10 Most Innovative Compliance Assessment Service Provider 2021

VOL 07 I ISSUE 08 I 2021

T H E

Eliminating Risks MOST INNOVATIVE

COMPLIANCE

ASSESSMENT SERVICE PROVIDERS, 2021

Minimizing Vulnerabilities and Maximizing Security

Specialized Security Services, Inc. A Trusted Security Partner for Life

Editor’s Desk

Helping Organizations in Meeting Security, Statutory, Regulatory and Contractual Obligations

D

ue to the constantly changing regulatory environment, organizations are witnessing a greater degree of compliance risk than ever before.

They have understood the importance of having a sound compliance program in place and thus, are partnering with the right compliance assessment solutions provider.

Compliance assessment helps organizations to exactly understand the current state of their businesses. This requires an in-depth as well as disciplined assessment of the organizations to understand the different vulnerabilities they are exposed to. If the organizations don't meet the compliance standards, the penalties can be huge, leading to financial loss and loss of reputation. The audits and compliance assessments in the organizations are essential to sustain the viability of their systems and avoid violation of the law by meeting security, statutory, regulatory, and contractual obligations. Innovative compliance assessment service providers understand the importance of managing risk for achieving a compliant, secure IT environment, and such providers are good at helping organizations meet all obligations. These providers offer services that support increased compliance standards and better data as well as network protection.

Abiding by the basic and evolving regulatory and compliance standards is essential for organizations to enhance the security system more and more. It is necessary for all organizations to take the help of compliance assessment service providers in meeting all compliance requirements. Due to the services of the compliance assessment service providers, organizations can continue functioning efficiently without any risk. They help organizations in bridging the gap between existing adherence and evolving adherence to all the rules and regulations.

Moreover, compliance service providers provide innovative, affordable, and efficient compliance services to help organizations in meeting their security, statutory, regulatory, and different contractual obligations. They adopt a strategic approach for meeting all these obligations. These service providers not only improve the security of organizations but also enhance their asset utilization more diligently and efficiently. They strengthen the risk mitigation capability, governance, and various compliance programs of organizations. They enhance the performance and profitability of organizations through their affordable services and give them a competitive edge.

In this edition of "The 10 Most Innovative Compliance Assessment Service Provider, 2021", we have handpicked those companies that are helping organizations reduce vulnerabilities, increase overall security, and function more efficiently.

On the cover, we have Specialized Security Services, Inc. As a global compliance leader, Specialized Security Services, Inc. (S3 Security) assists organizations with developing and maintaining truly secure environments without limiting business growth.

Founded in 1999, S3 Security bridges the gap between their clients' business goals, cyber security needs, and compliance requirements to become a trusted and valued security partner for life.

As you will flip the pages, you will get to see more such companies with their exceptional compliance assessment solutions.

Let's Dig In!

Sharad Chitalkar sharad@insightssuccess.com

C O N T E N T S

08

Specialized Security Services, Inc.

A Trusted Security Partner for Life

16

ARTICLE

Eliminating Risks Minimizing Vulnerabilities and Maximizing Security

CxOs

24

Leader’s Viewpoint Risk Transfer to Risk Mitigation: A Journey of Innovation Through Uncertainty

20

32

Expert’s Insights

The Science of Change Leadership

28

Etech Global Services

Ondato

Delivering E ortless, Exceptional, and Personal Customer Experiences

Combating Fraud in Digital Space by Making Identity Veri cation Simpler, Better, and Faster

Editor-in-Chief Hitesh Dhamani Managing Editor Anish Miller

Executive Editor Sharad Chitalkar

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Visualizer

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Company Name

Featured Person

Brief

Axiad axiad.com

Bassam Al-Khalidi CEO

Axiad delivers an agile, user-centric identity platform that is trusted across leading enterprise, government, healthcare, and financial organizations.

Cavelo cavelo.com

James Mignacca CEO

Cavelo platform continuously scans your company's cloud applications, cloud hosted servers and on-premises servers and desktops to identify, classify, track, protect and report on sensitive data.

Etech Global Services etechgs.com

Matt Rocco President and CEO Ronnie Mize Chief Security Officer

Etech Global Services is a servant leader organization committed to making a remarkable difference for each other.

Faception faception.com

Shai Gilboa CEO

Faception is an Israeli startup that developed and markets a Facial Personality Analytics Technology.

MEGA International mega.com

Lucio de Risi CEO

MEGA International is a global software company and recognized market leader for over ten years.

NAVEX Global navexglobal.com

Bob Conlin CEO

NAVEX Global helps you identify, address and manage the full range of risks across your entire enterprise.

Ondato ondato.com

Liudas Kanapienis CEO

Ondato provides a complete compliance management suite in regards to KYC procedure.

