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David Nolan, Founder & CEO“Vulnerabilities and threats are endless, but the funds to address them are not,” expresses David Nolan, founder and CEO of Fusion Risk Management. With deep subject matter expertise in business continuity and operational risk management, Nolan founded his company to help enterprises redefine their risk management programs. “As opposed to planning or assessment tools, we bring to the table a management system designed to provide the information foundation, analytics, and workflows for organizations to get the big picture on what and where they should be investing.”
Illinois-based Fusion aces the vulnerability landscape with their integrated, cost-effective, and comprehensive risk management system that facilitates organizations with the ability to ascertain risks throughout the enterprise. “Our objective is to deliver a flexible risk management model that enables companies to gather, organize, analyze, and visualize data, which empowers them to stay informed consistently,” remarks Nolan. Fusion’s end-to-end risk management system—Fusion Framework System—is integrated with extensive analytics and workflows, giving users the ability to determine forthcoming risks. This enables organizations to allocate resources to adequately and intelligently safeguard their investments. Unlike standard automated risk management tools, Fusion places emphasis on providing a solution that efficiently manages the workload of an entire risk team cost-effectively.
With a suite of technological services to offer, Fusion has layered its software with sophisticated security to ensure GDPR and CCPA compliance.
Our secret sauce has been to focus on how to make our customer successful by leveraging our growing knowledge of vulnerabilities in their ecosystem
Furthermore, Fusion Framework integrates with other systems of record within an organization’s digital infrastructure such as HR systems, emergency notification services, and third-party applications like ServiceNow to seamlessly collect and assess data. The information gathered is then analyzed and shared with the business front of the enterprise. “We have versatile software for managing risks, but we also offer comprehensive consulting services to essentially be an extension of the client,” says Nolan. To augment their software solutions, the risk management company provides its clients with a metaphorical shoulder to lean on by producing thoroughly researched vulnerability statistics and advice on the best risk assessment practices to employ.
Having offered their services to hundreds of satisfied clients for over a decade, Fusion collaborated with a bank that had 18 business process engineers who were struggling to manage risks across their organization. Fusion’s software, as well as their consulting services, not only improved risk assessment but also reduced the bank’s redundant administrative tasks by 70 percent—implying that the process engineers found ample amount of time to focus on the core functionalities of the enterprise. “The bank implemented our software and within the next six months, achieved all organizational goals with thoroughly managed risks and threat profile assessments,” says Nolan.
With geographical expansion in Europe in full swing, Fusion intends to bolster its staff and aims to foray into policy and compliance management. “From a go-to-market perspective, our secret sauce has been to focus on how to make our customer successful by leveraging our growing knowledge of vulnerabilities in their ecosystem,” concludes Nolan.
Fusion Risk Management Enhances its Third-Party Risk Management Offering to Empower Resilience
Wednesday, June 14, 2023
New Functionality Enables Organizations to Seamlessly Connect Third Parties to Their Operational Ecosystem
CHICAGO & LONDON - Fusion Risk Management Inc. , (“Fusion”), a leading provider of cloud-based operational resilience, business continuity, and risk management software and services, today announced expanded functionality of its third-party risk management (TPRM) offering. The enhanced solution delivers continuous monitoring of third parties beyond its traditional instance as well as an evaluation of potential operational and business impacts that those third parties may have. This functionality enables a holistic and real-time view of third-party ecosystem health which improves decision-making and response times in order to transform how third-party risk teams anticipate and manage disruptions.
Organizations continue to face challenges with how they monitor and engage third parties to help enable their product and service delivery. In its 2022 global third-party risk management survey, Deloitte found that 73% of survey respondents reported a high level of dependence on third parties to operate and 87% faced a disruptive incident with third parties in the past three years. Due to the potential risks involved, 70% want to integrate TPRM processes to drive preparedness.
Created in response to market and customer demand to drive enterprise resilience as well as meet regulatory and compliance mandates such as the Digital Operational Resilience Act (DORA), Fusion’s TPRM features enable organizations to manage and react to third-party risks by using real-time data and alerts. Organizations can also continuously monitor critical third parties and better understand their potential impact on core services and products, proactively identifying and mitigating issues that may arise.
The new features help organizations perceive all third parties, including ‘off the radar’ vendors, for an understanding of the role third parties play in performing essential business functions. Comprehensive dashboards encompass financial, business, information security, and cybersecurity health by using a robust data foundation. Added features also reduce reliance on dated questionnaires and enable the ability to segment third parties by services so that teams can focus their risk response on issues that matter most. Organizations can engage in a 360° holistic view of their third-party ecosystem with interactive toolsets to cohesively navigate disruption, understand gaps and vulnerabilities, and enable informed decision-making for true operational resiliency.
By breaking down functional silos for effective TPRM, organizations can streamline risk identification, monitoring, and preparedness to exceed core TPRM requirements as well as sustain critical operations.
“Third parties are an integral part of the enterprise, but many organizations today still operate in silos with a limited ability to share third-party risk information outside of third-party risk teams. Organizations have realized that they need a different approach to risk identification, monitoring, and preparedness in order to shift from siloed vendor management to integrated TPRM,” said Eric Jackson, Chief Product Officer, Fusion Risk Management. “Fusion continues to invest in product innovation to ensure that our customers have the most accurate understanding of third-party impacts across their enterprise, can accelerate real-time intelligence, can make the shift to a proactive risk management posture, and are able to thrive through any business disruption.”
Company
Fusion Risk Management
Management
David Nolan, Founder & CEO
Description
Fusion Risk Management Solution with its award-winning software, The Fusion Framework System, helps in preparing, managing, and refining the risk management programs of a company. With a practical approach of understanding that vulnerabilities are endless, but funds to address them aren’t, FusionRM is a matured risk mitigation solution aiming at balancing responsibilities to make the best use of limited funds and resources. It helps in automating processes and enables a secure connection with internal and external resources. Based on Salesforce Lightning Platform, Fusion is imbued with trust and security giving peace-of-mind.
