Brinqa manages risk for one of the world’s largest banks

No matter what industry you are in, corporate governance pressures require the managing of the risks associated with critical business applications every day.  For the financial services industry in particular, the regulations require the most stringent risk awareness and risk controls.  The establishment of a holistic view of risk management and the reduction of the costs associated with the currently disjointed and manual risk management projects are the main objectives of the Brinqa Risk Management for Financial Services solution.

Homegrown risk management solutions can result in isolated internal governance “silos” that result in duplicated effort, higher implementation costs, and an incomplete picture of risk.  For example, one of Brinqa’s newest financial services clients had over 1200 business critical applications they were actively managing the risk of.  Application owners gathered application and infrastructure data manually and generated risk reports for their applications, but those reports were not collated or communicated at an organizational level.  The result?   A lack of prioritization of the organization’s overall risks and in-efficiencies in allocating resources and funding to the most critical risk remediation action plans.  Brinqa Risk Manager and the GRC Platform centralized and standardized the underlying services that were common across individual application and infrastructure risk management projects.  Through this consolidation, the comprehensive Brinqa solution (see below) established an enterprise view of risk for executive management to make informed decisions related to resource management and funding allocations, reducing time, cost, and worry.

Brinqa Risk Management Solution for Financial Services

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Brinqa Risk Management Solution for Financial Services

  • Automated Risk & Controls Self Assessment (RCSA)

Brinqa Risk Manager provides the common interface and process management to streamline RCSAs .  Out-of-the-box surveys and assessment processes were customized to support the customer’s specific business processes, applications, and infrastructure.  Finally, Brinqa manages the RCSA process through robust workflows which ensure full auditing and storage within the GRC Warehouse.

Leveraging the Brinqa solution greatly reduced the amount of effort involved in conducting RCSAs.  Survey questions are answered once and mapped into all relevant surveys through our built-in “many-to-many” mapping model.  Additionally, assessment updates are scheduled and are initiated automatically, thereby continuously increasing the accuracy of assessment data.

  • Controls Automation & Continuous Monitoring

Brinqa GRC Connector Framework is used within the solution to directly connect to the company’s more than 1200 applications and IT components, including vulnerability management, server configuration controls, and access controls.  The collection of data no longer requires human intervention for the more than fifty thousand IT components, reducing the effort and errors in data associated with human fallibility.  Automated data collection is done in near real-time ensuring issues are detected quickly, and built-in issue management is leveraged to trigger the practically instantaneous initiation of action plan execution.

  • Risk Scoring, Modeling, and Prioritization

Brinqa Risk Manager’s risk engine is the core of our financial services solution.  The risk engine is configured to implement advanced quantitative risk scoring, statistical risk modeling and “what if?” analysis.  Quantitative risk score calculations factor in all relevant parameters such as weights, tolerances, thresholds, aggregations, and data normalizations in establishing an accurate representation of risk across applications and infrastructure.  Risk modeling and prioritization is simplified through this comprehensive approach to calculating risk combined with the Risk Manager’s centralized and automated controls monitoring and assessments capabilities.

For more information on Brinqa Risk Manager please visit our website, or request a demo.

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