Specialized Security Services, Inc. s3security.com

Hank Edley, Specialized Security Services, Inc. (S3) develops and maintains Senior Vice President custom-tailored cybersecurity programs, so you can elevate (SVP) of Cyber Security security to where it belongs—top of mind and top-down.

Compliance Services

Skybox Security skyboxsecurity.com

Gidi Cohen CEO

Skybox Security provides a holistic view of complex, hybrid environments and the insights needed to protect the modern enterprise.

vArmour varmour.com

Tim Eades CEO

vArmour is the leading provider of Application Relationship Management.

Cover Story

Specialized Security Services, Inc. A Trusted Security Partner for Life

As more and more assessments become standard regulatory requirements, there has to be a better way, to achieve compliance.

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Hank Edley SVP Cyber Security Compliance Services

S3 Security

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ith the ever-increasing attacks targeting organizations’ data and networks, a secured IT infrastructure has become more important than ever. As a global compliance leader, Specialized Security Services, Inc. (S3 Security) assists organizations with developing and maintaining truly secure environments without limiting business growth. The key to their success is developing an understanding of each clients' unique business, culture, environment and staff.

Founded in 1999, S3 Security bridges the gap between their clients’ business goals, cyber security needs, and compliance requirements to become a trusted and valued security partner for life.

S3 Security develops and maintains custom-tailored cyber security programs, to elevate security to where it belongs—top of mind and top-down. For over two decades, this expert team has successfully assisted organizations with the implementation and oversight of their information security, privacy, and regulatory compliance programs.

In fact, the company’s proficiency dates back further than the most recognizable security compliance assessment, the Payment Card Industry Data Security Standard (PCI DSS), which was established in 2006. Prior to this, S3 Security conducted payment card data security assessments, directly for the payment card brands themselves.

This breadth and depth of experience gives S3 Security a unique perspective that enables them to provide trusted advice and project management in all areas of cyber security, information security, and compliance including PCI, NIST, GDPR, ISO, HIPAA, CCPA and HITRUST to name a few.

A Conversation with S3 Security’s Senior Vice President, Hank Edley Hank Edley is the Senior Vice President (SVP) of Cyber Security Compliance Services at Specialized Security Services, Inc. Hank utilizes his decades of experience in consulting and assessing complex networking environments for Fortune-ranked companies to lead his talented team of Cyber Security Assessors. Together, they assist clients of all sizes and with multiple payment channels in completing cyber security assessments across many frameworks.

In an interview with Insights Success, Hank sheds light on how S3 Security is helping businesses elevate security to where it belongs- top of mind and top down.

Cover Story

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S3 Security helps enterprises focus on the critical aspects of business by building a security strategy to win the war of resources – maintaining compliance without disrupting growth.

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Below are the highlights of the interview: What led to the inception of Specialized Security Services, Inc.?

The CEO, Mitchelle Schanbaum, founded the company with her husband Scott Schanbaum at the request of their clients in 1999. At that time, the industry was brand new and experiencing dramatic growth and change. The couple had worked for other technology firms that were going public, going under, being bought, and sold.

Mitchelle describes how one year they had six different W2’s but had never actually changed jobs—that’s how many times their department changed hands. In fact, it was after the company they worked for went under, while going public that they made the decision to launch S3 Security.

Mitchelle and Scott had succeeded in establishing strong relationships with their clients, who encouraged them to open their own business. Their clients trusted them as their cyber security advisors and wanted to work with them, regardless of what company employed them.

And that’s how S3 Security was founded—based on relationships, expertise, and partnership—all of which have lead to the company's success and are still prioritized today.

Relationships and partnership. How do these influence the way S3 Security does business and how do clients benefit?

Client relationships and client success have been foundational to S3 Security. Our focus has always been to provide value and work together to assist clients in achieving their security goals. This approach is mutually beneficial because our clients' success equates to S3 Security success and results in long-lasting partnerships.

The company takes an active interest in our clients, getting to know the people, their environment, and business priorities. Our team actively looks for ways to contribute at a higher level by collaborating with our clients to develop long-term security and compliance strategies. But we don't stop there. We continue to assist and provide guidance through their life cycle.

Building this relationship means our clients receive the benefit of our expertise and time assisting with setting short and long-term strategic goals and regular monitoring and measuring. But it also allows us to provide meaningful recommendations, based on the deep knowledge that is developed of the client's business, environment, and controls over time. As a result, we become a valuable resource when direction or targets need to be adjusted. Our clients include us in not only the execution of current initiatives, but also in the planning of new ones.

How does S3 Security sustain this in the current unpredictable market amongst hectic competition?

The company does not waste much time looking around at its competition—or worrying about what everyone else is doing. It prefers to focus its gaze forward—on the clients and the industry as a whole. This approach has allowed S3 Security to prioritize what truly matters-our clients and our people. Focusing on those two things truly sets us apart, and has never steered us wrong.

