororganizationsandtheir businesspartnerstoeffectivelyandefficientlymanagebusinessrisk.
Also,featuringasthecompanyoftheyearis4Stop,aleadingfraudpreventionprovider, headquarteredoutofCologne,Germanysolvingbusinessesrisk-basedapproach(RBA)through amodern,all-in-oneKYC,complianceandanti-fraudsolution.
Also,makesuretoscrollthroughthearticleswrittenbyourin-houseeditorialteamandCXO standpointsofsomeoftheleadingindustryexpertstohaveabrieftasteofthesector
Let’s start reading!
Hitesh Dhamani
Managing Editor
Executive Editor
Editor-in-Chief Pooja M. Bansal Hitesh Dhamani
Assistant Editors
Contributing Editors
Anish Miller
Jenny Fernandes
Abhishaj Sajeev Bhushan Ghate
Ishan Mittal
Visualiser David King
Art & Design Director Amol Kamble Associate Designer Kushagra Gupta
Co-designer Sumit Lunawat
Art & Picture Editors Belin Paul
Khanna Jayant
Senior Sales Manager Passi D.
Business Development Manager
Peter Collins
Marketing Manager John Matthew
Business Development Executives
Steve, Joe, Alan, Ajay
Sales Executives
David, Kevin, Mark, Mayank
Technical Head Jacob Smile
Digital Marketing Manager Marry D’Souza Technical Specialists Amar, Pratiksha
Online Marketing Strategists
Alina Sege, Shubham, Vishal
SME-SMO Executives
Prashant Chevale, Uma Dhenge, Gemson, Prasad
Research Analyst Patrick James
Circulation Managers Robert, Tanaji
Database Management Stella Andrew
Technology Consultant David Stokes
sales@insightssuccess.com
Corporate Ofces: September, 2018
www.insightssuccess.in
AllgressInc. allgress.com
JeffBennett President&Co-founder
AuditComply auditcomply.com
KevinDonaghy CEO
Allgressisaglobalproviderofautomatednext-generation integratedCompliance,ITSecurityandRisk ManagementSolutions.
AuditComplyisaRisk&PerformancePlatform.Developing comprehensivesolutionsformanagingRisk,Quality, ComplianceandEnvironmentHealth&Safety(EHS).
cytegic cytegic.com
ElonKaplan CEO
Cytegic’sACROimplemented,organizationscanutilizeriskas themetricforprioritizingremediationplans.
eCompliance ecompliance.com
AdrianBartha CEO
eComplianceistheleadingsoftwaresolutionforimproving workerparticipationinsafety.
FourStopGmbH 4stop.com
IngoErnst Co-founder&CEO
4Stop,aleadingfraudpreventionprovider,solvingbusinesses risk-basedapproach(RBA)throughamodern,all-in-one KYC,complianceandanti-fraudsolution.
JCAD jcad.co.uk
DamianCrawford ManagingDirector
JCADisaleadingcompanystreamliningriskmanagementand strivesitscustomerwithvaluablepointslikepointofsale, duringimplementationorsubsequentsupport.
Proactima proactima.com
SoteriaRiskLLC soteriarisk.com
Proactimaisaleadingcompanywithgoodmanagement competence,methodsandpracticalexperiencethatdeliversthat throughconsultingservices,toolsandtraining.
JimWetekamp CEO
TrondWinther CEO RiskonnectInc. riskonnect.com
DavidYoung Founder
VoseSoftware vosesoftware.com
DavidVose Director
Riskonnect,Inc.istheprovideroftrueIntegratedRisk Managementsolutions.
SoteriaRisk,LLCisatechnologybasedconsultingfirmfocused onEnterpriseRiskManagement.
VoseSoftwareoffersanintegratedsuiteofstate-of-the-artrisk analysisandmanagementtoolsthatgivedecision-makers accesstocomprehensiveandpreciseriskinformation,
HeadquarteredoutofCologne,Germany,Fourstop GmbH(4Stop)isagloballeadingfraud preventionproviderthatsolvesbusinessesriskbasedapproachthroughamodern,all-in-oneKYC, complianceandanti-fraudsolution.4Stopbringstogether trustedinformation,managedservices,softwareand expertise–anunrivalledcombinationintoasingleend-toendsolutionthathelpsbusinessesconfidentlyanticipate riskandempowersthemtomakewell-informeddecisions. Allbackedbyquantifiabledatatoconfidentlymanage regulatoryobligationsandfraudrisktoacceleratetheir businessperformance.
4Stopisdesignedtoremovethecumbersomeprocessof managingKYC,complianceandanti-fraudonaglobal scale,perlocalizedregulation,andinamannerthatdoes notrequiremultipleintegrationsanddrainonbusiness operations,ITdepartments,costsortimetomarket. Throughasingle APIintegration businesseshave accesstohundreds ofpremiumglobal KYCdatasourcesto supportcompliance andriskmitigation inafail-safe,futureproof,simplisticand real-timemanner. Combinedwiththeir proprietaryantifraudtechnology thatservices enterprise-levelrisk managementwithdynamicriskchecksandgranularrisk analysisintelligence,businessesobtainacentralizedglobal viewofriskandcandramaticallyimprovetheir authorizationratesandstopfraudbeforeitoccurs.With 4Stop,businesseseffortlesslynotonlyarecompliant,but staycompliant,combatfraudandgrowtheirbusiness globallywithabsoluteconfidenceKYCandrisksare managed.
The4Stops’technologyenablesbusinessestoeasily activaterequiredKYCforseamlesscomplianceandsecure customeronboarding.Through4Stop’smultitudeof availableKYCdatasourcesbusinessescanactivateand deployrequiredKYCinreal-timeforeachandevery customerjourneytouchpoint.Combinedwith4Stop’s
cascadingKYCverificationlogic,customersarevalidated inthemostefficientandcostsavingmannerpossible.
4StopbackstheirKYCperformancewithreal-time intelligenceandredundancytoensurethebestdata enrichmentexperienceisobtained.Throughtheirplatform backoffice4StopprovidesintelonallactivatedKYCand itsassociateddataonperformancevolume,history, approval,warningandrejectedratesbyeachdatasource typeandcustomerjourneytouchpoint.Pairedwiththe abilitytoreviewthisdataandapplyadvancedfiltersby merchant,countryregion,paymentmethodand/orchannel, businesseshavefullcontrolonthedatathatisdisplayedto optimisetheirreviewprocesses.
The4StopKYCsolutionhasbeendesignedtoallow businessestorapidlyexpandaroundtheglobeandtoensure compliancerequirementsareadheredto,regardlessofthe evolutionofour regulatorylandscape.
PreventingFraudin anEfficientand World-ClassManner 4Stop’sproprietary real-timeanti-fraud technologyallows businessestomonitor theirtrafficfroma globalcentralizedview ofriskwith quantifiabledataand real-timeintelligence. Themulti-facetedrisk rulesengineallowsfordynamiccheckingandsecuringof customersandtheirtransactions.Withover800predeterminedrules,aneasy-to-configureruleswizard,agile free-formrulescripting,andcascading‘what-if’rules,risk managerscanestablishendlessruleconfigurationswith real-timesystemactionsandapplytherulestoaspecific merchant,sub-merchant,group,region,type,time-frame andpaymentmethod.Allwhilebeingabletorunrule simulationreportsanddeploytheirrulesinreal-time.
Furthermore,4Stopprovidesadatarichdashboard,detailed customerandtransactionalqueues,reports,granular customerprofilesandoveralldatariskanalysis recommendationstoquicklyandeasilyunderstandvolumes inconjunctionwithriskindicationsatalltouchpointsinthe customerjourney.Layeredwithadvancedfiltersby merchant,sub-merchant,processingchannel,and/orglobal
region,businessescanviewtheirriskexposureandrectify itinminutes.
Businessesthathaveutilized4Stopsanti-fraudtechnology experiencea66.6%reductioninchargebacksinthefirst2 monthswithanaverageof81.5%approvalauthorization rate.The4Stopdatascienceanalysistoolsamplifythese resultsbyallowingquantifiabledecisionstobemadeprior enteringanewregionand/orallowingbusinessestotailor configuredKYCandfraudpreventiontooptimize performanceandsignificantlyreducetheirexposure.
IngoErnstistheCEOandCo-founderofFourstop GmbH(4Stop).HeisacommittedFintechentrepreneur withexcellenttechnicalknowledge,operations managementandsupervisoryskillsgainedover15+years throughundertakinga seriesofhighly challengingroles withintherisk industryforlarge international organizations.This experiencein conjunctionwithhis extensive involvementin developingrisk managementand compliancesoftware, gavehimgreat understandingand reliabilityto businessesKYC,complianceandfraudpreventionneeds, withtheabilitytoeffectivelyestablisharesolutiontothose needsandadaptproactivelytotherisklandscape.
ThroughIngo’scareerheimplementednumerous operationalprocessesandmanagedmulti-disciplineteams acrosscontinentstoimproveoverallbusinessperformance outputandteamculture.Ingoisacharismaticleaderwith theabilitytoengageandinspirehisteamtocreateimpact andhelpbusinessesachievetheirriskmitigationgoals.
