RiskKey: FS Vendors’ Product of the Week

Please give a short bio of your company

The RiskKey product was originally a tool developed and used internally by Garland Group in 2006 to aide in the management of Technology Risks, Audit and Compliance services they provide for Financial Institutions. Garland Group clients wanted to use the tool themselves and the RiskKey product was born in 2008 and formed into its own company in 2011

What is your product or service?

RiskKey is an enterprise grade, Web-based, compliance management software platform.

Please give a brief synopsis of the product/service

Our vision for the product is to help an organization to automate, collaborate, and standardize an organizations compliance program.

Why would a bank or credit union use your product/service?

Banks and credit unions could use this product to help anaylze and assess risk for their institution. It is focused on bottom line results, simplicity and was of use.

1) Reduce their security compliance costs by lessening the manpower and time needed to complete risk assessments and IT Audits. RiskKey automates the entire process

2) RiskKey allows them to proactively manage their risk by monitoring, tracking, analyzing, and reporting your assessments to the Board and the Examiners

3) Extend their compliance capabilities by eliminating laborious and time consuming processes. RiskKey’s collaboration features, audit trails, simplified assessments and reporting allow clients to achieve improved security compliance efficiency

How could you effectively use this product/service?

Key Features of RiskKey product:
1) Software as a Service delivery model – RiskKey deploys quickly, with minimal impact on your IT resources; there is no software or hardware to purchase, install, or maintain.

2) Flexibility and simplicity through templates – RiskKey allows you to quickly create and use templates. Each template represents a guideline, best practice, or government regulation such as FFIEC, BSA, Vendor Management and more. You can also easily develop your own.

3) Multi-user Access; collaboration encouraged! – RiskKey is flexible enough for use by an individual and scalable enough for multi-user access. This allows multiple people to share duties in completing risk assessments across the financial institution.

Sometimes a good tool isn’t enough to keep up with the challenges of the compliance world. Sometimes, you just need more people to help you. That’s where our Virtual Services come in. We can also offer you a qualified compliance specialist to assist you in a range of different jobs related to your organization. Services include:

* Enterprise Compliance Planning and Management
* Policy / Procedure Management
* Training Management and Classes
* Regulatory and Outsourced Vendor Liaison
* Vendor Management

We have a service that can fill any of the following roles for your organization:

* Compliance Officer
* Compliance Assistant
* Information Security Officer
* Business Continuity Specialist
* Risk Analyst
* Vendor Manager

Our goal is to provide our clients the best of breed in compliance management software along with the expertise for you to use as your direction.

Who is your competition, and what do you do better?

WolfPac & Continuity. Our biggest competition is the use of Excel spreadsheets and Word documents to manage the compliance process.

Are there different pricing levels? Do you offer a free version?

Pricing is based on asset level of bank. Please contact RiskKey for more specific pricing.

When was the product/service officially launched?

RiskKey was officially launched in 2008.

What is the number of current users? Estimated yearly growth?

RiskKey has over 800 users.

What type of help support is offered?

RiskKey has online support and a knowledge-base system.

What else is interesting about your product/service?

The Template feature and Virtual Office Services are the areas that are currently generating the most activity with RiskKey.