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High-Growth Software Company Scales to Meet Demand for Risk Monitoring
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries
- Software
Applicable Functions
- Business Operation
Use Cases
- Regulatory Compliance Monitoring
- Remote Asset Management
Services
- System Integration
The Challenge
The software company, based in Portland, Oregon, was facing a growing challenge in tracking and responding to risks posed by customer data collection. As the company grew, it faced increasing regulatory requirements from new industries such as healthcare and finance, geographic data privacy laws, and various requirements for third-party vendor relationships. The company's existing risk management processes, which relied heavily on spreadsheets, emails, shared drives, local drives, and even print-outs, were proving inadequate. The company had no central repository for risk management data, and the information security manager was struggling to manually find and track all this information. The company needed a more efficient and effective way to manage risk, track audit requests, align their responses to regulatory requirements, demonstrate compliance, and protect customer data.
About The Customer
The customer is a high-growth software company based in Portland, Oregon. They build a popular enterprise communication solution for employee collaboration. As the company grew, it faced increasing regulatory requirements from new industries such as healthcare and finance, geographic data privacy laws, and various requirements for third-party vendor relationships. The company's existing risk management processes, which relied heavily on spreadsheets, emails, shared drives, local drives, and even print-outs, were proving inadequate. The company had no central repository for risk management data, and the information security manager was struggling to manually find and track all this information. The company needed a more efficient and effective way to manage risk, track audit requests, align their responses to regulatory requirements, demonstrate compliance, and protect customer data.
The Solution
The company chose NAVEX IRM from NAVEX to formalize and speed up their customer audit program, while at the same time ensuring compliance and third-party due diligence. NAVEX IRM helped the software company manage and respond to the influx of customer audits by centralizing all risk data and documentation, significantly reducing the time and effort to find requested information. The company was also able to formalize a third-party risk management program, automatically issuing comprehensive risk assessments to all third parties. Answers were automatically weighted and scored to provide instant visibility into high-risk vendors. In addition to solving headaches related to customer audits, the software company was able to orchestrate a multiregulation compliance program to track and manage compliance efforts required by their customers. They were also able to use the platform to maintain their ISO 27001 certification and SOC II compliance.
Operational Impact
Quantitative Benefit
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