How do the company’s solutions differ from the competition?

Our solutions are based heavily on our Service Delivery professionals. We have been working together as a team for over 15 years, and our collective cyber security and compliance experience spans more than three decades. We bring continuity as well as shared knowledge, experience, and an exceptional level of collaboration to each client relationship. When clients hire us, they gain access to an

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S3 Security bridges the gap between your business goals, cyber security needs and compliance requirements.

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entire team of professionals with a broad depth of experience rather than being limited to that of one or two individuals. This access and perspective truly differentiates S3 Security from other companies and contributes significantly to the collaborative partnership environment.

How has S3 Security handled the challenges of the past year and the pandemic impact?

Challenges always present opportunities. It is easy to be a trusted client advisor when times are good. The past year has certainly been challenging; however, when things are tough you really find out who your friends and partners are, both personally as well as professionally.

We are proud to have provided creative solutions and remained flexible to help our clients navigate the business impacts and challenges of the last year. S3 Security is based on service and being that trusted partner to our clients through the best and worst of times. From that perspective, this year was no different—except it gave us the opportunity to demonstrate our commitment and distinguish ourselves in the process.

How do you meet the current cyber security challenges with such a shortage of qualified personnel?

Staffing challenges in this industry are always present, even in the best of times. In recent years, the demand for cyber

Cover Story security professionals has certainly outpaced the supply and that trend is only forecasted to widen. Many clients have open roles that remain unfilled for long periods of time, leaving gaps in their teams both in terms of knowledge and capacity to address all critical needs.

Traditionally, the cyber security industry has identified and targeted established and experienced professionals with highly technical backgrounds. When organizations cannot find them, they will often reach out to companies like S3 Security to provide assistance with projects left unfilled.

S3 Security is well suited to meet this need for our clients, stepping in with our experienced professionals and providing the talent and manpower to assist as needed; however, even we are forced to acknowledge there is a significant shortage of qualified candidates to fill necessary positions.

We embrace this opportunity by taking a multi-faceted approach to build a client service delivery team. · One option is recent college graduates. There are advantages to recruiting fresh talent from universities.

While lacking industry knowledge and years of service experience, these hires are well versed with current technologies and software to modernize assessments and

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Our assessors and engineers have a proven track record of success and an intimate understanding of the latest security technologies and vulnerabilities.

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bring fresh outlooks and approaches to the team.

The other option is to hire transitioning professionals.

S3 Security recruits top cyber security professionals as mentors and then pairs them with other talented industry professionals who have business experience but are interested in transitioning to a career in cyber security.

The result is a respected group of professionals who can both provide the trusted cyber security guidance they expect from S3 Security and also understand our client’s perspective and business challenges.

This multi-faceted approach gives our clients the benefits of a diverse team of experts with a broad background in both business and cyber security. S3 Security can provide that trusted insight and guidance to our clients because we understand their challenges and can link the pieces together.

In fact, this methodology has been so effective that our clients have reached out to us to assist them with fulfilling key positions on their teams as well.

How are your company’s solutions changing with the advancement in technology?

Having been in this industry for over 20 years, I have seen many changes in the IT security assessment landscape,

which is constantly evolving and growing to address the latest security risks.

At S3 Security we try to proactively anticipate the needs of our clients, and therefore, spend a lot of time planning what assessments of the future will look like.

We regularly ask ourselves, how do we meet the future assessment needs of our clients? Today many clients are required to complete a variety of security assessments as part of their program. Many feel stuck in a constant cycle of starting, working on, or wrapping assessments for various frameworks, treating each one separately and performing them one by one. What used to be a manageable assessment schedule for one or two frameworks has expanded significantly, with some clients juggling numerous assessments all year long, taxing resources and causing many companies to reach a breaking point.

It’s like being trapped like Bill Murray in Groundhog Day, reliving the assessment schedules over and over in a neverending loop, despite many frameworks evaluating similar security controls.

We did not get here overnight; it has been building for some time but has accelerated with the rapid expansion and impact of privacy regulations across the globe. As more and more assessments become standard regulatory requirements, there has to be a better way, to achieve compliance.

This is why S3 Security has been working with our clients to bundle assessments, to transition operationally to a common control framework and to modernize our assessment process, gain efficiency, reduce business stakeholder impact, and leverage automation technologies.

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& & 20 The

Most

SUCCESSFUL

BUSINESSWOMEN to Watch, 2020

kimberly Khoury

Paving her Way in Sustainability Development

Minimizing VULN Maximizing

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Eliminating Risks

NERABILITIES and g SECURITY he world is rapidly going digital. But with the evergrowing digitalization, cyber-attacks are also evolving, and valuable organizational data is vulnerable to such attacks. Today, many organizations face the risk of losing their valuable information. To protect their most valuable information, these organizations need to have a secured IT infrastructure.

