Impacts & Highlights:

• $197,018 reduction in risk with an estimated 560% ROI within three months
  
  

• They were struggling finding a platform that was financial institution focused and also had all their risk, compliance, and security needs in one place.
  
  
• Through the Rivial platform it’s now easier to communicate important cybersecurity information to stakeholders who may not have an IT background.
  
  

• They are now able to demonstrate to the Board the estimated return on investment (ROI) of security programs by correlating cybersecurity spending with risk reduction.

Introduction

This case study delves into Red River Credit Union’s partnership with Rivial to address their challenges related to assessing risk, monitoring compliance, and overall security program management. It explores the situation prior to working with Rivial, the company's decision-making process, implementation experiences, the impact on their business, and the transformation experienced as a result of their collaboration.

Prior Situation

Brandon Baker, Information Security Officer for Red River Credit Union required a robust documentation platform to support their Governance, Business, and Administration (GBA) risk assessment process. They needed a solution that could provide evidence and back their risk assessment while streamlining their operations. Previously, they relied on an Excel spreadsheet to document controls, present risk to the committee, and ensure compliance. This approach posed challenges and hindered effective communication.

Previous Solution Attempts

Red River Credit Union explored various solutions before discovering Rivial. However, the previous products they evaluated offered generic risk-based or control-based frameworks that did not cater specifically to the needs of financial institutions. While some options were suitable for fully cloud-based operations, they failed to provide the comprehensive features required by Red River Credit Union.

Choosing Rivial

Red River Credit Union found Rivial while considering the purchase of a competing solution, which did not meet their expectations. They chose Rivial due to its specialization in the industry and compatibility with their specific needs. '

Implementation Experience

The implementation process with Rivial was described as fantastic. The team scheduled risk assessment meetings over a week and a half, and ongoing support was provided through bi-weekly meetings for two to three months, focusing on different modules each time. Currently, they have quarterly check-ins, making the ISO's job significantly easier.

Working with Rivial’s Team

Rivial provides every client with the unlimited support and training. Our experts work closely with our client’s security team, to offer exceptional, tailored guidance. Rivial’s training goal? To make every one of our clients a Rivial Platform power user in record time!

Differentiating Features

The feature that made the most significant impact for Red River Brandon was the ability to run all steering committee meetings through Rivial's platform. The platform provided a meeting minutes section to host agendas, track action items, and manage participant information. Previously, Red River Credit Union relied on an Excel document for these purposes. With Rivial, they could easily review policies, findings, and action items, creating a cohesive and centralized platform. The inclusion of visual graphs and intuitive visuals made it easier to communicate important cybersecurity information to stakeholders who may not have an IT background, thereby facilitating better decision-making.

Impact on Business

After conducting a risk assessment using Rivial's platform, Red River Credit Union held an hour-long session with the board of directors and individuals associated with strategic planning. They were able to demonstrate the estimated return on investment (ROI) by correlating cybersecurity spending with risk reduction. The visual aids and graphs provided by Rivial played a crucial role in conveying the importance of cybersecurity to stakeholders, who previously viewed cybersecurity spending as a mere expense. The session sparked meaningful discussions and increased the board's understanding of the value of cybersecurity.

Growing their relationship with Rivial

Red River Credit Union recognized the importance of continuous compliance and expressed interest in expanding their relationship with Rivial and leveraging additional systems to enhance their risk assessment and documentation processes.

Case Study Highlights

• They were struggling finding a platform that was financial institution focused and also had all their risk, compliance, and security needs in one place.
  
  
• Previously, they relied on an Excel spreadsheet to document controls, present risk to the committee, and ensure compliance.
  
  
• Red River Credit Union is now able to run all steering committee meetings through Rivial's platform.
  
  
• Through the Rivial platform it’s now easier to communicate important cybersecurity information to stakeholders who may not have an IT background.
  
  
• The implementation process with Rivial was described as fantastic.
  
  
• They are now able to demonstrate to the Board the estimated return on investment (ROI) of security programs by correlating cybersecurity spending with risk reduction.