Allfoundingpartnersof4Stophaveabackgroundinthe paymentandriskmanagementspace.Havingworkedin executivepositionsatacquiringbanks,marketplacesand largescaleeCommercebusinesses,togethertheycometo 4Stopwithcollectivelyover60years’experienceanda
depthofknowledgetonotonlyhowtheriskindustry functions,butthetrendsinitsevolution.
FinancialInstitutions(FIs),banksandtheircustomersare constantlymanagingtheever-changingregulatory landscapeandtryingtofindnewstreamlinedandcosteffectivemethodstointegratechangeswhentheyoccur. Thefoundersof4Stopthroughtheirexperience,identifieda needanddeveloped4Stop’scompleteend-to-endsolution tostreamlinebusinessesmanagementofKYC,compliance andfraudpreventioninthemostcost-efficient,streamlined mannerpossible,regardlessofwheretheyperformtheir businessacrosstheglobe.
PaintingthePictureofFuture
4Stopcontinuouslyexpandsitsplatformfunctionalityand offering.Currently4StopisfullyMLD4andPSD2ready forbusinessesandhas over1800activeKYC datasourcesand continuestointegrate andaggregateAPI’s ongoingtosupport futureregulatory obligations.Inthe comingyear4Stopplans oncontinuingtoenhance theirplatformthrougha seriesofnewUI/UX implementationstobring thebestandintuitively simpleexperiencefor theirclients. Additionally,4Stopwill furtherenhancetheirproprietaryanti-fraudtechnologyby including;anexpansionoftheiradvancedanalyticsand analyticdatareporting,behaviorandmachinelearning, advancedaccountassociationwithpremiumlogicand ongoingexpansionstotheirKYCdatasourcehub.4Stop hasbeenbuilttonotonlyfullysupporttodaysKYC, complianceandanti-fraudprocessesbutfor2020and beyond.
“At 4Stop, we can have up to 2,000 data parameters for a single transaction. If you multiply that by millions of transactions per day or sometimes even per hour, it’s tough for global companies trying to achieve instant payments under PSD2 to stay on top. With our 4Stop platform we make it easy and cost-efficient for businesses to effortlessly manage and stay abreast of their risk, compliance and fraud prevention processes.”-statesCEOIngoErnst.
SinceInternetofThingstechnology startedtogainmainstreamtraction, multipleplatforms,solutionsand strategieshavebeendeveloped.Atthe momenttherearemorethan450 ‘platforms’commerciallyavailable. Yet,realisticallyspeaking,mostof thesehavebeendesignedforavery specificfunctiononout-dated technologyandmostlydownavertical applicationpath.
Similarly,gatewayplayershave developedpowerfulgateway technologywithaportionthat genericallyaggregatesdatatothe cloud.
Why?Well,historically,technology companiesarguedthatthebestwayto quicklycreatecommercialvaluewas todevelopastrongvertically integratedapplicationencompassingan ecosystemofpartners.
Thequickestwaytoshowvaluewasto focusonaverticalandgoafterit.We haveadifferentview.
Thetruepoweranddifferentiator inIoT.nxtresidesinourfullIoT stackcapabilityencompassingthe edgeandthecloud.
Background
Ourthinkingfromtheoutsethasbeen thatwewantedtoadoptthinkingand developtechthatcreateshorizontal interoperabilitybetweenmultiple systemsandplatformsinatechnology agnosticmanner.
In2002,itwasallaboutthecloud. AmazonWebServiceswaslaunched and,whenOPCUnifiedArchitecture wasreleasedin2006enablingsecure communicationbetweendevices,data sourcesandapplications,adoptionof IoTbegantorise.Theearlyadopters developedtheirprojectswiththecloud inmind.Thethinkingbeingasimple connectedmindsetwherebillionsof sensorswillbedeployedandeasily spinupsupercomputersatlowcostin thecloudtoprocessallofthisvaluable BigData…howcouldtheygowrong?
Duringthe.combombera,peopleran aroundwithamazingideasthatthey thoughtwouldtakeovertheworld
oncemassadoptiontookplace.This wasfollowedbyanimplosionwhich sawahugenumberofconcepts,ideas andinvestmentsdisappear.Asimilar trendisdevelopingintheadoptionof IoTandindigitalisationingeneral.
Partofthedemiseofthisisbecause theyweretooearlyontheinitialcurve andeitherranoutofcash,wereunable tobuildwhattheysaidtheycould,or sawnew,sexier,moreagiletechnology drivecompetitorsclosertoadoption. The.combombwasarationalisation andarealityforcompaniesandtheir investorsresultinginfortunesbeing madeandlostinthehype.Timingis keyindrivingBigTech.Ifyou’retoo soon,youarepotentiallybusy developingaconceptthatwillnotonly agequicklybutgivecompetitors plentytolearnfromandpiggybackoff
allowingthemtodevelopbettertechthatismorerelevant andvaluedriven.Oftenacoolideaisexactlythat-acool idea,butwithoutrealsubstanceitdoesn’tgetwide commercialadoption.Thecommercialviabilityultimately sitswiththeabilityofaproducttoproduce‘realvalue’, whetherquantitativeorqualitative.
Andthentherearetheguyswhomakeit.
Amazon,Alibaba,Google.Theywereunprofitablefora numberofyearsbeforetheystartedtobearfruitsimply becausetheyplayedthelonggame.Theysawpastthehype andcreatedproductsofrealvalue.Theymadesurethey willberelevantinfutureeconomies.
Weenteredthismarketattheperfecttime.Twoyearsin, oursolutionisstrongandbusinessesatenterpriselevelare rallyingtoadoptBigDatatechnology.They’reembracing VR,AR,AI,cognitive,algorithmicmachinelearning technologiesastheybecomeareality.
Asirrelevantsolutionsarebeingseededout,theIoT.nxt approachtotheproblemofIoTismakingusamajor contender;cementingourpositioninthemarket.
Ifwelookatthesolutionscurrentlyavailable,we understandmorethanmostofthese‘platforms’haveall beenbuiltinthecloud.Fiveyearsagoeverythingwasinthe cloud,itisthereforeunsurprisingthatitisstilldominating ITdiscussions.
Anyonewhohas,upuntilthispoint,embarkedonanIoT initiative,hasprobably
1. builtasolutionthatresidesinthecloud;
2. leveragesthepowerofthecloudanditsabilityto centraliseandleverageprocessingpowerfromthe supercomputersthatexistthere;
3. adoptedatopdownapproachincorporatingthe cloudasthecentralpowerbehindtheapplication.
LookingattheIoTindustryandwherethe‘competition’ and‘incumbents’areinthecurrentIoTcycle,itisevident thatIoTdevelopmentareinaperfectbubblethatIbelieve isnotfarfromrationalisation.Ithinkitwillbelesssevere
than2000asIthinkinvestorshavebeenmorecalculated; buttherecertainlywillbeacorrectioninthenotsodistant future.Drivingmybeliefinthisisthatyouneedthistypeof eventforeminencetobecreated.Peopleneedtostart understandingwherethetruevaluelies.Thecompaniesthat havetheabilitytolockintothisIoTbusinessvalue propositionandconvertthatintoinvestorvaluewillsurvive andwillgaineminence.Thereareanumberofgreat technologiesandconceptsavailablebutonlytheonesthat areabletotrulyunlockvaluewillremain.
TheIoT.nxtapproachhasbeensomewhatdifferent,defying thenormand,todate,itismyfirmbeliefthatoursisthe onlycompanythathasthisuniqueapproach.Addressingthe problemsofinterconnectivityfromthebottomup,our solutionacknowledgesthepowerofthecloudandBigdata, butalsoacknowledgesthatpowerisgreatlydiminishedor evennullifiediftheedgelayerisnotcorrectlymanaged.
Ourdefinitionofinteroperabilityanddataorchestrationis, attimes,dilutedbyplatformplayersclaimingtoprovidethe same.Theydon’t.
Thegeneralplatforminteroperabilitydiscussiontalksto cloudinteroperability.Thisisahugelycomplexplaythat causesmassiveheadachesforsomeofthemostinfluential playersastheytrytofathomhowtoseamlesslyintegrate multipleplatforms.API’sarethetalkoftheday,withthe currentsolutiontosolvingthisdilemma,butitissimplynot sustainableorpractical.Onawhiteboarditmightlookgreat havingseveralplatformsintegratedviaAPIandthen pluggingintosomeESBviamicroservices,butIchallenge toyoutoconstructallofthatandtakeintoconsiderationthe smallpartalloftheseguysinitiallydidnotdeemnecessary –theedge.
Thismethodologyishugelyreliantonsmartsensor technologythathastheabilitytopushdataintothecloud. There’saheavyrelianceonnetworksand,asaresult, ‘platforms’arestrugglingtograpplewithedgetechnology, allthewhilehopefulthata5G,no,20Gnetworkwill resolvethisproblem.
Atalmostalltheinternationalconferenceswehave attendedinthelast24monthsthemajordiscussionhas beenBigDataandsmartsensors,somostofthemore matureplatformshavebeendesignedaroundthepremiseof thembeingabletoreceivedatadirectlyfromthesensor.
