Back in the early 2000’s, our customers asked us to help them solve a new request from the examiners – perform a GLBA risk assessment and be prepared to review the results. Most of our customers were community financial institutions. They had little familiarity with this requirement and needed help quickly. We had the experience and built a nice business and stellar reputation performing risk assessments and audits and developing effective risk management strategies.
Life was good. Our customers could more effectively identify risks and make better decisions. We helped them accomplish all of the regulatory compliance tasks they needed to have smoother exams. We built great relationships and had a process down. Everyone was happy until outside forces pushed us to make a significant change to how we operated.
Technology, increased competition and new customer demands created new risks and threats at faster rates. All of these factors drove regulations and exam requirements at the same breakneck pace. The spreadsheet-based tools we built were becoming less effective. If we did not change our strategy we would have to spend more time onsite, charge customers more and likely not deliver the level of quality on which we had built our reputation.
The only real answer was to leverage modern software tools that would easily handle the growing requirements and complexities. We searched, but nothing worked in a way that made sense. The software needed enough automation horsepower to generate crucial information, but it could not be so complex that we would spend more time setting it up than actually helping customers. We knew what we wanted and our only option was to build it ourselves.
Built for Banks & Credit Unions
Our team built a web-based tool that gave us the core functionality we needed to improve our service – take things to the next level. The first customers to see it asked, universally, if they could buy it for themselves. We said, ‘yes’ and built a model in which we could use the software as consultants or let institutions subscribe to the service and do the work themselves. Shortly after, we decided our customers were best served if we focused solely on building the best solutions possible and supporting our customers through the software.
Today Supernal Software, LLC is a standalone compliance risk management software company that serves banks and credit unions. More than 1,500 risk and compliance professionals rely on our software to manage risk, get more done through automation, make informed decisions, and enjoy improved examinations.
To schedule a call with a risk management solutions specialist and find out how your institution can improve results and bottom line through better information, click the link below.