T

gap. Sometimes to bridge such gaps, they may ask their clients to register for specific certifications to meet evolving regulatory standards. Incorporating the changes suggested by the compliance assessment service providers are for the ultimate benefit of the clients, and therefore it is advisable for businesses to go according to the instructions of the compliance service providers.

This is where compliance assessment solutions providers step in.

Compliance services are an integral part of cybersecurity services that protect businesses, clients, or organizations from the dangerous and ever-evolving threats from cybercrime giants. These providers, with their innovative methods and technologies, try their level best to minimize the vulnerabilities and threats to the valuable information, data and service functionalities of the organizations. In the growing digitalized world, no company can afford not to rely on the services of compliance assessment service providers.

The services from the compliance assessment service providers are fundamental for organizations to ensure they are meeting their compliance requirements to continue functioning without any risks. Compliance services help businesses ensure their technology infrastructure meets the essential regulatory standards on the national and industryspecific levels. Adhering to the fundamental regulatory standards by organizations is essential for ensuring the coherency and strengthening the security system more and more.

Regulations in the industry keep on constantly evolving due to emerging risks, different innovations, and environmental trends. Compliance assessment service providers help organizations and clients stay up to date with the latest regulatory standards by closing the gap in the processes of the organizations or methods of functionality. As per the need, a compliance assessment service provider incorporates the organizations' changes to enhance security and safety.

The assessment service providers assess to see that whether there are any gaps in meeting the required standards. In the case of gaps, they figure out the necessary changes that need to be done and take actions accordingly to bridge the

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Taking the services of compliance service providers is an absolute requirement for all businesses to ensure that they are not complacent in ensuring the safety of their organizational data. It is always the best approach to take the necessary precautions than regret later on. Complacency is dangerous. No amount of regret is enough if some loss happens to the business due to being complacent. So, it is always safe to ensure and strengthen the safety of the organization by taking due precautions and accepting the necessary services of these providers.

Moreover, they determine the scope of potential hazards according to a company's structure, size, function, and location. With the help of these providers, businesses will be up to date, and they will not have to pay any penalty charges for not meeting government or regulatory standards or performing compliance assessments. They ensure the protection of businesses from all types of threats, both external as well as internal. With good compliance service providers, businesses can focus on their sustainable growth without having to worry about any types of vulnerabilities and threats.

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The 10 Most Innova ve Compliance Assessment Service Providers, 2021

Etech Global Services Delivering Effortless, Exceptional, and Personal Customer Experiences

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n recent times, there is a rising need for personalized and engaging customer experiences across business verticals. The platforms that facilitate transforming customer engagement into revenue opportunities and enhancing business growth are becoming more important.

Etech Global Services unifies all customer engagement channels for better customer service experiences and helps them make well-informed decisions. It is a servant leader organization committed to making a remarkable difference for each other, its customers, and within its communities. It provides superior customer experiences and innovative solutions that enable clients to build stronger brands, strengthen customer relationships and gain market share.

Dynamic Leadership At the helm of Etech are two dynamic leaders, Matt Rocco and Ronnie Mize.

Matt is the President /CEO of Etech Global Services since 2013. He is a 35+ years veteran of the call center / BPO industry. In the past 34 years, he has spent time in every facet of call center operations and outsourcing processes.

He is committed to sharing his experiences and helping others. In 2003, he was part of an investment team that started Etech Global Services, a multinational outsourcing organization. From its humble beginnings in Nacogdoches, Texas, Etech has grown to over 3,000 employees that provide world-class solutions to Fortune 500 companies from its locations in the US, India, and Jamaica.

As Etech’s Chief Information Security Officer, Ronnie is responsible for all aspects of information and corporate security and adherence to legislatively mandated privacy control standards. His extensive background in technology systems allows him to work closely with technology teams

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to create infrastructures and processes that maintain compliance with governance standards such as ISO 27001/27701, SOC 2, PCI-DSS, HIPPA, GDPR, etc. other Privacy controls.

A Leading Provider of Customer Engagement Solutions Etech has been a leading provider of customer engagement solutions for many of the world’s most trusted brands since 2003. The company started with just one contact center in the small town of Nacogdoches, Texas, with roughly 400 employees and now has taken leaps and bounds to become a global eight site company employing almost 3,000 people across Texas (Dallas, Lufkin, Rusk, & Nacogdoches), Florida (Palm Beach), Jamaica (Montego Bay), & India (Gandhinagar & Vadodara). All of this was accomplished with no mergers or acquisitions. The core team of Senior Management attributes this success to not just the services Etech offers, but most importantly, the culture Etech has ingrained into each one of its employees.

Making a Remarkable Difference with Phenomenal Experiences Etech’s suite of services includes inbound and outbound customer care, quality monitoring/analytics, email, live chat, social media monitoring, customer care, technical support, back office, and software development. All of Etech’s services are derived with the common goal of “To make a remarkable difference and create a phenomenal customer experience for our clients and their customers.”

