Parapet

BACKGROUND

Please describe your company and position.

 I am the Senior Consultant of a consulting company 

Describe what your company does in a single sentence.

Provide Consulting Services in Bay area.

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire Parapet to accomplish?

• Enhance risk visibility and informed decision-making.
• Streamline compliance to meet regulatory standards.
• Improve operational resilience and incident response.
• Reduce risk management costs through automation.
• Align risk strategies with business objectives.

SOLUTION

How did you find Parapet?

• Online Search
• Referral

Why did you select Parapet over others?

• Pricing fit our budget
• Great culture fit
• Good value for cost

How many teammates from Parapet were assigned to this project?

1 Employee

Describe the scope of work in detail. Please include a summary of key deliverables.

Parapet’s Integrated Risk Management (IRM) solution includes a comprehensive scope of work, combining software and services to deliver a full-spectrum approach to risk management:

1. Risk Assessment and Strategy Development
Description: Parapet's experts will conduct an initial risk assessment to identify, prioritize, and map out potential risks across the organization.
Deliverables: Customized risk strategy, risk register setup, and roadmap for mitigation plans.

2. Software Implementation and Configuration
Description: Parapet will implement and configure the IRM software to align with the organization's specific risk management needs and business processes.
Deliverables: Tailored IRM platform setup, integration with existing systems, and custom workflows for risk monitoring.

3. Compliance Management and Reporting Automation
Description: The platform will automate compliance tasks, streamline policy management, and generate regulatory reports.
Deliverables: Compliance dashboards, policy templates, and scheduled regulatory reporting.

4. Incident Management and Response Automation
Description: Parapet will enable automated incident tracking, alerting, and response protocols to manage risk events effectively.
Deliverables: Incident response workflows, automated notifications, and post-incident analysis tools.

5. User Training and Ongoing Support
Description: Comprehensive training for users on the software and best practices, with ongoing technical support and risk advisory services.
Deliverables: Training materials, user onboarding sessions, and a dedicated support team for continuous assistance.

6. Continuous Monitoring and Risk Intelligence
Description: Enable real-time monitoring and risk intelligence to adapt to emerging threats and changing regulatory requirements.
Deliverables: Risk dashboards, automated risk alerts, and actionable insights reports.

7. Data Integration and System Interoperability
Description: Integrate the Parapet IRM platform with existing data sources and business applications to ensure a seamless flow of information.
Deliverables: API connections, data mapping, and synchronization with ERP, CRM, and other key systems.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

Implementing Parapet's Integrated Risk Management (IRM) software and services yielded several measurable outcomes that demonstrate progress or success:

Reduced Risk Exposure

Metric: Percentage decrease in identified risks, high-risk incidents, or severity of risk impacts.

Increased Compliance Adherence

Metric: Compliance audit scores, reduction in regulatory fines or violations, and percentage of compliance tasks automated.

Improved Incident Response Time

Metric: Average time to detect, respond to, and resolve incidents, with target reductions over specific periods.

Enhanced Operational Efficiency

Metric: Reduction in manual risk management tasks, time saved through automation, and improved resource allocation.

Cost Savings in Risk Management

Metric: Decreased costs associated with risk-related losses, penalties, and risk management program expenses.

User Adoption and Engagement Rates

Metric: Percentage of employees actively using the platform, completion rates of training programs, and user satisfaction scores.

Risk Mitigation Plan Effectiveness

Metric: Number of risk mitigation plans executed successfully and reductions in recurring risk events.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

Parapet's project management is highly efficient and customer-focused. They consistently deliver items on time, adhering to project schedules and milestones with precision. The team is proactive in addressing client needs, ensuring that any adjustments or requests are met promptly. Parapet's project managers maintain clear communication throughout the process, providing regular updates and ensuring that expectations are consistently met. Their responsiveness and dedication to client satisfaction demonstrate a strong commitment to delivering high-quality service, resulting in a smooth and successful implementation experience.

What was your primary form of communication with Parapet?

Email or Messaging App

What did you find most impressive or unique about this company?

Parapet's ability to combine powerful software with personalized services tailored to the client's needs stood out. Their platform’s flexibility and adaptability make it uniquely capable of addressing diverse risk management challenges, while their expert team goes above and beyond to provide hands-on support and guidance. The seamless integration of automation, compliance management, and incident response capabilities is truly impressive, enabling organizations to achieve more with less effort. Parapet’s commitment to customer success and continuous improvement sets them apart, making them a valuable partner in risk management.

Are there any areas for improvement or something Parapet could have done differently?

Parapet's services and software have been outstanding, and there’s very little to fault. If I had to pick an area for improvement, it would be the frequency of minor software updates. While the platform is stable and performs exceptionally well, occasionally bundling small feature updates or enhancements into a monthly release instead of quarterly could help keep everything feeling even more up-to-date. However, this is a very minor consideration, and it certainly doesn’t detract from the overall quality and effectiveness of their solutions.