Challenge: Inadequate processes for managing compliance and audits
For years, a financial claims recovery service used manual processes – a combination of spreadsheets, stored documents, email and other office tools – to manage its compliance and audit programs. Remaining compliant with the many financial rules and regulations was a time-consuming process – and there was always a chance of missing something. The company 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. It was hard for staff members to find documents, and they often referred to outdated policy versions, because some hadn’t been updated in more than two years.
As regulations grew more complex, customer compliance demands multiplied, and as 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.
Download the case study to learn more.
About NAVEX Global, Inc.
NAVEX Global is the worldwide leader in integrated risk and compliance management software and services. Our solutions help organizations manage risk, address complex regulatory requirements and foster an ethical, productive workplace culture.