Theproblemnowishowtotalkback tothesensorormachineand,more importantly,howtodothiscross platform.Anevenbiggerissue creepingtotheforefrontofdiscussions areregardingecosystemsinwhichnear real-timedatafeedsarecrucial.
Yetstill,thefocusisonthecloudand understandablyso,especiallyifyou haveinvestedmillionsintoa technologythatisreliantonthecloud. Wedonotbelievethis.
Forsometimenowwe’vebeensaying thatthe edge is eating the cloud.
We’renotimplyingthatthecloudwill loserelevance.Whatwe’resayingis thatatrueIoTecosystemwillbecome lessandlessreliantonthecloudand, infact,thatecosystemdesignwillrely heavilyonedgecapabilities.
Anaturaloversight,butacrucialdetail destinedtoformanintegralpartofthis industry’sabilitytocommercialisein thenearfuture.TheIoTindustryis inhibitedbyaninabilitytocreate interconnectivityand interoperabilityattheedge.
RetrofitandDecreasetheBarrierto EntryandSweattheAssets. Correctlydesignedandengineered, edgetechnologyenablesedge interoperabilityand,moreimportantly, theabilitytoretrofitintolegacy systems.Legacysystems,toalarge extent,weredisregarded,withcurrent playersrelyingonthe‘ripandreplace ‘mentalitythathasgovernedand,toa degree,plaguedtheITindustrysince thebeginning,befuddlingbrandsthat havebecomehouseholdnames.
Thismentalityofwinnertakesallis notcongruentwiththeideationofa connectedworldandcertainlydoesnot embracetheconceptoftruescalability. Havingtoripoutandreplaceexisting
technologyandinfrastructureonyour journeytowardsdigitalisation introducesahugeamountofadditional complexity,disruptionandacost,allof whichmakesitadifficultsaletothe business,contributingtotheslow adoptionrateofthe4thIndustrial Revolution.
Sowhilstthe‘bigdogs’arealltrying tofigurehowtheycandevelopand ensuretechnologylock-intosecure futurerevenue,they’recontributing towardsthemixedmessagethatis beingsentouttothemarket,diluting thevalueofIoTtechnologyasatoolto unlockingrealbusinessvalue.
Valueisasimpleexerciseforany businessleader–Lookatexpenditure, thenROI.Satisfied?Great.Here’sthe nextquestion-isitrelevanttomy business?
AllDataisnottheAnswer. Whenweenterintodiscussionswith bigcompanies,theissueoflegacy investmentsintechnologyattheedge comesupwithoutfail.Rememberthat everyoneissellingsometypeofcloud platformthatisgoingto‘changethe business’,butthatcloudengineis reliantonedgedatai.e.devices, sensors,machines,protocols,PLCs, SCADAs,CCTV,accesscontrol systems-thelistgoesonandon. Clientsstartconsideringnegotiating witheachvendorandrealisingthat, muchlikewhenour1000pieceholiday puzzleshas1missingpiececanruin thepictureandmakethewhole exerciseseemfutile.It’sthesamewith manyofthealgorithmsandpredictive applications-thetruepowerofthese platformslieintheirabilitytoprovide companieswithinsights.Forthisthey are100%dependentonhavingthe correct,filtered,aggregated,curated, secure,real-timedatafromtheedge, andtheyneedallthepiecesofthedata puzzletobuildtheBigDatapicture.
Ineveryenvironment,oneverypiece ofthepuzzlethereisinformationthat iscriticaltothetaskathand,andthen there’sotherinformationthatisn’t neededinreal-time.Thingslike whetheradeviceneedstobeserviced inaweeks’time,whetherstockis goingtobedepletedbytheendofthe month,etc.Nowconsiderasensor havingafixednormalrange,andonly recordingexceptionsratherthanall dataallthetime-you’reabletoreduce theamountofdatapassedbyaround 60%-90%inrealtimemonitoring environments,asabasicstatistic.
We are throwing away the rule book.
Whiletherestoftheindustry scramblestofigureouthowto showcasetheexponentialvalueofIoT whilstalsoattemptingtolockclientsin totheirtechnologystack,we’retaking theIoTrulebookandthrowingitout ofthewindow.
Wedon’tcarewhattechnologyour clientshavenow,andwhattechnology theywillhaveinfiveyears’time.We don’ttalkaboutvendors,wetalk protocols.We’redrivingourclientsto gettoBigDataquicker,usingwhat theyhave,thankstoourtrademarked Raptor.
Raptortechnologyisthemissinglink inmostofthediscussionsaround digitalisation. Anormalised, edge layer of physical and virtual intelligence that can be retrofitted, deployed and connected seamlessly into an ecosystem of existing technologies and things, radically reducing the cost and time of having to develop multiple edge integrations into disparate cloud applications.
Beingabletoretrofitontoalldeployed devices,whetheranalog-,orIP-based hasahugebenefit.
Ÿ Itreducesdisruptiontobusinessprocesses,
Ÿ costofimplementation,
Ÿ costoftraining,
Ÿ costandimpactofenterprise-widechangemanagement,
Ÿ reducesvulnerabilityandcyberriskbecauseofless technologydisparityattheedge,
Ÿ reducesdatamovingacrossthenetworkthat
Ÿ reducesthecostofthenetworkandnetworkcongestion,
Ÿ reducesprocessingrequiredatthecloudplatformlevelas thedatahasalreadybeencuratedattheedge,
Ÿ reducesthecostassociatedwithmaintenanceofedge integratedgateways,
Ÿ haslessattacksurfaceattheedgeasthegatewaysare rationalisedand
Ÿ simplifiesreal-timesubsystemintegration
Allofthisallowsustobetterleveragethepowerofour cloudplatformaswecannowunderstandtheup-,anddownstreameffectsofanevent-triggeredoccurrenceandeffect dynamicandseamlessrecalibrationandinteroperability throughout ALL edgeconnecteddevices.
Weensurethatallthepiecesofthepuzzleareinthebox,and readytobepiecedtogethertocreatethebigpicture.
Edgenormalisationofdataattheedgegatewaylayerform thefoundationforrapiddigitalisationanddigital transformation.Thedisruptionthateveryonetalksaboutis vestedintheabilityforanorganisationtocontinueits businessbutiterativelyandrapidlystarttoaddressthecore issueswithinitsbusinessthroughdigitalisation.Thisleadsto morevisibilityonareal-timebasisallowingfordynamic recalibrationbackintothebusinessecosystemtoachieve optimisedlevelsofproductionandefficiencythatbring aboutchangeandnewwaysofdoingthesamething,better.
Peer-to-peerintelligenceandlearningwillfurtherdrivethis thinking–Raptorthinking-makingusevenmorerelevant asthenecessitytodriveedgeanalyticsanddecisionmaking incriticalbusinessenvironmentsnullifiesthecloud.Areyou withme?
Ifyoucontroltheedgeyouunlockthecloud,abottomup approach.
Todayorganizationsarestayingaheadwith innovativesolutionstoproactivelymanageand enhancethereliabilityofthebusiness.Byexecuting itsuniquesolutionsandactivitieswhichhelpthemtotake advantageofopportunitiestogrowinthecompetitive businessworldorganizationsarefindingnewwaystotackle risks.Analysisofriskandsolvingthemalsoplayacrucial roleinthetransformationprocess.
AllgressInc.isaglobalproviderofnext-generation integratedriskmanagementITSecurity,Complianceand RiskManagementSolutionsfororganizationstomanage theirriskposture.Itsunifiedsolutionsautomateprocesses forassessment,reporting,monitoring,andremediationof businessriskswithlesscomplexityandalsoreduced managementcosts.Unlikeothersolutions,Allgress’awardwinningtechnologyallowscustomerstoderivequickertime-to-valuewithoutanarmyofconsultants.
AllgressAddressestheContinuumofthesechallenges withanIntergratedERMSolutionsSuite:
· Changesintechnology,businessevolution,new andupdatedregulationsplushardrequirements demandedfromthird-partyvendorswillcontinue toevolveatafastpace.
· Organizationswillcontinuetobechallengedusing spreadsheetsandmanualmethodsofrisk managementwhichwillcontinuetoraisefinancial loses.
· Automatedplatformswillcontinuetoevolveto overcomethelossesandchallengesofdisconnectedriskmanagement.
· Lackofagilitytoidentify,communicateand respondtimelytochangingrisksandregulations.
· Complicatedmethodstointegratesolutions togethersocustomerscanutilizetheirexisting investments
PioneersinRiskManagementExpertise
JeffBennett,President,COO,andCo-Founderand
GordonShevlin,CEOandCo-Founder, JeffBennettleadsAllgress’BusinessOperations,Product Direction,andDevelopment.Jeffbringsmorethantwo decadesofBusinessLeadership,ProductDevelopment,IT SecurityandComplianceindustryexperiencetothe company.Asanentrepreneur,hehasfoundedandled severalcompanies,includingdigitaldefenseservicesfirms SiegeWorksandSiegeWorksInternational.Healso frequentlyspeaksatindustryeventstoemphasisbusiness riskmanagementsolutions.
