Case Study

Red River Credit Union Experience with the Rivial Platform

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.

Brandon Baker, Information Security Officer

Impacts & Highlights:e

$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.

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.

What Sets Rivial Apart

Credit Union Focus

Strong commitment to moving the credit union industry forward from a security and regulatory compliance standpoint

Willingness to Listen

Rivial consistently sits down with clients to understand their unique needs and challenges

Implementation Experience

The implementation process with Rivial was described as fantastic.

On-Going Support

The team scheduled risk assessment meetings, and ongoing support was provided through bi-weekly meetings for two to three months, focusing on different modules each time

Regular Check-Ins Following Implementation

Currently, they have quarterly check-ins, making the ISO's job significantly easier.

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.

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.