Archer recently hosted a virtual Financial Services User Group (FSUG) event for current and prospective Archer customers. The participants were provided an opportunity to hear from our CEO, Bill Diaz, as well as get a sneak peek into the Archer Product Roadmap with Wes Loeffler from our Product Management team. Following a brief update on the upcoming Archer Summit, the event concluded with a panel discussion on hot topics facing the Financial Services industry.
As Archer continues to expand its brand dominance in the GRC/IRM space, we have recognized the need to make it easier for all parties to be involved in the risk management process. It is in this light that Mr. Diaz introduced Archer Engage. Archer Engage delivers a role-based user experience for business users across the organization, and the SaaS based interface does not require access to the corporate network. From external parties, such as the Archer Engage for Vendors, to first-line users involved in periodic risk assessments, and up to the Executive and Board level with risk summaries and “heat maps”, Archer Engage will be the primary point of access for “light” users across the organization. And whether you’re using a PC, tablet, or smart phone, Archer Engage will right-size to the applicable technology.
The FSUG then turned its focus to the Archer Product Roadmap. Operational Resiliency has been a tremendous challenge across all industries in 2020 and into 2021, and the financial services industry is certainly no exception. Three of the primary drivers for operational resiliency were discussed: threats like COVID-19; the constant threat of cyber-attacks; and disruptive incidents due to third parties. As a result, regulatory agencies have increased their expectations in this area to include:
Determine critical business products & services
Identify any internal resources and third-party
Dependencies supporting critical products & services
Define impact tolerances
Perform scenario testing and take corrective actions
Complete a regular self-assessment
In response to the heightened scrutiny by regulators on operational resiliency, the Archer Product Management team is proposing enhancements in three of Archer’s solution areas:
We feel the proposed enhancements in these areas will position our customers to address operational resiliency in a manner that will not only satisfy the regulators, but will also provide Executive Management and the Boards of Directors comfort that their company is prepared to address any potential disruptions to its operations.
Patrick Potter, Archer Risk Strategist, provided the participants an update on Archer Summit 2021, planned for September 13-15 in Orlando. This event will be both virtual and in-person to provide everyone the opportunity to attend. We encourage all our customers to attend this event and even consider participating as a speaker. This is a fantastic opportunity to network with your peers and learn how other companies are utilizing Archer for their integrated risk management needs. To learn more about this event, please check out the link at https://www.thearchersummit.com/.
The Q1 Archer Financial Services User Group concluded with a panel discussion of hot topics in the Financial Services industry. The panelists included Tim Carbery, Managing Partner at CastleHill Managed Risk Solutions; Shelley Migliore, Archer Presales Systems Engineer; and Blake Murphy, Archer Strategic Business Development Manager. Mr. Carbery provided insights from a professional services perspective on challenges firms are facing in addressing operational resiliency. Of particular interest was the discussion on the recent interagency paper: “Sound Practices to Strengthen Operational Resilience” and how firms are reacting to changes in business resilience expectations from management, regulators, and customers.
Mr. Murphy followed these comments with a discussion of why two recent studies from Big 4 Accounting & Consulting firms identified change management as the No. 1 regulatory challenge for financial services in 2021. From a practical standpoint, he also spoke to a few of the primary challenges financial institutions face in operationalizing regulatory change management. Ms. Migliore responded with the following questions to be considered when defining a regulatory change management program:
What are common structures for regulatory change management programs (centralized, decentralized, etc.) and is this influenced by the type of risk management program or culture?
What are some mechanisms for filtering the “right information” for monitoring regulatory and industry sources, and how do we help to avoid information overload?
Are Financial Institutions leveraging tools or partners for implementing regulatory change management programs or responses?
We had a great turnout and a number of interesting questions throughout the session. If you’d like to explore further how Archer is helping customers with their unique paths to Operational Resiliency, take a look at this eBook. Also, please review our website at www.ArcherIRM.com, where you can find links to all of our solutions, including Archer’s approach to Regulatory & Corporate Compliance Management.