Case Study
TYPE
Global Insurance Provider
LOCATION
Northfield Township, IL, United States
Size
60,000+ employees
Global Insurance Provider
Challenge
Overwhelmed with a cumbersome GRC system that naturally didn't address the cyber risk management lifecycle, the company was wasting time and resources running control tests and risk assessments across the entire organization in spreadsheets, with no time or resource to measure risk.
Solution
The company increased the speed and accuracy of assessments with workflow automation, assessment cloning, was able to start on their cyber risk quantification journey, and automated reporting, all out of a single system of record that facilitates collaboration and standardization
Overview
This global insurance company has been a leader in the insurance industry with its innovative solutions for 80 years. In 2020, the company was recognized as one of Fortune’s World’s Most Admired Companies. Providing insurance for home, auto, business, retirement, and more - the company and its many subsidiaries, including Esurance and Squaretrade, offer solutions to clients worldwide. The company is also one of the largest homeowner insurance companies with an 8.4% market share. As a Fortune 500 company, the company ranks 70 on the list with annual revenue of $44 billion.
Challenge
Cumbersome GRC | Lack of Standardization | Regulatory
Framework Overload
As one of the largest insurance companies, the company was stuck running thousands of assessments through spreadsheets. They aimed to procure a solution that would deliver immense time-savings across the entire organization. With 40 FTEs and many contingent workers across three teams working on risk and compliance assessments, the company was stuck in a modular legacy system that lacked the flexibility of adoption, created endless spreadsheets, and was difficult to manage and update frameworks and revisions. The lack of standardization and ease of use led to confusion, difficulty adding new workers, and unnecessary repeated tasks. The company had teams working off of various applications, spreadsheets, and files and needed to bring it all into a central risk and compliance repository. The enterprise needed a solution that centralized and standardized assessments and frameworks to reduce the time wasted hunting down the answers to control scores, the evidence, and other information. Additionally, the company was looking for a solution that would automate crosswalking to different frameworks and would clone, or project, the data and evidence across assessments to reduce duplicate efforts.
Solution
Unified Risk and Compliance Management | Cyber Risk Quantification | Crosswalking Automation
Aligned
Frameworks and standards, assessment processes, gap analysis, and mitigations across various teams allowing for an informed assessment strategy and optimized resource allocation.
Centralized
Risk & compliance data, all risk and compliance-related documentation, and cyber risk posture in financial terms within CyberStrong.
Optimized
Workforce efficiencies and RoSI by automating control testing and measurement delivering cost savings, time savings, increased employee productivity and satisfaction, and accurate reporting.
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