Jeffhasalsoservedontheadvisoryboardsofotherleading securityproviders.HeholdsaBachelorofScienceDegree inBusinessAdministrationfromCaliforniaStateUniversity atHayward.
JeffandGordonhavearelentlessdrivetocreateawin-win partnershipwithcustomersandcompanypartnersalong withtheinputoftheirinternalteamstoachieveinnovative productandsolutionexpansion.Therapidpaceofchange inbusiness,technology,andcomputingrequirescreative thinkingtoreducebusinessrisk.Truetotheirpassion,their effortsofkeepingpacewiththerapidchangehave leveragedtheAllgressplatformtoidentifybusinessrisk withlesscomplexityandcost.
Allgressprovidesanintuitivemodularintegratedrisk managementplatformcomprisedofsharedservicesthat focusonhelpingcustomersandtheirpartnerstoreduce businessriskquickerwithlesscomplexityandcost.ItsRisk Managementplatformincludesdatacollectors,assessment, workflow,reporting,andincidentmanagementtocorrelates relevantdataacrossregulations,assets,policies,controls, processesandbusinesselementsoftheirorganizationand partnerstoclearlyidentifypotentialbusinessfromasingle dashboard.
"We help our customers buy solutions by understanding their specific use-cases regarding solving challenges that
specifically focusing on their organization. We engage with our customers to develop proof of concepts to determine to solve their real-world risk management challenges then we introduce new solutions and technology where there are a business benefit and partnership to develop solutions further," noteJeffBennett.
Thecurrentnon-automatedapproachtorisk,compliance andthird-partyvendormanagementhasledtoincreased complexityandlackofaccountability.Usageofdisparate spreadsheets,document,emailandseparatesolutionshas ledtodisjointedsolutions.Thismethodofriskmanagement continuestoputorganizationsatagreaterbusinessrisk becauseoftheinabilitytoassess,communicateand mitigaterisks.
Thiscommonscenarioleadstothelackofcommon platformservicestoenableautomationandstandardization ofmanagingtheentireriskmanagementlifecycle.That’s whereacommoninfrastructureenablestheefficientand cohesivemanagementofrisksbyconsolidatingthe informationfrommultiplesourcestoprovideanintelligent enterpriseviewalignedwithbusinessobjectives.
AllgressprovidesacompleteintegratedRiskManagement SolutionsSuitethatprovidesacommoninfrastructurethat automatestheentirerisk,complianceandITsecurity,thirdpartyvendorprocesswithoutthecomplexityseeninother offerings.
Jeff Bennett President & Co-Founder
BenefitsoftheAllgressInnovativeApproach
· Flexibledeliveryoptionsforrapiddeployment
· Leveragesdatafeedsfromexistinginvestmentsin otherbusinessandtechnicalsolutions
· Visualrepresentationofriskposture,compliance statusandstateofthird-partyvendorsthatiseasily interpretedbydifferentstakeholders
· Quicktimetoactionableresults
· IntuitiveGUIfortheadministeranduser
· SimpleLicenseModel
OfferingUnifiedERMSolutions
Allgressiscontinuingtoevolveitsplatformto accommodatethechangingenvironmentbyproviding featuresandfunctionstoenablebetterdecisionmakingto improvetheriskmanagementprocessandorganizations riskposture.
Allgressiscontinuouslyadvancingitsriskmanagement platformtoautomatemoretasksandmakingiteasierto managebusinessriskwithafocusonusability.Thefirmhas alsoenhanceditsfunctionalityaccordingtotheneedofits customerstosupportsnewfeaturesofcomputingmodels andtechnology.Allgress’sriskmanagementplatformhas theabilitytocontinuouslyconsumemoreITdatasources andbusinessmetricdataalongwiththegoalof incorporatingartificialandbusinessintelligence.Italsois anexemplarymanagementplatformthatwillcontributeto betterriskmanagementdecision-makingbytaking advantageofadvancementsintechnology.
Reducing business risk with less complexity and cost.
November3,1988,isconsideredasaturningpoint
intheworldofInternet.25YearsagoaCornell Universitygraduatestudentcreatedfirstcomputer wormontheInternet,“MorrisWorm.”TheMorrisworm wasnotadestructiveworm,butitpermanentlychangedthe cultureoftheInternet.BeforeMorrisunleashedhisworm, theInternetwaslikeasmalltownwherepeoplethought littleofleavingtheirdoorsunlocked.Internetsecuritywas seenasamostlytheoreticalproblem,andsoftwarevendors treatedsecurityflawsasalowpriority.
Today,thereisaparadigmshift,Morriswormwas motivatedmorebyintellectualcuriositythanmalice,butit isnotthecasetoday.Accordingtoa2015Report,71%of representedorganizationsexperienced,atleast,one successfulcyberattackinthepreceding12months(up from62%theyearprior).
Accordingtosurveyreport,disclosesthat,among5500 companiesin26countriesaroundtheworld,90%of businessesadmittedasecurityincident.Additionally,46% ofthefirmslostsensitivedataduetoaninternalorexternal securitythreat.OnaverageenterprisespayUS$551,000to recoverfromasecuritybreach.SmallandMediumbusiness spend38K.
Incidentsinvolvingthesecurityfailureofathird-party contractor,fraudbyemployees,cyberespionage,and networkintrusionappeartobethemostdamagingforlarge enterprises,withaveragetotallossessignificantlyabove othertypesofthesecurityincident.
Adenialofservice(DoS)attackisanincidentinwhicha userororganizationisdeprivedoftheservicesofaresource theywouldnormallyexpecttohave.Theseattacksarevery common,accountingformorethanone-thirdofallnetwork attacksreviewedinthereport.Astandardapproachisto overloadtheresourcewithillegitimaterequestsforservice.
Bruteforceattacktriestokickdownthefrontdoor.It’sa trial-and-errorattempttoguessasystem’spassword.The BruteForceAttackpasswordcrackersoftwaresimplyuses allpossiblecombinationstofigureoutpasswordsfora computeroranetworkserver.Itissimpleanddoesnot employanyinventivetechniques.
IPspoofing,alsoknownasIPaddressforgery.Thehijacker obtainstheIPaddressofalegitimatehostandalterspacket headerssothattheregularhostappearstobethesource.An attackermightalsousespecialprogramstoconstructIP packetsthatseemtooriginatefromvalidaddressesinside thecorporateintranet.
Browser-basedattackstargetenduserswhoarebrowsing
theinternetwhichinturncanspreadinthewholeenterprise network.Theattacksmayencouragethemtounwittingly downloadmalwaredisguisedasafakesoftwareupdateor application.Maliciousandcompromisedwebsitescanalso forcemalwareontovisitors’systems.
Transportlayersecurity(TLS)ensurestheintegrityofdata transmittedbetweentwoparties(serverandclient)andalso providesstrongauthenticationforbothsides.SSL/TLS attacksaimtointerceptdatathatissentoveranencrypted connection.Asuccessfulattackenablesaccesstothe unencryptedinformation.SecureSocketsLayer(SSL) attacksweremorewidespreadinlate2014,buttheyremain prominenttoday,accountingfor6%ofallnetworkattacks analyzed.
NetworkSecurityisanessentialelementinany organization’snetworkinfrastructure.Companiesare boostingtheirinvestmentsinproactivecontrolandthreat intelligenceservices,alongwithbetterwirelesssecurity, next-generationfirewallsandincreasinglyadvanced malwaredetection. The U.S. Federal Government has spent $100 billion on cyber security over the past decade, $14 billion budgeted for 2016.
Increaseduseoftechnologyhelpsenterprisestomaintain thecompetitiveedge,mostbusinessesarerequiredto employITsecuritypersonnelfull-timetoensurenetworks areshieldedfromtherapidlygrowingindustryofcyber
crime.Followingarethemethodsusedbysecurity specialiststofullproofenterprisenetworksystem-
Penetrationtestingisaformofhackingwhichnetwork securityprofessionalsuseasatooltotestanetworkforany vulnerabilities.DuringpenetrationtestingITprofessionals usethesamemethodsthathackersusetoexploitanetwork toidentifynetworksecuritybreaches.
Intrusiondetectionsystemsarecapableofidentifying suspiciousactivitiesoractsofunauthorizedaccessoveran enterprisenetwork.Theexaminationincludesamalware scan,reviewofgeneralnetworkactivity,system vulnerabilitycheck,illegalprogramcheck,filesettings monitoring,andanyotheractivitiesthatareoutofthe ordinary.
NetworkAccessControlsaredeliveredusingdifferent methodstocontrolnetworkaccessbytheenduser. NACs offeradefinedsecuritypolicywhichissupportedbya networkaccessserverthatprovidesthenecessaryaccess authenticationandauthorization.
NetworkSecurityisaraceagainstthreats,andmany organizationsareapartofthisracetohelpenterprisesto
securetheirnetworksystems.OrganizationslikeIBM,Symantec,Microsofthavecreatedsolutionstocountertheglobal problemofnetworksecuritythreat.Thesecutting-edgeproductsshowgenuinepromiseandarealreadybeingusedby enlightenedcompanies.
