Audit preparation time has dropped from over three days per audit to less than half a day per audit.

Employees who were previously occupied with compliance can now focus on strategy and revenue-generating initiatives. These workflows have cut at least 50 percent of the time and cost from each process they manage. The Keylight Platform’s automated workflows have made CRFS’ policy, compliance, change and audit management processes predictable and efficient. With Keylight, CRFS was able to streamline the process of managing its internal policies and complying with state and federal regulations and customer mandates. “Incorporating Keylight into our compliance management system has enabled us to achieve efficiency, accountability and transparency improvements that we had not been able to achieve using the disjointed tools and methodologies that we had in place - not even with adding more compliance staff,” said Deborah Cheek, Executive Vice President of Systems & Compliance at CRFS. “These successes are a milestone toward advancing GRC maturity, enabling the organization to achieve greater efficiency, effectiveness and agility in GRC processes and broader business operations.”ĬRFS configured LockPath’s Keylight GRC platform to manage its entire compliance process. Prior to Keylight, CRFS estimated it spent more than $500,000 annually on compliance, which included employees dedicated to audit tasks, audit preparation and management review. “LockPath has demonstrated proven business value in policy management through its work with CRFS,” said Michael Rasmussen, GRC Pundit for GRC 20/20 and internationally recognized expert. Thanks to these compliance savings realized by CRFS, analyst firm GRC 20/20 has chosen to honor LockPath. This was the Keylight Platform from LockPath. Then, CRFS implemented a solution that not only cut compliance and policy management costs dramatically, but also improved the accuracy and efficiency of its entire compliance program. But as regulations grew more complex, as customer compliance demands multiplied and as the cost of noncompliance grew steeper, the company was spending over $500,000 a year just to manage compliance. The GRC Value Awards program recognizes real-world implementations for GRC programs and processes that have returned significant and measurable value to an organization.įor years, Claims Recovery Financial Services (CRFS) used a combination of Microsoft Excel, Word, email and other office tools to manage its compliance program. (November 1, 2016) - LockPath, a leader in governance, risk management and compliance (GRC) solutions, today announced the company is being honored with the 2016 GRC Value Award in Policy Management. Keylight Platform Proves to be Cost Effective for Financial Services Company

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