Currently, Etech partners with 47 clients and manages upwards to 100 million voice interactions, 25 million chat, and email interactions, and completes approximately 24 million quality monitoring evaluations per year.

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Matt Rocco, President /CEO Etech Global Services

Ronnie Mize, Chief Security Officer Etech Global Services

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It is Etech’s people-first culture that has led the company to where it is today. Whether its customers are in Vadodara or Dallas, the culture remains consistent. One where creativity, accountability, and courage are encouraged from all team members. As part of its Executive Team’s strategy, it created a list of 12 Character Commitments that its clients see branded throughout its company. These are: Ÿ Creativity Ÿ Courage Ÿ Communication Ÿ Positive Influence Ÿ Integrity Ÿ Humility Ÿ Accountability Ÿ Adaptability Ÿ Teamwork Ÿ Teachability Ÿ Vision Ÿ Valuing-People Etech’s success can be attributed to these 12-character commitments. They are the very foundation of the company. Regardless of position, each employee in the organization is trained and strives to exemplify these characteristics in everything they do.

People-centric Approach Etech’s key differentiator from its competitors is its people.

Etech invests heavily in not only training and developing its agents but also its leadership. The client’s mission, vision, and culture are instilled into the agents, and they become an extension of their brand. Its rigorous training programs are designed in such a way that the agents have full product knowledge before they even start interacting with the customers.

Below are its state-of-the-art units that keep Etech stay ahead of the curve: Etech Insights Etech’s Quality Monitoring division, Etech Insights, is innovative and unique in its approach to total quality management. It provides a creative combination of people, processes, and technology to deliver a quality experience that supports all facets of the business. Etech’s focus is to improve customer experience using the latest technologies.

It combines human intelligence and the power of artificial

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Etech’s innovative technology solutions and experienced leaders understand your business needs and recognize the strategic insights your brand needs to

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Exemplifying Character Commitments

drive results.

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intelligence to identify performance-enhancing behaviors and voice-of-customer insights that are not easily identifiable through traditional quality management. Its cutting-edge voice analytics software is combined with industry expertise to deliver a customer handling solution that incorporates agent coaching, business insights, and customer experience drivers into a 360-degree approach to quality. Etech leverages the expertise of Quality Management experts and Data Scientists, who specialize in listening with an analytical ear to find the heard and unheard performance factors in customer interactions.

Etech Technology Solutions Etech Technology Solutions (ETS) is the trusted and globally accepted Technology Partner, serving multiple leading brands Worldwide. With a team of 150+ Members under one roof, the technical resources of ETS transform business requirements into reality. ETS delivers innovative technology solutions in the most secure environment empowering its customers to grow exponentially by converting data and insights into intelligence. Its service solution includes Website Development, Software Implementation, Enterprise AI Solution Development, Software & Product Development, IT Staff Augmentation Services, Application & Reporting Development, Database Administration, Corporate Security, Desktop Support, Network Administration, CTI, and Telecommunications Administration. Its service solution enables an organization to fully manage its infrastructure or allow its experienced personnel to manage the company’s technology to whatever extent is needed. Etech Technology Solutions provides 24/7/365 “Follow-the-Sun” support to its clientele. Its

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technical expertise provides customers with proactive and cost-effective solutions. These solutions help drive down the cost of technology while providing service and support that is among the best in the industry.

Having Compliance with Regulations The growing need to comply with regulations related to data privacy, business security function, and IT infrastructure has compelled many organizations to adopt enterprise governance, risk, and compliance solutions.

Etech has evaluated each line of business and documented all information types as well as how data flows throughout each system and where the data ultimately resides. It centers on governance controls that align with its business processes and data flow/types such as ISO 27001,27701, SOC2, HIPPA, etc.

Enlightening Younger Ones While advising budding entrepreneurs and startups aspiring to venture into the Cybersecurity industry, Matt says, “Knowledge of the industry is paramount to being successful. When you are approaching a business from a cybersecurity perspective, it is important to understand the business and what you are trying to protect. There must be a balance between business productivity and security.”

“Sometimes we see where security controls are too tight and cripple the business. This could be more detrimental than a breach in some cases. On the other hand, security can be far too lenient, resulting in an attack being successful,” he concludes.

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Risk Transfer to Risk Mitigation: A Journey of Innovation Through Uncertainty

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s we all begin to emerge from the haze of a global pandemic, it is undeniable that nearly every industry has been deeply affected, including the Property & Casualty (P&C) market. With such a major disruption to the status quo of micro and macro-operations, the uncertainty of future recurrences, and the rising prevalence of technology, 2020 was a watershed moment for insurers to evaluate their traditional models of client interaction, operational efficiencies, and future investment in innovation to compete in a digital future.

