Lars Nybro Munksgaard’s ambitions and knowledge of business needs proved far more significant than his inability to code when he wanted to establish his own SaaS compliance company. It was four years ago when he founded RISMA Systems in his apartment in Central Copenhagen, initially focusing on risk management. With time, the solutions expanded into action plans and later gap analysis module that the company now employs to help its clients obtain General Data Protection Regulation (GDPR) compliance, a key business area for RISMA Systems. For a successful gap analysis, RISMA has also launched IT security and other compliance solutions such as Anti Money Laundering, Anti Bribery & Corruption along with standards like ISO27001 and ISO 9001.
The company supports its clients through the complete process of carrying out gap analysis and thereafter eliminating the loopholes in an efficient manner. “From making the gap analysis to ensuring that the problems discovered are mitigated is where we see the pain point with some customers,” says the company’s CEO, Munksgaard. A large number of the European companies initiated the gap analysis when the GDPR was proposed. Most of these organizations had to rely on excel sheets as the market at that point of time did not have a promising software solution to support the process. It was indeed an uphill task for these firms to implement the analysis and further ensure that the loopholes discovered through the analysis were dealt with.
RISMA supports its clients through the complete process of carrying out gap analysis and thereafter eliminating the loopholes and making them stay eliminated in an efficient manner
Three of the modules in the RISMAbusiness suite—RISMAexecution, RISMAcontrols, and RISMArisk encompass action plans and gap analysis modules as per the GDPR guidelines. RISMAexecution is primarily used for implementation of strategies, portfolio management of gap analysis modules, and risk mitigation plans. RISMAcontrols, on the other hand, helps in structuring and documenting recurring tasks including internal controls and further improving the reconciliation processes in financial departments. Lastly, RISMArisk is used for enterprise risk management as an easy-to-use tool that saves significant time and provides real-time data.
Considering the fact that businesses employ multiple software solutions and even excel sheets for managing risks, internal controls, money laundering, and GDPR compliance, RISMA brings an all-in-one solution that allows them to get rid of such a fragmented approach. Several law firms employ RISMA software as a delivery tool to perform their gap analysis apart from organizations from various other industries. One of the company’s first clients was Nets, a payment facilitator in Scandinavia that was struggling with volumes of excel sheets. The payment facilitator decided to stop using excel sheets and switch to the RISMA solution. The client managed to meet the GDPR deadline, which many companies in Denmark and several other countries could not abide by. With the help of RISMA solution, Nets, and later on hundreds of Scandinavian companies have been able to identify the gaps and address them to stay compliant with RISMAgdpr.
“When it comes to availability of software that supports compliance and GDPR, we are the frontrunners in Scandinavia,” mentions Munksgaard. RISMA has also launched modules for IT security, IP rights, Anti Money Laundering, Anti Bribery & Corruption solutions, which will be a part of the same gap analysis module as the GDPR. The company also eyes geographical expansion given the recent opening of its first foreign office in Norway. In addition, RISMA will explore other countries like US, Sweden, Belgium, Luxembourg, and the Netherlands soon.