Compliance and operational readiness are important in demonstrating business viability to external regulators, but also to internal stakeholders that cybersecurity measures are prioritized. By using JustProtect, a Fintech business was able to ensure compliance within financial regulations in days.
The main goal in seeking help for compliance readiness is usually to reduce time and cost associated with using traditional methods for the completion and management of compliance documents. Common documenting and reporting methods that use excel sheets or legacy GRC methods are expected to be inefficient and cumbersome for teams of all sizes, especially for small businesses.
This Fintech business had the need to be compliant to the SEC, OCIE, and FINRA regulations and has prioritized these regulatory measures along with reducing duplication and overhead inefficiency.
Every file in the information security folder was analyzed to determine if it was going to be “stored” or “absorbed” by the JustProtect platform. Stored files would be retained on the platform as-is and absorbed files could be decommissioned.
About this client
Industry: Fin-tech startup
About: This firm works to support easy investment opportunities for anyone. They operate with over 50 vendors and fall under the regulations of the SEC, OCIE, and FINRA. The business is classified as a Registered Investment Advisor (RIA).
Forty-three, unique security documents were identified in our analysis and JustProtect could deliver 93% of the functionality of the documents without customization. Next, a baseline assessment was used to work from in the JustProtect platform to start fulfilling the FINRA checklist.
By importing the client's business and technology stakeholders into the platform, JustProtect distributed the relevant questions from a compliance checklist as an assessment directly to the appropriate people. Once complete, all internal security tasks and identified risks were able to be noted and managed within JustProtect.
The client now uses JustProtect to centrally manage their compliance posture, store their supporting artifacts, track internal security tasks, and perform their own 3rd party risk assessments on a schedule that suits their business needs.
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