Premium (GWP) to increase from $6.1 trillion in 2020 to $7.5 T by the end of 2025. Of that $1.4 trillion increase an estimated $1.2 T is expected to come from existing products.

An estimated $480 billion of the expected 2025 GWP will be heavily impacted by innovation through: 1. New risks, offerings and services 2. Existing revenues impacted by product innovation 3. Shift in placement channels.

As the insurance industry has once again shown its resilience in the face of adversity and begins to rebound to pre-pandemic market growth, the battle for the future wages on.

To focus more on what that mean for US based insurers, a 20 year comparative analysis of the top 100 P&C insurers conducted by EY and ACORD asserts the average P&C carrier has annual savings opportunity anywhere from $675-851 million dollars. Better yet, the tools required to achieve this are currently available.

According to a future outlook report by Accenture, the global insurance industry can expect Gross Written

However, while these reports offer an optimistic outlook, they come with a stark warning: Reliance on traditional

Digital Disruption and the Distribution of the Dollar

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Leader’s Viewpoint products, distribution channels, and retention rates will act as an impediment for future growth as rates rise, markets volatility remains, and consumer demand for digital services continues to grow.

Leveraging Innovation Traditionally, insurance service offerings have been closely linked to the cost and availability of human labor creating the challenge of the breadth and depth of service at scale.

As technology continues to advance, so do the capabilities of insurers to scale a high level of service at a fraction of the cost.

The following four areas are where executives see technology providing the highest return on investment:

Ÿ Ÿ Ÿ

Hyper-focused allocation of capital Faster claim processing Proactive mitigation efforts through real-time sensors

Improved Customer Experience

Insurers are leveraging technology to streamline core internal processes through digitization and automation, freeing up resources that progress the overall strategic mission of the company.

Customer experience is the growth engine where incumbents and new entrants alike are focusing their efforts. 20-40% of policyholders will not receive a single communication throughout the policy year, and if they do, 90% of the time it is sales-focused rather than servicefocused.

This creates massive value potential in a myriad of ways by enabling: Ÿ Horizontal and Vertical data distribution throughout internal stakeholders Ÿ More meaningful engagement (physical/digital) with more policyholders

To combat this traditional approach, insurers are implementing ‘outside-in’ strategies to shift the focus from sales to service. Utilizing chatbots and AI, as well as an ecosystem of internal and 3rd party service providers to drive deeper value and insight shown to increase the lifetime value of the policyholder.

1. Operational Excellence and Cost Efficiency

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technologies are providing insurers the ability to reshape how they operate, engage with stakeholders internally and externally, as well as develop and sell products to improve productivity and profitability.

Combining these technologies to achieve goals beyond just engagement or operational efficiencies is where true success begins to take hold: Improved management of risk while offering unique experiences for policyholders.

Some common trends: Ÿ Modernization of core processes and client management with cross functional resources. Ÿ AI and automation to focus on speed, consistency and optimization. Ÿ Using data streams of digital services to provide predictive and prescriptive analytics to shape future innovation and focus efforts.

The Takeaway

66% of policyholders willing to share significant data for personalized service to prevent loss. Ÿ 52% of policyholders ‘likely’ to switch insurers for better access to data and services Ÿ Clients with higher engagement buy more coverage, renew at higher rate, and refer more clients Ÿ

Data and Analytics As client engagement continues to grow, so does the volume and value of the data. Insurers begin to have a more robust view of their policyholders and their risks. This enables insurers to better write risk, identify upsell/cross sell opportunities, and provide proactive resources based on client needs to help reduce frequency/severity of claims.

Leveraging AI/ML cognitive abilities to identify underlying trends and opportunities can provide key decision makers the insight to drive large scale underwriting strategy, actuarial models, and competitive strategic decision making.

Hyper-focused investment/divestment of resources from both internal and external stakeholders continues to mature as do the data models.

Speed and Scale of Innovation Large data sets produced by new and emerging

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By leveraging technology to refocus efforts and capabilities on value creation, insurers can strengthen their foundation of strong service and competitive differentiation but improve the speed and scale to adapt to new and emerging trends and client needs.

While there is no one correct way of implementation, insurers can no longer afford to ignore or incrementally participate in the digital age, and the earlier entrants will be the primary beneficiary of the shifting in the ‘digital dollars’ that will be redistributed over the next few years.

If your organization is looking to expand your capabilities in any of the areas listed above, we would love to have a conversation to see if in2vate, LLC can be a valuable partner in your digital evolution.

About the Author Nick Duffield is the Risk Management Sales Consultant at IN2VATE, LLC, specialized in Risk Assessment and Training Programs that provide targeted measurements to help your company in compliance, operations, and claims reduction.

