Jack Henry & Associates, Inc.® (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry.
Today, its ProfitStars® division announced the availability of its enhanced Gladiator® Virtual Information Security Officer™(vISO), which now offers a Governance, Risk and Compliance (GRC) Software as a Service (SaaS) online platform, enabling financial institutions to conveniently maintain a consolidated information asset inventory, risk assessment evaluation for each asset, business continuity plans and vendor management records.
The vISO service provides financial institutions ongoing access to Gladiator certified experts who have the knowledge and experience to help them develop, implement, and maintain a scalable information security program. It offers the tools to navigate IT security compliance and manage auditor expectations. Outsourcing this function is beneficial to financial institutions when faced with a lack of expertise and limited resources.
Susan Hubble, Chief Information Officer, for Scranton, Pa.- based People’s Security Bank and Trust, said, “In these days of ever-increasing risk related issues, it’s reassuring to have the additional support of the Gladiator vISO service. The Gladiator vISO has insight into a variety of financial institutions and their security issues – these insights along with the experience of our Gladiator vISO works to our advantage because we have an immediate boost in our abilities to analyze risk and make better decisions. The addition of a system that integrates the constant learning and application of knowledge in a virtual, automated format keeps us aware of new threats and updates on regulations and policies. Partnering with Jack Henry has been the most efficient and effective way to augment our IT risk and compliance resources.”
As compliance becomes more complex, the need for automation has grown just as much as the need to eliminate siloes. Financial institutions are slowly moving away from spreadsheets and relying on technology providers to manage enterprise risk and information for financial savings, improved decision-making, reduced guesswork, and exposure to fraud. Many financial institutions have realized the importance of GRC technology in times like these when detailed preparedness plans could have made the transition to working from home easier.
Matt Riley, President of ProfitStars, added, “Risk is defined differently depending on individuals within the organization, but what’s important is that it’s consistent and standardized when it comes time to making decisions. Banks and credit unions already have the organizational structures and processes in place, what’s missing is the technology necessary to bring these pieces together in a single view to better serve their customers and members. Our enhanced service was created to strengthen GRC strategies, while still delivering the guidance and expertise our partners still expect to navigate today’s regulatory environment.”
Additionally, the enhanced vISO service enables financial institutions to gain access to risk data in real-time and review dashboards and graphics that allow them to make security decisions. As a result, banks and credit unions can perform asset-based risk assessments tied to their control environment, create business continuity plans, and maintain an asset inventory and policy repository based on their risk appetite. Having one common repository of data can help unify and standardize risk management, eliminating siloes and providing more visibility across the organization.