Claims Recovery Service Embraces Integrated Risk Management & New Risk Culture
公司规模
Mid-size Company
地区
- America
国家
- United States
产品
- Lockpath
技术栈
- NAVEX Global's GRC Platform
实施规模
- Enterprise-wide Deployment
影响指标
- Cost Savings
- Productivity Improvements
技术
- 应用基础设施与中间件 - 数据交换与集成
适用行业
- 金融与保险
适用功能
- 商业运营
用例
- 监管合规监控
服务
- 系统集成
关于客户
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.
挑战
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.
解决方案
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.
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