Through policy management, employee training, risk assessment and incident tracking, companies are fighting identity theft using Archer’s best-in-class enterprise GRC solutions.
Archer Technologies today announced enhanced solutions for financial institutions and creditors who are struggling to comply with the Federal Trade Commission’s Red Flag Rules for fighting identify theft. Through its award-winning GRC platform, licensed by one in four of the Fortune 100, Archer is enabling companies to dramatically reduce the level of effort required to achieve Red Flag compliance.
“Within a matter of hours, we were able to tailor the Archer Incident Management solution to demonstrate compliance with the new Red Flag Rules,” said Jim Routh, Chief Information Security Officer for the Depository Trust and Clearing Corporation. “Taking advantage of our existing Archer implementation to manage emerging regulations provides significant time and cost savings.”
The Red Flag Rules require financial institutions and creditors to develop a program for detecting the warning signs of identity theft, which include unusual account activity, suspicious documents and alerts from consumer reporting agencies, among others. While the deadline for compliance has been extended to May 1, 2009, many companies are still struggling to understand the requirements, train their staff and put their program in motion.
To enable rapid response to the Red Flag Rules, Archer has enhanced its out-of-the-box solutions, allowing clients to:
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Utilize the latest version of the Archer Control Library, which has been mapped to the Red Flag regulation, enabling rapid gap analysis against current controls and quick documentation of an identity theft prevention program
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Rapidly educate employees and test their comprehension of Red Flag requirements using online training campaigns
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Evaluate compliance with Red Flag requirements through online assessments that can be mapped directly back to the regulation for quick and powerful reporting
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Categorize and manage Red Flag incidents from identification through resolution
“The ability to centralize all aspects of a Red Flag program within Archer’s GRC platform gives our customers a holistic view of governance, risk and compliance activities, rather than dealing with siloed, niche solutions,” said David Walter, senior product manager for Archer. “We designed our solutions from the ground up to enable organizations to respond quickly in an evolving regulatory climate. Our enhanced capabilities for Red Flag compliance considerably reduce the burden of this regulation on our customers.”
Content and application enhancements that facilitate Red Flag compliance are available to companies that license Archer’s out-of-the-box Policy, Risk and Incident Management solutions at no additional cost.
Webcast
Archer will offer a live webcast featuring a presentation from Jim Routh on DTCC’s use of Archer to rapidly demonstrate Red Flag compliance. The webcast will also provide a demonstration of the Archer Policy, Risk and Incident Management solutions as they pertain to the Red Flag Rules.