The customer is a leading private equity firm in San Francisco that holds over $10 billion in assets under management. The firm’s portfolio includes a diverse roster of companies in technology, real estate, healthcare, and consumer goods.
The firm helps its portfolio companies scale their growth sustainably. While headquartered in the US, the firm also had 14+ offices in 10 countries across North America, Europe, and Asia.
Its risk management and compliance managers were responsible for GDPR compliance by keeping track of information held on investors, portfolio companies, and their employees.
A need to simplify and speed up regulatory compliance
Regulations such as the EU GDPR (General Data Protection Regulation) require organizations to know what sensitive data they collect, how they process it, and what they do with it. In addition to explaining data collection, storage, and use, organizations must ensure that it’s easily accessible.
GDPR compliance also mandates organizations to track and report breaches within 72 hours.
To this end, the risk management and compliance managers at the private equity firm had to manage and continuously monitor all information related to audits and compliance. This would involve (but wasn’t limited to) the following:
As the firm’s portfolio expanded, it became challenging to look for the right information, organize it as per standardized formats, and discuss it with the relevant people at scale.
The managers spent 26% of its time each month looking for information and organizing it. Despite the time and effort invested, they could put together all the data they needed for compliance audits and reports only 76% of the time.
This could translate to potential GDPR or RBI penalties that affected the firm’s brand image, besides cutting into its margins.
So, the firm wanted a tool that simplified compliance, access, and visibility with:
Discussing the anomaly would involve numerous back-and-forths across various teams, using multiple channels of communication – email, Slack, conference calls, and more.
With the firm expanding across geographies, the team wanted a mechanism in place to curate and share the essential information in real-time.