âI continue to be impressed by the willingness of Archer clients to share their challenges and successes with one another in order to advance enterprise risk and compliance practices,â said Jim Routh, Archer User Group Chairman and Chief Information Security Office for the Depository Trust and Clearing Corporation. âArcherâs Regional Summits bring together some of the most impressive innovators of our time to confront the obstacles we face and to shape the future of GRC programs.â
Hosted by UMB Financial, Ameriprise Financial, eBay and TimeWarner at four locations across the country, Archerâs Regional Summits featured presentations from such companies as Iron Mountain, Royal Ahold, DTCC and KPMG, among others. Key topics of discussion included:
- Global risk management for highly regulated industries, such as financial services, retail, healthcare and insurance
- Business continuity, disaster recovery and crisis management as key elements of a best-in-class enterprise GRC program
- A platform approach to risk and compliance management that supports rapid application development to meet evolving business needs
- Integration of enterprise data systems through the Archer Data Feed Manager to support a holistic view of threats, incidents, and key risk and performance indicators
âWhat weâve heard from our clients this year is that the old ways of managing risk and compliance as independent initiatives are no longer working, and a new focus on consolidation and integration is achieving prominence,â said Jon Darbyshire, Archer president and CEO. âA flexible, integrated and holistic approach to GRC is a top priority for our clients and was a key theme of our Regional Summits. We expect to see this trend continue as risk and compliance professionals are tasked with providing regulators, executives and the board of directors with a complete view of their activities and results across the enterprise.â
In the midst of a global economic crisis, organizations are ramping up their efforts to manage risk and demonstrate compliance with a rapidly growing body of regulations. A survey of summit attendees from Fortune 1000 companies revealed the following:
- Eighty-two percent cited risk mitigation and regulatory compliance as top priorities for their organization.
- Sixty-five percent indicated that centralizing critical data, automating complex processes, and quickly adapting to new requirements and regulations are the primary focus of their GRC initiatives.
- Only six percent are finished or nearly finished with the implementation of an enterprise risk and compliance program, while 70 percent are midway through or just initiating their efforts.