Eastern Bank Uses Archer® to Drive Business Processes and Streamline Compliance
Company Size
1,000+
Region
- America
Country
- United States
Product
- Archer Suite
- Archer Enterprise & Operational Risk Management
- Archer Audit Management
- Archer IT & Security Risk Management
Tech Stack
- Risk Management Software
- Compliance Management Software
- Audit Management Software
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Analytics & Modeling - Process Analytics
- Application Infrastructure & Middleware - Data Exchange & Integration
- Cybersecurity & Privacy - Security Compliance
Applicable Industries
- Finance & Insurance
Applicable Functions
- Discrete Manufacturing
- Quality Assurance
Use Cases
- Predictive Maintenance
- Process Control & Optimization
- Regulatory Compliance Monitoring
Services
- Software Design & Engineering Services
- System Integration
About The Customer
Eastern Bank is the largest and oldest mutual bank in the United States. It offers banking services, investments, and insurance from more than 120 locations spread throughout eastern Massachusetts and southern New Hampshire. The bank prides itself on working hard to understand its customers’ needs so it can deliver these services in a committed and personal way. The bank recently passed the significant milestone of having more than ten billion dollars of assets under management.
The Challenge
As Eastern Bank's assets approached the ten billion dollar mark, the bank initiated a strategic focus on risk management and regulatory compliance. The bank needed a solution to centrally manage documents and expedite the creation of reports related to the Financial Modernization Act, a law requiring financial institutions to make their information-sharing practices available publicly and safeguard sensitive customer data. The bank also wanted to move away from its previously siloed approach and implement a common, consistent taxonomy across the entire organization.
The Solution
Eastern Bank deployed multiple solutions from the Archer Suite, including Archer Enterprise & Operational Risk Management, Archer Audit Management, and Archer IT & Security Risk Management. The bank also took advantage of the flexibility of the Archer platform and added an in-house on-demand module where they assess the risk of new products, services, applications, and vendor onboarding. With Archer, Eastern Bank was able to capture a fully holistic view of projects before they even start. The bank also built its change management process within Archer, making the end-to-end documentation process fully transparent and organized.
Operational Impact
Quantitative Benefit
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