Compliance, Compliance, Compliance, Compliance...
It’s the chant that today’s hyper-growth companies hear every step of the journey. Whether working on your growth plan, merger and acquisition, penetrating new markets, or launching new products, Compliance inevitably takes center stage. Unfortunately, meeting the rigorous requirements of different Compliance milestones is not always easy. A survey showed that 88% of Compliance leaders find themselves facing significant obstacles in implementing and growing their Security Compliance program. They face Compliance challenges of lack of manpower (47%), manual processes (42%), growing complexity of tech stack (27%), and insufficient communication with stakeholders and leadership (21%). Add to this mix the current economic climate that requires organizations to drive efficiency and shift from a cost center to a value center, and it’s clear to every Compliance leader that effective management to meet Compliance requirements is more critical than ever.
How can Organizations More Easily Overcome Compliance Challenges?
As with most things in the 21st century: with the help of technology. Compliance OS offers data-driven automation to simplify Compliance procedures. It leverages the power of organizational data and automated processes to replace manual, repetitive Compliance tasks. Compliance OS is the key to resolving Compliance problems and helping organizations scale their Compliance efforts as they grow and expand. The technology allows them to scale to meet new milestones with less effort and frustration while achieving true automated Compliance.
How to Handle Compliance Issues by Leveraging Technology
Let’s take a look at three hyper-growth companies and see how they meet Compliance requirements using automation:
1. Leading e-wallet OVO
As a leading player in the digital payment sector, OVO was faced with a range of challenges managing Compliance. They needed to comply with a wide range of InfoSec frameworks to create transparency and build trust with prospects and partners. However, the path to Compliance was not smooth for OVO. The company has several locations, with control owners located across different facilities and time zones. Additionally, OVO’s subsidiary – P2P Lender Taralite – has its own Compliance programs and frameworks that need to be considered. Manually managing OVO’s security Compliance was simply too complex.
The e-wallet financial application selected anecdotes to help them overcome the Compliance challenges of a growing company, gain better visibility into its data, and identify any gaps in advance of future audits. The anecdotes Compliance OS plugins connect to several distinct data sources, enabling OVO to automate the majority of its evidence collection across multiple frameworks.
How OVO Met Compliance with Automated Evidence Collection
With anecdote’s support, both OVO and Taralite have already passed audits, and the e-wallet plans to integrate even more of its tech stack into The anecdotes Compliance OS to further automate its Compliance program. The company expects to adopt additional frameworks and will leverage anecdotes’ cross-mapping capabilities to streamline the process.
The result: Automation of the majority of its evidence collection across multiple frameworks.
“Instead of the tedious and time-consuming process of contacting every control owner via email to collect evidence, now I simply press the Pull Evidence button on the platform, and all evidence is automatically collected and mapped.”
Johnny Febrian, Security Assurance Strategist at OVO.
2. Web Analytics & Intelligence Platform Similarweb
Similarweb, a provider of digital insights for businesses, recently went public on the NYSE. As a rapidly growing company, Similarweb found that meeting SOC 2 requirements required significant amounts of manual labor, like collecting evidence from many different functions across the organization, managing the varied requirements for SOC 2, and matching relevant evidence for hundreds of evidence requests. The company also struggled with challenges associated with Compliance, such as finding the time and resources to implement additional Compliance frameworks including ISO 27001.
How Similarweb Dealt with Compliance Issues Using Automation
Similarweb partnered with anecdotes to help them improve their security Compliance maturity by automating their evidence collection processes. Since onboarding The anecdotes Compliance OS and its Risk Manager module, Similarweb has successfully used automation to pass its SOC 2 audit, benefiting greatly from the OS’s collaboration capabilities for users and their auditor. They have also been able to meet Compliance requirements and mature their Compliance program by achieving their ISO 27001 certification using the evidence cross-mapping capabilities, leveraging work already done for SOC 2 and making it even easier to add additional frameworks in the future.
The result: Automation of over 80% of their evidence collection.
“The deep automated evidence collection, plus the true cross-mapping, have all been game changers for us, enabling us to quickly upgrade our Compliance maturity.”
Raz Karmi, CISO at Similarweb.
3. Global HR Tech Platform HiBob
As an HR company, protecting people’s sensitive information is at the core of HiBob’s mission and is reflected in its commitment to maintaining high Compliance standards and optimal security. The company found itself dedicating an immense amount of time and resources to meeting multiple Compliance frameworks, including undergoing SOC 2 audits on various business units and ISO 27001 certifications for different regions. The challenge of Compliance management - keeping their many spreadsheets organized and up to date - became overwhelming, placing a great strain on the team and the stakeholders from across the organization.
How HiBob Gained Control of Compliance with Automation
HiBob selected anecdotes to help them reduce the amount of time spent on manual labor and take control of their many Compliance processes. The anecdotes Compliance OS enabled them to eliminate spreadsheets and make sense of their many frameworks. They benefited from automated Compliance evidence collection via a wide range of plugins, and leveraged the platform’s data delegation capability, enabling HiBob to retain control of their sensitive data at all times. Using anecdotes’ policy manager and risk management apps, the HR tech platform developed a comprehensive and increasingly mature Compliance program while upholding its commitment to ensuring the best security practices.
The result: Reduced manual labor, increased visibility, greater collaboration across teams.
“It’s clear that The OS was designed with fast-growing companies like HiBob in mind, and we see our use cases accurately reflected in features and applications.”
Adi Kimhi, Head of Compliance at HiBob.
How to Meet Compliance Requirements with Automation
Whether using a GRC automation solution to more easily meet Compliance and comply with a wide range of InfoSec frameworks, create transparency and build trust, or to uncover any audit-related gaps, utilizing The anecdotes Compliance OS is guaranteed to support your organization as it grows and matures on the journey to full Compliance, Compliance, Compliance, Compliance…
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