Terrapin Technologies Reduced Time Waste by 75%
Terrapin Technologies cut compliance management time by 75% with StandardFusion, automating policy updates, improving risk visibility, and streamlining SOC 2 and ISO 27001 compliance.
Terrapin Technologies Fast Facts
Based out of Minnesota, USA, Terrapin Technologies provides financial data and reporting solutions for broker-dealers and registered investment advisors. The web-based technology helps wealth management firms increase productivity and operational efficiency.
Industry
Financial
Location
Bloomington, Minnesota
Employees
11-50
Founded
1995
The Challenge
Terrapin Technologies previously used KnowBe4 to manage compliance and security training, and Spreadsheets to handle risk management. These solutions were limited and needed to be managed manually, leaving room for connections to become outdated and making it a struggle to manage policies efficiently. The company acknowledged that effective policy management was not only crucial to maintaining SOC2 Type 2 compliance and following ISO 27001 standards but also essential for promoting consistency in decision-making.
“We wanted something that allowed us to link our policies to controls and eliminate a lot of tedious work. Whenever we made updates to a policy, we would also have to make changes to each control the policy was attached to.”
Tom Umphress
Director of Operations
At
Terrapin Technologies
The Solution
Terrapin Technologies was looking for a GRC platform that could meet all the requirements for functionality and performance, particularly in compliance management. The company needed to develop a stable environment for information assurance and implement a more efficient compliance program to maintain SOC 2 type 2 attestations and follow ISO 27001 standards, in addition to automating policy management and distribution.
The Results
With StandardFusion’s platform, policies, controls, and requirements are linked together, and updates are automatically applied. As a result, Terrapin Technologies now spends roughly 75% less time managing policies and controls compared to the previous system. “When a policy is edited, we have set the system to automatically create a task whenever a policy’s status changes, alerting owners and triggering additional processes. We can see the connections between policies, controls, and requirements in the preview pane and how the changes flow through the rest of the system allowing for greater efficiency and ease of use,” revealed Umphress. In the past, Terrapin Technologies struggled with implementing a robust risk and vendor management program, which became more evident when they migrated their data to the new platform. The improved visibility provided by StandardFusion allowed them to identify gaps in their risk management processes, making it easier to manage and monitor risks.
Reduced time waste by 75%
Improved work accuracy
Developed scalable risk program
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