Software that tracks governance risk in real-time can both improve executive decision making and reduce audit failures, which in turn cuts down on reputational damage and fines.
A Fortune 500 financial institution recently refreshed its governance process: In a matter of weeks, it went from manually managing its compliance program in Word Docs and Excel spreadsheets, which were instantly out of date, to adopting RegScale’s API-powered automation platform. RegScale serves as a compliance system of record, integrates with the firm’s security tooling (in this case, Wiz, an Insight Partners portfolio company), maps information to compliance requirements, automatically creates necessary tickets, and spits out audit-ready documentation.
“[The firm] now visualize their compliance and risk posture in real-time, for their board and decision makers,” RegScale CEO Anil Karmel told Insights Distilled. “The first reaction is, ‘It’s too good to be true.’”
The new system saves time and reduces human error, while also providing a more accurate understanding of current risk.
“It’s transforming the culture of compliance to be real-time, continuous, and complete,” Karmel said.
RegScale just announced $20 million in fresh funding.