Claims Recovery Financial Services
Keylight® Case Study
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CRFS eliminated costly, time-consuming processes by using the LockPath Keylight® Platform
For years, Claims Recovery Financial Services (CRFS) used a combination of spreadsheets, stored documents, email and other office tools to manage its compliance and audit programs. As regulations grew more complex, as customer compliance demands multiplied, and as the cost of noncompliance grew steeper, the company was spending more than $500,000 a year managing compliance.
CRFS found the solution to these challenges by implementing the Keylight governance, risk management and compliance (GRC) platform from LockPath. It not only helped CRFS cut compliance and policy management costs dramatically, but also improved the accuracy and efficiency of its entire compliance program.
Prior to the implementation of the Keylight Platform, the company’s policies and procedures were scattered throughout the organization’s networks. CRFS stored documents in hundreds of file folders in multiple network drives, each with its own security permission. Information was segregated by division. The company maintained a list of policies on spreadsheets and Sharepoint sites. None of this information was linked. This made it cumbersome to locate documents, and some hadn’t been updated in more than two years. Staff members often referred to an outdated version of a policy document.
This became an issue each time the company was subjected to one of its 15 to 20 annual audits, some by industry regulators and many by clients. Audit formats differed, ranging from online questionnaires to comprehensive onsite inspections. The audit process consisted of a scavenger hunt for the necessary documents, even to the point of searching for a paragraph located on a specific page of a policy document located in the same network folder as 30 other documents.
Each audit required more than a week and several workers, including an assigned project manager and multiple compliance specialists, to complete the questionnaires and locate supporting documentation. Senior management also spent time on audit tasks and remediation instead of focusing on business objectives. And even then, the company’s internal audit team would inadvertently omit items they didn’t even know existed because they were buried in a network drive.
This structure – or lack thereof – also made policy management challenging. When new regulations or client requirements necessitated policy updates, company officials had no way of ensuring that every impacted document was updated.
In all, CRFS estimates it spent more than $500,000 annually on compliance prior to the Keylight Platform, which included employees dedicated to audit tasks, audit preparation and management review.