Arealsecuritysolutionshouldhavefourmajorcharacteristics;
Targetedattacksaremulti-facetedandspeciallydesignedtoevademanypointtechnologiesattemptingtoidentifyand blockthem.Oncetheyareinside,theonlywaytofindthesecyberthreatsistounderstandthebehavioroftheindividual attackcomponentsanduseanalyticstounderstandtheirrelationships.
Todayitisnotimportantthatanorganizationwillbeattacked,butimportantandmorecrucialistoidentifywhenand howmuchtheycanlimittheimpactandcontaintheirexposure.Thismeanshavingthecapabilitytorespondquickly oncetheinitialincidenthasbeendiscovered.
Malwareisgettingsquick-witteddaybyday.Theyutilizeheuristicstochangetheircodedynamically.Acapable solutionshouldhaveanadaptivearchitecturethatevolveswiththechangingenvironment,andthreatstoday’sbusiness faces.
Today’sthreatshavemultiplefacets,andasinglesoftwareorsolutionisnotsufficient.Protectionsystemshouldhave thecapabilitytointegratewithothersecuritytoolsfromdifferentvendorstoworktogetherasasingleprotectionsystem, actingasconnectivetissuefortoday’sdisjointedcybersecurityinfrastructure.
Likeinfectiousdiseases,cyberthreatswillneverbeeradicatedentirely,buttheycanbebettercontainedandunderstood, andtheireffectsminimized.Howcanthisbeachieved?IBMhasbuiltanenterprise-level“immunesystem,”anadaptive securityarchitecturetobattletoday’scyberpathogens.IBMhasdevelopedavastfleetofproducts,QRadar,X-Force ThreatIntelligence,TrusteerPinpointMalwareDetection,IBMThreatProtectionSystemadynamic,integratedsystem tomeddlethelifecycleofadvancedattacksandpreventloss.
TheIBMThreatProtectionSystemintegrateswith450securitytoolsfromover100vendorsactingasconnectivetissue fortoday’sdisjointedcybersecurityinfrastructure.
SymantecisanothermajorplayerincateringenterprisenetworksecuritysystemswithSymantecAdvancedThreat Protection.SymantecATPoperatesviaasingleconsoleandworksacrossendpoints,networks,andemails,integrating withSymantecEndpointProtection(SEP),andSymantecEmailSecuritycloud,whichmeansorganizationsdonotneed todeployanynewendpointagents.Symantecsays,ATPistheonlythreatprotectionappliancethatcanworkwithall threesensorswithoutrequiringadditionalendpointagents.WithATP,Symantec’sgoalistodeliverend-to-endthreat protection,prevention,detection,andresponseinasinglepaneofglass,offeringmorevaluetobusinessesthan individualpointproductscanprovide.SymantecAdvancedThreatProtectioncombinesmultiplelayersofprevention, detection,andresponse.
Riskisoneofthefatalflaws,organizationsoften witness.Unmanagedriskscanbecomethegreatest sourceofwasteinabusinessaswellasthe economyasawhole.Identifyingrisksandanalyzingthem inaplannedandorganizedmannerhasbecomearequisite forthesuccessfullycompletionofprojectsforevery organizationnowadays.Thus,adisciplineorastrategyof interpretingandmanagingrisksmustbeundertakenby businessesinordertoavoidtheadverseaffectionofrisks andcompliancesintheoperationsorprocessesofthe organization.Takingthisscenarioofthemarketinto consideration,ariskandperformancemanagement platform,AuditComply,isdevelopingcomprehensive solutionsformanagingrisk,quality,complianceand EnvironmentHealth&Safety(EHS),allinonecentralized Risk&Performanceplatform.
Thecompany,whichhasgrownrapidlysinceitwassetup in2014,providessoftwareandservicestoorganizations operatingwithinhighlyregulatedindustriessuchas aviation,automotive,finance,healthcareand manufacturing.AlistoflargecustomersincludeAutoliv, Coca-Cola,BelfastHealth&SocialCareTrust,Syscoand Bushmills.RecentlyAuditComplywasawardedaplaceon theG-cloudgovernmentframeworkandwasshortlistedfor RiskManagementSoftwareoftheyearattheCIRRisk Managementawards.
ThefastgrowthofAuditComplyinthelast4yearscomes fromitsabilitytodeployitssolutionintoanorganization’s
processeswithinminutes.AuditComplycountsinhours andminutes,insteadofmonthsandyears.Ithasasingle solutiondesignedformulti-siteglobaldeploymentwith localmanagement.Itscomprehensive&configurable enterpriseworkflowanddesktop/mobileapparethe perfectmatchforprovidinggreaterflexibilityand visibility,instantreportingandreal-timeinsights.Through this,thecompanygivesorganizationstheabilityto embracechangeeverydaywithoutsoftwarevendor intervention.
AuditComplyisadata-drivenandSaaS-basedsolutionto monitorriskandcontrols,spothazards/issues,mobilize actionandmeasureperformance.Thecompany’spowerful, scalable,andadvancedanalyticsengineistrusted worldwidebyorganizations,asithelpstheminuncovering datainsightstodrivebetterbusinessdecisions.Itsdataintensiveandhigh-levelmanagementsoftwareissuitable formanufacturing,governmentbodies,food,aviation, automotiveandhealthcareindustries.
“OurworldclassdevelopmentteamgivesAuditComplya competitiveedgewithinthemarket.Theircontinuoushigh levelofinnovationhasactedasthecatalystforan extremelysuccessfulyearforthecompany”saidRichard Wilson,MarketingManageratAuditComply.
Organizationsoperatinginregulatedindustriesfacean evergrowingandincreasingchallengetodemonstrate compliance,manageandmitigaterisk,whilstmaintaining
andexceedingqualitylevels.Tothis end,AuditComplyisdrivenbythis opportunityandchallengeandonethat ittrulyhasaninnovativesolutionto. Thecompanyisshapingthefutureof riskmanagement,addingvaluefrom dayonefortheirclientsandultimately buildingaplatformthatallowsfor digitaltransformationwhilstenabling businessprocessoptimization.Itmeets thedemandfortheneedtodetect, reportandmanageprocessesinan intelligentsystemapproach.
ATechnogeek,KevinDonaghy, CEO,foundedAuditComplywithan aimofshapingthefutureofenterprise riskmanagement.
Kevinhasledteamsandcompanies fromtheearlieststagesofdevelopment throughcommercializationandhypergrowthphases.Hestartedhiscareer withWPDSinSanDiegoasasoftware engineerfocusedonEquipment ConfigurationManagementsystems forairforcesacrosstheglobe.He quicklyprogressedtorunmultiple teamsforSpirentCommunications bothinIrelandandtheUS.Kevinthen foundedSwanLabswhichspecialized inWANoptimizationandwasacquired byF5Networksin2005.In2007,he foundedReplifywhichfocusedon mobilityoptimizationand virtualization.Throughhisown consultancy,Kevinhasworkedforweb securityfirmBlueCoatSystemson mobileoptimizationstrategyandon multipleprojectsfrommobility, securityandvirtualizationtoonline GRClplatforms.KevinholdsaPhDin ComputationalFluidDynamicsfrom Queen’sUniversityBelfast.Kevin holdsaPhDinAeronautical Engineering,anMScinComputational ScienceandaBScinMathematics fromQueen’sUniversityBelfast.
MovingtowardstheVision AuditComplyhasagreatvisionof whatariskandperformance managementplatformcanhavefor theircustomers.Itcantrulytransform andmanageriskinreal-timeforlarge
organizations,addingtotheir bottomlinethroughimproved supplierduediligenceandongoingassessment,betterinternal qualitycontrolandultimately bettercustomservice.
AuditComply’sfuturegoalisto becometheleadingplatformin theriskandperformance management,withtheabilityto consolidatedocument managementandgovernance risk/compliancedemandsand requirementsintotheone platform.Thiswilltransformhow theymanageriskthroughfully connecteddriversofpolicies,to theassessmentandmanagement oftheevidenceseamlessly.
“AuditComply’ssolutionhas greatlyimprovedourproductivity forbothinternalauditsand productionchecklists.Wefound theassistanceinmovingexisting auditstotheirsolutionexcellent andseamless.Theirapproachand servicessimplywork”-Michael Caughey,ITSupportSpecialist, Bushmills
“AuditComplyisplayingacrucial roleinchangingtherisk,quality &complianceculture.Aworldclasssystem,agamechangerin ourindustry.Werequireda solutionthatwasmobile, automatedourdataandcouldbe accessedinrealtimetoensurewe aremeetingqualitystandards acrossthesupplychain.”-Johnny Elgin,TechnicalManager,Sysco
AuditComply continues to see rapid growth year on year. Listening to our customer’s requests and working towards delivering a product that exceeds their expectations is vital. It is amazing to be part of such a fantastic team, building a solution that really meets both the market and customer demands.
—Kevin Donaghy CEO
Whatarethelatesttrendsinbusinessworld?An impressiveraiseinregulatory,complianceand riskmanagementrequirementstogetherwith anexponentialgrowthofdatathatcorporationsstruggleto manage.TheideabehindGovernance.comisaspot-on observationandvisionofourfounders,Bert(CEO)and RobBoerman(CTO)toallowregulatedentitiestoconnect andstructuretheirdata.