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Liudas Kanapienis CEO Ondato

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The 10 Most Innova ve Compliance Assessment Service Providers, 2021

Ondato Combating Fraud in Digital Space by Making Identity Verification Simpler, Better, and Faster

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t's no secret that supervisory requirements are getting more complicated each year. The dilemma has reached the point where it becomes nearly impossible for small and big businesses to keep track of their supervisory requirements. Seeing all those challenges a couple of years ago, Ondato realized that the market lacks more accessible solutions for compliance management – products that would make KYC management easier and eliminate the risks for non-compliance. That's when the idea of Ondato was born.

Ondato is a compliance management company that makes it easier for businesses to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. It has a vast range of regulatory compliance tools, identity verification, case management, and screening solutions that help verify identities online and combat fraud in the digital space.

In 2019, Ondato launched a service for KYC, AML, and verification procedures, offering to take care of all things related to compliance while its customers – financial institutions and businesses operating online – could concentrate on their businesses.

Ondato started to grow really fast: over a span of just a few years, it raised $2 million in seed funding, expanded its services portfolio, gathered a brilliant team of 150 employees, moved its headquarters to London, UK, opened a research center in Lithuania and a branch in Poland.

Currently, Ondato is a prominent market leader in the Baltic

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states, expanding globally and his clients from 34 countries.

An elite team of Ondato is led by its CEO, Liudas Kanapienis.

Providing All Compliance Solutions in Single Platform Ondato offers an easy-to-use, secure and cost-effective alternative that helps businesses verify their clients' compliance with international AML and KYC rules. Today, Ondato has over 15 KYC services, including photo and live video identity verification, business verification, data monitoring, screening, due diligence, and case management.

Ondato works with integrated solutions based on advanced recognition technologies to ensure that its clients' operations are transparent and 100% immune to fraud.

All solutions in Ondato's portfolio are built on Microsoft infrastructure, using certified technologies meeting the highest standards. Its fraud detection system is trained on 13500 different document types globally, and its mechanisms are improving every day. It uses deep learning engines in pixel distortion analysis and copy-replace detection for document spoofing prevention, analyzing the META details of identification media.

Unlike most of its competitors, Ondato provides full customization to every product in its portfolio. If its clients need a tailored identity verification or KYC management solution to fit their particular needs – it makes it a reality. It July 2021

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Ondato provides a complete compliance management suite in regard to the know your customer procedure.

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is also a proud pioneer in providing the whole package of compliance solutions for KYC procedures, all within one platform.

Making Network Security a Priority Liudas mentions that cyber fraud is on the rise now.

According to “Javelin Strategy and Research”, financial markets had seen a 15% rise in frauds, reaching almost $17 billion in 2019 even before the covid-19 crisis. Without showing any signs of stopping, cyber attackers keep exploring vulnerabilities opened up by a pandemic.

The pandemic accelerated the arrival of a new wave of fraudsters – less experienced but determined attackers who not only aim at corporations but target smaller businesses.

Thus, secure client verification became a problem for every company, no matter big or small. If one wants to have an online presence – one got to stay vigilant. And as more companies are deciding to move into the digital space, fraudsters will keep coming up with new methods of cyberattacks. Cyberfraud is not going anywhere anytime soon, and every company should make network security a priority.

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Ensuring Effective Monitoring and Responsive Compliance

Implementing Relevant IT Tools for Security and Data Protection

Overall, Liudas sees compliance evolving and gaining importance as a significant part of any business. Looking ahead, we need to see beyond regulators setting the rules.

Liudas believes that the expectations of investors and customers will play an increasingly important role in how business strategies are planned. Already, there is a trend in the making of putting clients and investors first in many industries, with compliance being no exception. As the tendency grows, Liudas presumes compliance will become a more considerable responsibility in both corporations and smaller enterprises. He also believes that compliance will change over time following the AI and data analytics trends deployed for more effective monitoring and more responsive compliance. Ondato is already working with unique methods centered around data analytics that will help detect and mitigate emerging compliance risks.

According to Liudas, a thriving cybersecurity business is not really about technology. Technology is important, but starting out in that business, it is crucial to remember other factors that make up a successful company. In his advice to emerging entrepreneurs aspiring to venture into the Cybersecurity industry, he suggests that they should first pay attention to the location by looking for large business communities and the cities with potential clients for one’s profile. Apart from innovative solutions and technology, he advises them to look for implementing relevant IT tools in terms of security and data protection.

Eliminating Possibility of Data Leaks Ondato considers that talking to employees about the importance of security is key. Luckily, it has some highclass cybersecurity experts on its team to share expertise and teach others about Cyber Hygiene. It is actually quite surprising how many big-scale data breaches can be a product of one innocent action (like opening a phishing email in your inbox).

Becoming Most Advanced Destination for Compliance and Identity Verification Today, Ondato aims to become the most advanced compliance service center out there, providing every business with tailored solutions to meet their needs. It wants companies to do what they do best – create products and offer services – not struggle with compliance challenges.

