International postgraduate student loan provider, Prodigy Finance, has selected IRM software solutions provider SureCloud to consolidate, streamline and automate its risk, compliance, policy and incident management processes.
After a five-month selection process that considered various vendors and platforms, Prodigy Finance selected four SureCloud products to provide a single centralised source of information and controls and automate a wide range of functions. The four products chosen from SureCloud’s IT risk management and cybersecurity portfolio were:
- Risk Management – to give a streamlined, structured approach to risk management, a central view of risk across the entire organisation and automated identification, assessment and tracking of different types of risk.
- Policy Management – delivering a central repository of all policies, a single point for policy revisions to be managed from and a way to track end-user attestation.
- Compliance Management – to enable an out-of-the-box control framework for complying with relevant laws, standards, frameworks and regulations across all the jurisdictions in which Prodigy operates.
- Incident Management – to centralise, automate and simplify the management of incidents of any type, including security, privacy, health and safety.
Speaking on the partnership, Michael Light, Risk Analyst and GRC project sponsor at Prodigy Finance, said: “We were using a wide range of different single-purpose platforms and processes to manage our governance, risk and compliance (GRC) processes. We had everything from specialist vendor software applications to manual Excel spreadsheets.
“We needed to find a way of linking these various modules and ideas together, both to streamline internal management and costs, but also to improve our GRC posture. All of the information we needed was sitting in multiple places, with no consolidation or unification.
“We are approaching 100,000 unique data subjects, many of whom have made more than one application for finance, so there are some significant data management challenges.”
Light also stated that SureCloud has also helped Prodigy Finance to uncover new sources of management information.
“All the data is live and the reports are extremely easy to read, so it’s incredibly accessible for our management teams,” said Light.
“SureCloud’s tools are enabling us to access and make use of data that we simply couldn’t capitalise on before, which is very promising for our future innovation and growth.”