NAVEX > Case Studies > Claims Recovery Service Embraces Integrated Risk Management & New Risk Culture

Claims Recovery Service Embraces Integrated Risk Management & New Risk Culture

Customer Company Size

Mid-size Company

Region

America

Country

United States

Product

Lockpath

Tech Stack

NAVEX Global's GRC Platform

Implementation Scale

Enterprise-wide Deployment

Impact Metrics

Cost Savings
Productivity Improvements

Technology Category

Application Infrastructure & Middleware - Data Exchange & Integration

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Use Cases

Regulatory Compliance Monitoring

Services

System Integration

About The Customer

Claims Recovery Service is a financial claims recovery service company that used manual processes to manage its compliance and audit programs. The company had to comply with many financial rules and regulations, which was a time-consuming process. They relied on documents in hundreds of file folders in multiple network drives, each with its own security permission. The company maintained a list of policies on spreadsheets and Sharepoint sites, but none of the information was linked, making it nearly impossible to update policies or even know they existed. As regulations grew more complex and customer compliance demands multiplied, the cost of noncompliance grew steeper. The company was spending more than $500,000 a year managing compliance.

The Challenge

Claims Recovery Service was struggling with managing compliance and audits due to inadequate processes. They were using manual processes such as spreadsheets, stored documents, email, and other office tools. The company had to comply with numerous financial rules and regulations, which was a time-consuming process with a high risk of missing something. They relied on documents in hundreds of file folders in multiple network drives, each with its own security permission. The company maintained a list of policies on spreadsheets and Sharepoint sites, but none of the information was linked, making it nearly impossible to update policies or even know they existed. As regulations grew more complex, customer compliance demands multiplied, and the cost of noncompliance grew steeper, it quickly became clear spreadsheets weren’t enough. The company was spending more than $500,000 a year managing compliance.

The Solution

The company chose NAVEX Global's governance, risk management, and compliance (GRC) platform, Lockpath, for its capabilities in compliance and policy management, as well as audit management. Lockpath helps organizations centralize their compliance program, respond more quickly and thoroughly to audit requests. The company uses NAVEX Global’s Lockpath to store and centralize the company’s 500+ policies and procedures, and to set the appropriate permission levels. The audit coordinator was also relieved from having to conduct an exhaustive network search for a particular document, since they centralized responses to common audit questions. The new system flagged related policy documents and automatically prompted the appropriate people to review and approve updates – before deadlines passed.

Operational Impact

The company's policy, compliance, change, and audit management processes became more predictable and efficient, relieving employees so they could spend their time on strategy and revenue-generating initiatives.
The audit coordination process that used to take multiple staff members more than a week to complete is now accomplished by one person in one or two days.
The company’s sales team leverages its zero-finding audits as a competitive advantage during the prospecting and sales process.

Quantitative Benefit