AsaRegtech,ourpurposeistoallowourclientsto structureandsimplifytheirdataandcontroltheirbusiness bybuildingtheirworkflows,checklistsandactivities aroundit.Governance.comisatotallyflexibleand customizablecentralsystemwhichcanbeinterfacedwith legacyandexternalsystemsofourclients.Alltheirdata andoperationalflowsarecentrallylinkedandeasily accessibleviaourplatform.Thisexplainsourcontinuous growthandrecognitionamongtheindustry(winning FintechoftheyearAwardin2016inLU,includedon Fintech502018andGlobal100Regtechin2017).
Weallknowthatarevolutionaryvisionandperformant systemdonotguaranteecommercialsuccess.Regtechisa relativelyyoungconceptwhichhastoshowallitspotential andconcretevaluetotraditionalcompanies.Itrulybelieve thatthekeyforasuccessfulcollaborationliesonanopen andtransparentcommunication.Thebiggestconcernand
painpointofRegtechcompaniesisthelengthydecisionand procurementprocessofthecompanies.Thereisnopointtoget frustratedonthisaswehavenocontrolonthisprocess.I believetheoptimalwaytobuildlong-lastingrelationshipsis tofocusonthechallenges,needsandcultureofourclients.An intensiveriskassessment,amulti-layerdecisiontakingand procurementprocessispartoftheDNAoftheregulated companieswearetalkingto.So,eitherdealwithitorstay asideforRegtechCCOs.
ThisisoneofthefirststrategicdecisionsIhavetakenas CommercialDirector:ratherthanbeginningtotalkhow marvelousandinnovativeoursolutionis(andItrulybelieve Governance.comisanawesomeplatform)wealwaysbegin discussionsbyaskingourcontacts:
Ÿ Howdoyoumanageyourbusiness?
Ÿ Whatwouldyouliketoachievewithit?
Ÿ Whatareyoubiggestpains? st
Ÿ Whoaretheusers?Whatisthe1 thingtheywilldoon Governance.com?
Basedontheirfeedback,secondstepistoshowthefeatures andfunctionalitiesofourplatformadaptedtotheirneeds. Duringtheadvancednegotiationsphase,weaimtounderline ourconcretesupportandvalue:
Ÿ DefinetogethertheReturnonInvestmentoftheproject: ouraimistoachieve600%ROIwithin3years
Ÿ FocusonSimplicityofourplatform:ourmottoisthata systemisusefulandwillbeusedmassivelyifitis simpletouse
Ÿ ProposeAgileandtimelyImplementation:techmeansa quick,easyandefficientdeployment
Ÿ Closefollow-upoftheiractivity:ourBusinessSupport expertsareeasilyaccessibleduringtheentireprocess andafterwardstoassistourclientsincaseofneed
Thisapproachisthekeyforthestrongandlong-term relationships.
Itisalsovitaltointegratethedecision-makingand procurementvariablesveryearlyintheprocess.Regtechis anewconceptandSeniorManagementandDecisionMakersaresometimesinformedoftheprocurementprocess oncetheyhavedecidedtouseourplatform.Apro-active andcontinuoussupportisthekeytobeabletoworkwith themquickerandhelpthemthroughouttheprocess. This,Ibelieve,isthereasonofoursuccessandour shortenedrelationshipsactivationcomparedtoourindustry standards.Weareallsoproudtobepartofthisexciting adventure,whichallowedustogrowfrom2to17FTEwith officesinLuxembourgandtheNetherlands
Wehavemanyexcitingchallengesfortheupcomingyear:
Ÿ Continueourinternationalexpansionbypartneringwith high-qualityorganizationsanddirectpresencevialocal offices.WeplantobepresentintheUKduring2018 andextendtoUSandAsiaduring2019togetcloserto ourclientsworldwide.
Ÿ Ensurecontinuousenhancementofourfunctionalities bylisteningtoourclients
Ÿ ImplementMachineLearningandAIfunctionalitieswe areworkingonourplatform
FinancialRegulationandCompliancecostsaround780BN $/year:1%ofWorldwideGDP!Thisiswhyitissoexciting formetoworkwithintechandbeingabletoparticipatetoa sustainableeconomybyprovidingacost-efficient,saferand user-friendlysolution!
Olus Kayacan, CCO of Governance.com, has over 20 years of experience in Financial Markets including prime brokerage and asset management with a substantial network of Institutional Investors, Retail and Private Banks, Brokers, Asset managers, Family O ces and Corporates. His career has allowed him to meet extremely exciting, interesting and professional individuals every single day. He has successfully participated to the launch & development of several businesses and overachieved commercial targets on each of them.
Everyorganization, largeorsmall, acrosseverysector, needstounderstandandmanagethe threatstoachievingitsobjectives.Over theyears,ERMhascontinuedtogrowin importance.IntheopinionofJCAD,risk managementusedtobeatickboxexercisethat wouldbecompleted,perhapssharedwithacouple ofstakeholdersandnotlookedatagainforanother6
Now,thebusinesspacehasquickenedandbecomemore complex.Thesignificanttechnologyenhancements availabletodaymaketheworldmuchmoreaccessibleand this in turn makes the risks facing an organiza on vast. Eventshaveamuchmoreimmediateeffecton organizationstoo,partlydowntothevisibilityand accessibilitythatsocialmediaandsmartphonesbring. Complianceandlegislationhavehadtotightenduetothese changes,forexample,changestodataprotection(GDPR).
Riskmanagementislessaboutmanagingrisksandmore aboutmakinginformeddecisionswithriskinmind.This approachhasallowedriskmanagementtobeconsideredas abusinesswideconcernratherthansiloedasitsown department.JCAD’sriskmanagementsolution,CORE, allowsforanyrisktobelinkedbacktostrategicobjectives. Thiscentralizedsolutionallowsforconsistentinformation tobeavailabletothewholebusinessandformoreinformed decisionstobemade.
Afamily-ownedbusiness,JCADenvisionsbecominga globallyrecognizedbranddeliveringcosteffectivebusiness assurance,claimshandlingandriskmanagement technologies.Thisconfidencestemsfromover25yearsof successfulsoftwaredevelopmentandaclientbaseofover 200organizationsallofwhomrecognizethevaluethat JCADbringstotheirbusiness.JCADcontinuouslystriveto provideapersonalserviceatallcustomertouchpoints
Damian Crawford Managing Directorwhetheratpointofsale,duringimplementationor subsequentsupport.Infact,itisJCAD’sfriendlyteamof consultantsanddevelopersthatarethefirm’sgreatestasset ensuringthatproductsareinnovative,easytouseand wellsupported;inthiswayclientsimproveefficiency, productivityandthussavemoney.
JCADdeveloptwodistinctbusiness applications,CORE,whichprovidesenterprise riskandcompliancemanagementandLACHS, whichdeliversclaimshandlingfunctionality.Both systemshavebeendevelopedwithinputfromourclient andprospectbasethusensuringthatthesystemsareeasyto use,functionallyrich,costeffectiveandquickto implement.InDamianCrawford’sopinionthedecisionto focuson‘offtheshelf’solutionsiswhathasmadeJCADso successful,thatandgreatcustomercare.“Wetookthe decisionmanyyearsagotoconcentrateondeliveringrobust solutionsstraightfromthebox.Thismakesimplementation farquickerandtrainingmucheasierasallclientsutilizethe samesuiteoftoolsinprettymuchthesamewaywith minimaldisruption”.Thecompanyoffersastandardized approachthatreplicatesindustrybestpracticebutalso enablesalevelofconfigurationofcertainelementsthatare clientspecific.
Asafamily-runbusiness,JohnCrawfordfoundedthe companyin1991.Havingnowretired,Johnhaspassedthe mantletohistwosons,whonowleadthecompany.Oneof hissons,DamianCrawford,servesastheManaging Directorofthecompany.Damian’sroleinvolves overseeingthecontinueddevelopmentofitscompany, employeesandcustomers.Alongsidethisrole,healso headsupJCAD’sproductdesignanddevelopment.Having beenwiththecompanysince1995,hehasafull understandingofitscustomersclaimshandlingandrisk managementrequirementswithhiskeyaimtocontinueto listen,deliverandexceedexpectations.
JCADbelievesinstickingtooneortwotechnologiesand doingthemwell.Accordingtothecompany,keepingthings simpleismorelikelytoengageusersthananoverly complextoolthatcanatbestconfuseandatworstalienate stakeholders.Overtheyears,ithasalsolearnedthatclient communicationisthevitalcomponenttorunasuccessful business.Itunderstandsthecustomers’problemsand providessimplesolutions.
“TheCouncilrequiredabetterwayofmanagingitsrisks, ratherthanthedisjointedarrangementswehadusingExcel andWord.JCADCOREhasenabledustoreportwiththe mostcurrentdataacrossstrategic,operationaland programme/projectrisks.Ithastheflexibilityintheformat ofreports,sowehavea‘corporate’lookbutenables bespokereportingthatisdesignedbyourownJCAD administrator.”- Pam Pursley, Risk Manager, Somerset Council.
