Pirani: Enabling the Democratization of Risk Management
Cyber risk is increasing due to several factors in today's interconnected and digitized world. The role of managing cyber risks has become crucial for organizations to protect their data, systems, and operations. Governments and regulatory bodies worldwide are placing greater emphasis on cybersecurity and data protection. They are enacting stricter regulations and standards to ensure organizations implement adequate cybersecurity measures. At this juncture, companies of all sizes disappear every year, for not doing adequate risk management. This is mostly because of the lack of knowledge or the appropriate technology to do so and because the acquisition models for these solutions are complex. Moreover, failure to manage risk can lead to lawsuits, penalties, fines, or bankruptcy. This is where Pirani comes into the picture to enable businesses to manage risks by facilitating the democratization of risk management, making a technological solution available to as many companies as possible, but also knowledge and best practices. “At Pirani, we are democratizing risk management with easily accessible software and a collaborative knowledge community for companies to protect what matters to them, easily solve their regulatory compliance and ensure their business continuity,” begins Alejandro Orrego Santamaria, CEO, Pirani.
At the core of Pirani is an Integrated Risk Management platform that is completely customizable and flexible for different risk management systems. The company’s adaptable operational risk management solution enables customers to easily identify, measure, control, and monitor the operational risks of an organization while enabling them to manage the security risks of the organization's information assets and ensure their confidentiality, integrity, and availability. To establish controls and measure the risks associated with money laundering and terrorism financing that companies can be exposed to, Pirani also provides an anti-money laundering solution. “We provide content in different formats: blog posts, specials, eBooks, webinars, and events with experts so our audience learns and updates themselves permanently. We can receive permanent feedback and market insights to incorporate software features or improvements thanks to these. We also have different tools for measuring the experience of our software to understand which flows could be more straightforward and which we can simplify or improve them,” points Orrego.
As a pioneer in the risk management solutions space, Pirani offers user-friendly software that is easy to use and understand, in a hybrid model (free trial and Freemium) so that companies can try it first before making a decision. With Pirani, clients can manage four risk management systems: Operational, information security, regulatory compliance, or anti-money laundering. The company provides a variety of plans ranging from Essential, Starter, and Basic, to Pro for companies of various sizes or maturity levels in risk management, so they can buy only what they need. “We know that risk management is not only a technological challenge but a cultural one, so we make a great effort to train and share content, cases, and best practices because a company can have the best tool, but if it does not know how to use it, it will never take advantage of it,” adds Orrego.
What makes Pirani stand out is its seamless accessibility, easy management, integrated AI and plug & play capability. There is zero friction to access the platform, know it, buy it, install it, and use it. The client can buy the solution online, install it, start it up, and use it without needing visits, consulting, or direct support. To make risk management available to as many companies as possible. With Pirani, clients can do risk management as they wish, not as the software dictates, they should. The solution comes with tools to enable the service and own the risk management of their business. Moreover, as risk management culture is challenging for a whole company, Pirani enables the clients to invite all their collaborators, consultants, or whoever they want, which helps them to protect what matters with no extra costs.
Pirani has been around since 2011, but initially, the company only worked with clients in the financial sector. In 2021 Pirani launched a freemium version so that companies of any size or industry could have their first management software, get started in the best practices and methodologies of risk management, and jump into the risk management world to defend themselves or know how to take risks to grow. Pirani currently has free trial users in more than 80 countries and paying customers in 18. The team is soon reinforcing its marketing and commercial tactics in new territories to get closer to democratizing risk management globally. “Currently, the software is available in English and Spanish; we want to add the Portuguese language. Soon, we will release the audit management system to complete our clients' three lines of defense model. We are on our way to being a solution not only for risk management but also for GRC,” concludes Orrego.