Talking about things Ondato has planned for the next five years, Liudas mentions that some ambitious projects are coming. To mention just a few, it aims to tap new markets, launch new services and become an ultimate global onestop-shop destination for compliance and identity verification.

That is especially relevant during lockdowns. Employees who start to work remotely should be aware of what actions they need when they use the company's systems online, and how to eliminate the possibility of data leaks.

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Expert’s Insights

The Science of Change

Leadership

By Shweta Handa-Gupta

L

ook around you. How many people follow a healthy diet and exercise regimen despite knowing the benefits of it? How many people adopt healthier day to day habits even when new habits can mean the difference between life and death? Behavior shifts aren't easy.

It's easy to believe that if we know the benefits of changing, we will be able to keep ourselves and others committed to the change. Many organizations, too, build change plans believing an exciting vision of the future will lead to successful transformation. Unfortunately, that is often not enough.

A recent transformation coaching project began with introductions to the top leadership team that was quite excited about the new organization vision and strategy that they had defined. They seemed quite confident that they were committed to it. Yet, on the ground, the vision was failing.

These brilliant individuals had not been able to align their own behaviors to the new vision they had agreed on.

Sounds familiar? Studies over the past three decades show we've lived with a 60 to 70% change failure rate in organizations resulting in the loss of millions.

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In organizations, as much as in individuals, we notice the same patterns of behavior seep in repeatedly despite a genuine need and desire to change. What keeps us from making the shifts in behavior that we so desire?

The root of behavior patterns can be found in our brains, in our neural networks. Think of a neural network as well worn, familiar pathway in the complex maze of our mind.

Our response pattern is determined by neural networks or pathways that are stimulated and repeatedly reinforced. Just like an often-used pathway gets etched deeper and deeper into the ground each time it is walked upon.

The key to change success lies in being able to identify and alter the mental pathways that hold back change and growth. It is important to remember that Knowledge alone cannot create change. The Knowledge that leads to insight which in turn provokes action creates the conditions that are necessary for developing new mental pathways.

Effective coaching offers the ideal tools to enable the identification and shifting of beliefs and mental frameworks. Here are some key ideas that will help you significantly enhance the pace of acceptance, adoption, internationalization, and stabilization of any transformation endeavor:

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Use coaching to enable "sense-making" during periods of extreme ambiguity - Individual, group and team coaching have all contributed significantly to my work with personal change, reframing resistance as well as enabling change leadership in organizations. Effective coaching enables the identification and shifting of worldviews. It enables sense-making (Weick) – the process of structuring the unknown by fitting it into a mental model that enables us to understand, explain, and predict. These elements are essential for the brain to accept new experiences and take new actions.

Deploy Brain-friendly Transformation methodologies such as the Kubler-Ross Change Curve and the QuadraBrain® NACL (Neuro-Accelerated Change Leadership) toolkit that gently guides teams and individuals through the stages of sustainable behavior adaptation. The NACL toolkit has helped organizations and leaders deliver 100% success rates for business transformation using proprietary Change Leadership & Behavior Modification methods based on 15+ years of published research and applied practice.

Take Charge of the Change Story - Our structure loving Brains are addicted to complete stories. As researcher Brené Brown described, "Our brains reward us with dopamine when we recognize and complete patterns. Stories are patterns. The brain recognizes the familiar beginning-middle-end structure of a story and rewards us for clearing up the ambiguity." Discover the stories about change in your mind and, as a change leader, in teams and groups within the organization.

What do you/they believe the change will bring? How do you/they feel about the change? What are you/they afraid might happen? What more needs to be said about the change to create an inspiring shared story for everyone? Remember, people do not resist what you are doing; they resist what they believe you are doing. Ÿ

Create Structure and Certainty in the Change Experience – Our brains have evolved to minimize threats and maximize reward. Unfamiliar, unexpected, or sudden experiences activate a threat response in the brain. Many change efforts fail because the need for certainty is not addressed quickly as we launch the change endeavor and even during the change process.

Effective change leadership involves expanding your foresight to predict the progressive impact of the change. Planning for and clearly describing the impact, scope and process of change is not only a sound business practice; it helps to create the essential sense of predictability for the brain.

Change success begins with the ability to impact the behavior of the individual and the collective. Most of us are aware of the behavior desired to achieve positive change.

Brain Science and Coaching can help engineer the shift and foster the right behaviors.

About the Leader Shweta HandaGupta, MCC, has been recognised as the India #1 and among the Global top 6 CEO & Leadership Team coaches. She is currently coaching the promoters of some of India's top business houses, CEOs, entrepreneurs as well as Fortune 500 business leaders. Her experience of over 20 years includes a senior role in a Fortune50 organisation and as the CEO of a small business group.

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