SmartSuite Unveils Partnership With Cyber Risk Institute to Deliver CRI Profile for U.S. Banks' Compliance Needs

Streamlining Regulatory Compliance for Financial Institutions in the Wake of FFIEC Cybersecurity Assessment Tool (CAT) Discontinuation

SmartSuite, a leading provider of Governance, Risk, and Compliance (GRC) solutions, is proud to announce its partnership with the Cyber Risk Institute (CRI) as part of its Innovator Program. This collaboration will empower U.S. banks of all sizes – both small and medium-sized institutions, as well as those with assets above $10 billion – to seamlessly comply with the CRI Profile.

This partnership comes at a critical time for the financial industry, following the discontinuation of the FFIEC Cybersecurity Assessment Tool (CAT) in 2024. With the FFIEC CAT sunsetting in August 2025, financial institutions must find an alternative way to continue demonstrating compliance with essential regulatory requirements and diagnostic statements.

To fill this gap, SmartSuite and CRI are delivering an innovative, scalable platform that empowers banks to navigate the shifting regulatory landscape with confidence while ensuring seamless compliance with banking requirements. At the core of this solution is the CRI Profile, developed by the Cyber Risk Institute. Built on the National Institute of Standards and Technology’s (NIST) Framework for Improving Critical Infrastructure Cybersecurity, now known as the NIST Cybersecurity Framework 2.0, the CRI Profile provides a standardized, efficient approach to cybersecurity risk management. By aligning with this framework, financial institutions can proactively address emerging threats while ensuring that government supervisors have the necessary oversight and assurance.

“At the Cyber Risk Institute, our mission is to help financial institutions navigate cybersecurity compliance through the Profile – built for and by financial institutions. We are thrilled to welcome SmartSuite as an Innovator in our program, providing financial institutions with a seamless way to adopt the CRI Profile while leveraging automation to enhance efficiency,” said Josh Magri, CEO of the Cyber Risk Institute. "SmartSuite streamlines compliance workflows, and now with the CRI Profile in SmartSuite, banks can more confidently meet evolving regulatory expectations.”

Reshaping the Future of GRC

SmartSuite is a trailblazer in the Governance, Risk, and Compliance (GRC) space, providing an intuitive, no-code work management platform that simplifies complex regulatory requirements. By combining automation, structured workflows, and real-time visibility, SmartSuite empowers organizations to seamlessly manage risk, streamline compliance processes, and adapt to regulatory changes with ease. Trusted by businesses of all sizes, SmartSuite is redefining how companies approach GRC, making the compliance process more efficient, and ensuring financial institutions can seamlessly adopt the CRI Profile and track their compliance with ease.

Key benefits include:

• User-Friendly Compliance Tracking: A structured and intuitive platform to manage diagnostic statements and compliance activities.
• Scalability for Banks of All Sizes: The scalable platform is built to support financial institutions of all sizes, from small community banks to large organizations exceeding $10 billion in assets.
• Automated Workflows: Reminders, assignments, and review cycles ensure compliance activities remain on track.
• Centralized Evidence Management: Securely attach and link supporting documentation to diagnostic statements.
• Real-Time Compliance Monitoring: Custom dashboards provide instant visibility into compliance progress and risk areas.

"At SmartSuite, we believe compliance should be simple, automated, and accessible to all financial institutions, regardless of their size. Our no-code, easy-to-use platform empowers compliance managers and CISOs to seamlessly navigate the CRI Profile and automate all GRC processes with ease,” added Jon Darbyshire, CEO of SmartSuite. “By eliminating complexity and providing intuitive, assignable workflows, SmartSuite enables banks to achieve and maintain compliance without the expense and complexity of adapting legacy GRC solutions to accommodate new compliance requirements.”

Michael Rasmussen, GRC Analyst Pundit at GRC 20/20 Research and CEO of GRC Report added, “The partnership between SmartSuite and the Cyber Risk Institute addresses a critical need in today's evolving regulatory environment. As banks transition away from the FFIEC Cybersecurity Assessment Tool (CAT), the integration of the CRI Profile into SmartSuite’s intuitive and agile GRC platform is both timely and essential. SmartSuite’s no-code, configurable architecture enables all financial institutions –including small to medium-sized banks – to manage compliance seamlessly, automate complex workflows, and maintain real-time oversight of cybersecurity risks. This collaboration demonstrates the proactive approach needed in an era of increasing cybersecurity threats and regulatory change.”

About SmartSuite

SmartSuite is a modern, flexible GRC platform that helps organizations manage compliance, risk, and security frameworks efficiently. With a focus on automation, ease of use, and seamless collaboration, SmartSuite empowers banks to maintain regulatory compliance with minimal complexity.

For more information on how SmartSuite and the Cyber Risk Institute are revolutionizing compliance for financial institutions, visit www.smartsuite.com or contact Tara Darbyshire at tara@smartsuite.com.

About Cyber Risk Institute

The Cyber Risk Institute (CRI) is a leading cybersecurity standards organization dedicated to enhancing the security and compliance capabilities of financial institutions. The CRI Profile, developed in collaboration with financial industry leaders, provides a standardized approach to cybersecurity compliance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250403652742/en/

"To fill this gap, SmartSuite and CRI are delivering an innovative, scalable platform that empowers banks to navigate the shifting regulatory landscape with confidence while ensuring seamless compliance with banking requirements."