“Theteamwasveryhelpfulduringimplementationand continuestobeveryresponsivetoquestions.Evenwithour 6-hourtimedifference,theymakeitwork.Wearevery pleasedwiththeproductanduseitasanelectronicdatabase ofourenterpriserisks.”- Joda Morton, Risk Manager, University of Illinois.
We aim to have a measurable and positive impact on our clients’ business performance and processes to help them achieve business growth.
Hasthenumberofsecurityissuesyoudealwithona routinebasisevermadeyoufeelabitlikeAtlascarrying theworldonyourshoulders?Ican’ttellyouthenumber ofconversationsI’vehadwithdiscontentedsecuritypractitioners wholamenttomethewoesoftryingtospeakwithmanagement aboutthelatestHeartbleedorSpectre/Meltdownvulnerabilitiesand ‘managementjustdoesn’tunderstand’.Evenworse,when managementinevitablyturnsablindeyetotheissue,thesecurity practitionerworriesthatthey’llbesearchingforanewjobif thevulnerabilityiseverexploited.AstheInformation SecurityProgramOwneratNationalInstrumentsforover eightyears,Ifrequentlyfindmyselfofferingupthe followingbitofadvicetomycompatriotswhoare strugglingwithwhattodointhissituation.
WhenIfirststartedthesecurityprogramatNational Instruments,Ihadthesesamefeelingsofanxiety.The toolsthatIwasusingtoscanournetworks,systems, andapplicationswerecomingupwithvulnerabilities leftandright,buttherewerefewthingsthatIhadthe abilitytofix.Ihadtogotoanotherteam,explainwhat hadbeenfound,andthenIhadtosomehowtryand convincethemthattheyneededtofixit.Insomecases theyhumoredme,butinmanycasestheresultwasthat myvulnerabilitieswerejustanotherbugthatthey’dget
Josh Sokol Creator & CEO SimpleRisk
towhentheyhadtime.Theweightofallofthese unmitigatedissueswascrushingme.IknewthatifI didn’tfindabetterwaytodothings,thenIwouldn’tlast longinthatrole.
Iquicklycametorealizethatmyroleasasecurity practitionerneverwastofixthevulnerabilitiesthatI found.Thatwasthefunctionoftheapplication administrators.NorcouldIcontroltheresourcesand roadmapswhichdeterminetheprioritizationsofthe variousmitigations.Thatrolebelongstomembersofthe business.Myprimaryfunctionasasecuritypractitioner wastoassistinidentifyingtheissues,adviseonhowto mitigatethem,andensurethattherightstakeholdersare awareandeducatedsothattheycouldmakethemost informeddecisionpossibleforthebusiness.Inshort,my rolewasthatofariskmanagerandmyjobwastodrive visibilityandaccountabilityoftheriskstheorganization isacceptingtothestakeholderswhoareacceptingthem.
Toformalizetheprocessesaroundmynewlyfoundrisk managementrole,Ididquiteabitofresearcharound whatothersweredoing.Eventually,Istumbledacross theNISTSP800-30,aRiskManagementGuidefor InformationTechnologySystems. I’lladmitthatit wasn’tthemosttitillatingdocumentI’veeverread,but thecontentreallyhelpedtosolidifywhatourrisk managementprocessneededtolooklike.
Tostartwith,Ineededawaytotrackalloftherisksthat wewerecollectingthroughvariousassessmentprocesses inourenvironment.Thissystem,typicallyreferredtoas ariskregistry,wouldbecometheaggregationofrisks foundinourorganizationthroughvulnerability assessment,auditing,interviews,vendornotifications andmanyothersources.Inordertobesuccessful,I neededasystemthateveryonecouldaccessquicklyand comeacrossariskintheirenvironmentandasystemthat allowedthemtoenteraminimalamountofdataabout therisksothattheycouldgetrightbackintowhatthey weredoingwhentheyidentifiedtherisk.Iwouldthen usethatinformationtolaterpopulatethedetailsmyself ortoscheduletimeontheircalendartofillmein.My systemalsoneededawayformetounderstandthe prioritization,orrisklevel,oftherisksIwascapturing.
Oncetheriskhadbeenrecorded,Ineededawaytotrack howweweregoingtohandletherisk. Possibleoptions rangedfromacceptingtheriskbecausethelikelihood andimpactwerewithinwhatweconsideredtobea tolerablerangetoplanningsomesortofmitigationfor therisk.Ineededawaytounderstandthelevelofeffort involvedsowecouldbalancethosecostsagainsttherisk level.
Ifmyultimategoalwastodrivevisibilityand accountabilityupthechainofmanagement,mylaststep wastohaveaprocessforwhowouldperformareview oftherisks.Idecidedtouseacombinationoftheteama riskisassignedtoandtheriskscore.Sincerisk managementisdesignedtobeacyclicalprocesswith risksre-evaluatedonaroutinebasis,Ialsousedthescore todeterminehowoftentheriskwouldbereviewed.
MostoftheorganizationsIspeakwiththesedaysabout riskmanagementstartoutusingcomplicatedformulason excelspreadsheets,buttherearetoolscalled ‘GovernanceRiskandCompliance’(GRC)thatcanhelp youwiththisendeavor.Thererangeoptionsfromopen sourcetoolslike‘SimpleRisk’tomoreexpensiveoptions like‘Archer’.Itdependsonhowcomplicatedyouneed yourworkflowstobeandhowmanyresourcesyoucan affordtospendtoruntheprogram.
Istartedthisdiscussionwiththepersontellingmethat ‘managementjustdoesn’tunderstand’.Thefactofthe matteristhatmanagementdoesn’tunderstandbecause theyweren’tspeakingthesamelanguage.Yourbusiness understandsriskbecausetheyuseiteverydaytomake calculateddecisionsabouttheinvestmentsitismaking. Riskisthelanguageofbusinessandshiftingthefocusof yourconversationstoriskwillensurethateveryoneison thesamepageandthatyouarenotonlyviewedby managementasanexcellentcommunicator,butalsoa stellarsecurityprofessionalhelpingtoguidethe organizationinproperriskmanagement.Notonlythat, butyouwillsleepbetteratnightaftersheddingthat weightoffyourshouldersandplacingitbackonthe solidriskmanagementfoundationonwhichitbelongs.
Manyorganizationsaresensitivetotheinherent risksintheirbusinesses,andconstantlystruggle toenableacontinuousflowoffeedbackon residualrisksandsolutions.
But,inmanyways,thestakesarehigher,andtherisksare greatertoday.Simplyput,toremaincompetitivetoday, corporationsmustconsiderriskmanagementasacritical componentoftheiroperations.Withoutit,afirmcanhardly defineitsfutureobjectives.Andifacompanydefinesits objectiveswithouttakingtherisksintoconsideration,it mayloseitsdirectionifuncertainriskshittheiroperations.
Riskonnectidentifiedthisongoingscenario,andstarted helpingorganizationsaddressitthroughanintegratedrisk managementplatform.Riskonnectwasfoundedwiththree elementsinmind:beingacustomer-centricorganization, servingasanapplicationofleadingtechnology,and enablingorganizationstomanagealltypesofrisk.
Riskonnectisthetrusted,preferredsourceofintegratedrisk managementtechnology.Thecompanyoffersagrowing suiteofsolutionsonaworld-classcloudcomputingmodel thatenableorganizationstobettermanagerisksacrossthe enterprise.Itisasophisticatedtechnologyplatform deliveredonSaaSbasisthatcoversbothinsurableandnoninsurablerisks.Itallowsorganizationstoholistically understand,manageandcontrolriskstooperatemore efficientlyandpositivelyimpactshareholdervalue.
Riskonnect’shighlyconfigurabletechnologyisidealfor forward-thinkingorganizationsfacingincreasedscrutiny andaccountabilityforcorporategovernance,strategyand strategicrisk.Thecompany’ssolutionshelptheircustomers planandrespondintelligentlytorisksthatcouldpotentially harmanorganizationanditscorporatereputation.
Asthecompany’sinnovationcontinuestoadvance,sodoes itsleadership.JimWetekamprecentlyjoinedthe organizationasCEO.Hehasmorethan20yearsof extensiveexperienceinleadingorganizations.Before Riskonnect,JimwasCEOatBravoSolution,aChicagobasedcloudprocurementsolutionsproviderforthreeyears. Heledthefirmtoanincreasinglyglobalfootprintwitha continuingprofitablegrowth.
Jim’shiringcameontheheelsofastrongfirstquarterfor Riskonnect,includingbeingnamedasa Leader in The TM Forrester Wave: Governance, Risk, and Compliance Platforms, Q1 2018, andafinalistinthe Atlanta Business Chronicle’s 2018 Pacesetter Awards
RespondingRisksthroughitsUnifiedSolutions
Riskonnect’sintegratedriskmanagementtechnology solutionsaddressinsurableandnon-insurablerisks, enablingorganizationsinvariousverticalmarketstomake informedstrategicdecisionsbytracking,analyzing, connectingandmitigatingrisksalongwithaholisticview ofriskmanagement.
Itsbroadrangeofsolutionsincludesenterpriserisk management,riskmanagementinformationsystems,health andsafetymanagement,auditmanagement,complianceand regulatorymanagement,vendorriskmanagement,business continuitymanagement,andhealthcareriskmanagement.
Inaddition,Riskonnectoffersasingle,unified,and automatedrisk-assessmenttoolthatprovidescriticalinsight intoallthestrategicandoperationalrisksacrossthe enterprisestoalignwiththerisktoleranceofthe organization.Itsintegratedriskmanagementaddressesrisks acrossavarietyoflevelsintheorganization,including strategyandtactics,coveringbothopportunitiesandthreats.
SuccessfulERMprogramswillrequireGRCtechnologyto improveexecutive-levelriskawarenessandvisibilityandto driveactionattheoperationallevels.Manyorganizations feelcompelledtoembraceERMduetoregulatory demands,whilethecompanybelievesthatallthe organizationsmustemploytheinnovativeprogram.
AneffectiveERMprogramcanserveasthe‘voiceof reason’intheexecutivesuite.EffectiveERMprograms provideaplatformfororganizationstoevaluatedecisions aboutreserves,investmentlevelsandfundingofkey initiatives.Thus,ERMprogramsshouldexpandtheiruseof dataandanalytics,insteadofsimplystudyingasingleevent thathadasignificantimpacttoaseriesofeventsthathavea significantimpact.Additionally,riskmanagement organizationsshouldmonitortrendingeventsinanattempt tosolvetheproblemsooner,whichresultsinhavingamore positivefinancialimpactontheorganization.
Riskonnect’svisionistocontinuetogrowinscalethatis measuredbythebreadthofitsofferingsacrosstherisk spectrum,thebreadthofitsreachintermsofindustriesand geographies,andthedepthofitsvalue-addedexperience andsupporttodrivecustomersuccess.
“With Riskonnect, there is more time to focus and spend more time on the analytics as opposed to the data gathering.”- NationalFoodCompany
You all have designed, developed, tested and implemented a risk management Information System with deployment to 37 countries (including developing the training materials and training almost 100 users in those countries) in just 5 months! You guys are awesome, and while we still have worked to do, I want you to know how proud I am of what has been done and how much I appreciate all those midnight hours spent on bringing this project home.”JackieHair,
ExecutiveDirector,
RiskManagement-Corporate IngramMicro,Inc.
“
We are the trusted, preferred source of Integrated Risk Management technology.”
— JimWetekamp CEO
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ntoday’semergingworld, Isystemshaveboughtaneaseof workduetoitsinherent advancementsandfeatures.The embeddedsystemisoneofthemost imperativesubjectsinthedigital world.Thinkingabouttechnology, dailylifestyleessentialdeviceslike mobilephones,tabletsandlaptops cometoourmind,buttheinternal featuresisnotknowntomostofus. Thepresenceofthesedevicesis almostinevitableinallfacadesofthe humanendeavor.Inorderto understandmoreabouttheoperations, functionsandfeaturesofembedded systems,itisdefinedhereahead.
Embedded Systems -Itisanelectronic systemincorporatinghardware integratedcircuitwithsoftware programmingtechniquesfor deliveringvariousprojectssolutions. Themainadvantageofusingan
embeddedsystemisithelpstoreduce thecomplexityofthecircuitswhich becomesexpedient.Italsooffersa costeffectiveandanappropriatesize whichissuitableforthesystem.This electronicsystemcanperformsingle ormultipletasksbasedonthe application.Anembeddedsystem consistofhardwaresuchaspower supplykit,centralprocessingunit, memorydevices,timers,output circuits,serialcommunicationports andsystemapplicationspecificcircuit componentsandcircuits.
TheEmbeddedsystemsareclassified intocategoriessuchas
· Basedonitsperformanceand functionalrequirements
· Performanceofthe Microcontroller
Thecategory- based on its performance and functional requirements areclassifiedintofour typesthatare Stand alone, Real time, Networked, and Mobile embedded systems.Further,thecategoryperformance of the microcontroller is classifiedintothreetypesthatare smallscale,mediumscaleand sophisticatedembeddedsystems.
Theembeddedsystemsarehighly applicableasitisaspecial-purpose systemduetoitsunique characteristics.Itisusedina diversifiedareaofthingsasits componentsandfunctionsof hardwareandsoftwarearedifferent foreachsystem.Itisapplicablein areaslikecommunication,space, transportation,roboticsystems,and homeappliancesandmanymore.
Asithasavastvarietyofapplication domainsitdiffersfromhighexpense tolow,consumerelectronicsto industrialequipment,academic equipmenttoentertainmentdevices andfromweaponstomedical instrumentsandaerospacecontrol systems.Heregoessomeofthe categoriesembeddedsystemsare used:
Ø Consumerelectronics-Mobile phones,videogameconsoles, digitalcamera
Ø Householdappliances-Washing machines,microwaveovens, refrigerators
Ø MedicalEquipment-CTScanners,
heartbeatmonitors, electrocardiogram
Ø Automobiles-Antilockbraking systems,air-conditionercontrols, electronicfuelinjectionsystems
Ø IndustrialApplications-Assembly lines,multipleparameter monitoringsystems,datacollection systems
Ø Aerospace-Navigationsystems, guidancesystems,GPS
Ø Communications-Routers, networkhubs,satellitephones
Withchangingtimes,inventionshave becomearoutineintheworldof technology;theembeddedsystems havealsoundergonesomesalient modifications.Intheexistingtimes,
theembeddedtechnologiesare responsiblefortheintellectual capabilitiesofutmostmoderndevices, forbothconsumersaswellas industrial.Topresentthisinasimpler manner,theembeddedsystemsnot justcontrolthelifestyledeviceslike microwaves,smartphones,tablets, andotherconsumerelectronicsbut alsodirectsthetelecommunication systems,submarines,ATMs,and manymore.
Theupperechelonsinthefieldof embeddedtechnologieshavecreated someinnovativetechnologiesoverthe lastdecadewhichishighlyadmired. Multi-coreprocessors,virtualization, theexpansionofdeviceswith improvedsecurityrequirements, 64-bitprocessorsandnewchip manufacturingprocessesaresomeof
theinnovativeachievements.
Embracingsuchinnovativetechnologiesaddressesthescaleofthemarketandthenumberofitsplayerswhich includecompanieslikesemiconductorsuppliers,systemsoftwaredevelopment,andmechanicalcomponents suppliers,systemsoftwaredevelopmentcompanies,andmechanicalcomponentssuppliers.Theembeddedsystems marketleadersincludenationalandinternationalrenownedcompanies.
Withtheadventofmulti-functionalengineering,thenextageofwirelesscommunicationsystemsisencouraginga newleveloftechnologyintegration.Incorporatingeffectivemeasureslikeprogressivedatarates,greatconnectivity forsystemssuchastheInternetofThings(IoT),lesspowerconsumption,andotherstrivinggoalscanbeachievedby joiningadvanceddigital,RF,andantennatechnologies.
Anembeddedsystemwhichperformsmultipleapplicationsisknownasamulti-modeembeddedsystemasit dynamicallyrecomposesthesystemfunctionality.Moreover,anembeddedsystemwhichadditionallyassists multipletaskstobeexecutedinamodeisknownasamulti-modemulti-taskembeddedsystem. Themulti-material additivemanufacturingprocessesofferthepotentialformulti-functionalpartstobemanufacturedinasingle procedure.Toutilizethepotentialbenefitsofthedevelopingtechnology,analysis,newdesigns,andoptimization methodsareneeded.Suchmethodsarefacilitatedintheoptimizationofamultifunctionalpartbypairingboththe structuraldesignaspectsandsystem.AnapplicationdevelopmentplatformknownasMultifunctionalEmbedded ApplicationPlatform(MEAP)isusedtocreatecustomizedapplications.
Developersshouldconstantlykeepaneyeonthetrendsandmakeappropriateuseofthelatestadvancesin techniquesandtechnologies.SomeofthetrendsincludeInternetofThings(IoT),processortechnology,storage, artificialintelligenceand,virtualandaugmentedreality.Also,thereareseveraltrendslikeembeddedsecurity,realtimevisualization;cloudconnectivityandBluetoothmeshnetworking,lowpowerconsumptionandoptimization thatwillhelpdevelopersworkingwithmicrocontroller-basedsolutions.
Overtheyears,embeddedsystemshavecomealongwayandcontributedtoeveryaspectoftheindustrialsector.All thedevicesorappliancesusedinourdailylivesaredesignedinsuchawaythatcanbeusedwithoutcreating difficultiesusingtheembeddedsystems.Takingthisintoaccount,incomingtimeseveryobjectaroundwillconsist ofaeitherasmallprocessororsensorembeddedwithinitself.Eventhoughitisinvisibletothenakedeyeitstill connectswithmultipleotherdevicestomakethelivesmorealliedandaccessiblethaneverbefore.Usingembedded systems,wonderslikedriverlesscars,fullyautomatedfactories,adaptivehomeappliancesandmanymoredevices havesuccessfullybeencreated.
Intheupcomingtimes,theembeddedsystemsarelookingforwardtoevolvewithtechnologiesthatwillassistlarge datastoragedimensions,fastercommunicationandhighlylinkedconnectionsamongthedevices.
