Keylight Platform Proves to be Cost Effective for Financial Services Company
OVERLAND PARK, Kan. (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. The GRC Value Awards program recognizes real-world implementations for GRC programs and processes that have returned significant and measurable value to an organization.
For years, Claims Recovery Financial Services (CRFS) used a combination of Microsoft Excel, Word, email and other office tools to manage its 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. 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. This was the Keylight Platform from LockPath. Thanks to these compliance savings realized by CRFS, analyst firm GRC 20/20 has chosen to honor LockPath.
“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. “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.”
CRFS 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.
“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.
With Keylight, CRFS was able to streamline the process of managing its internal policies and complying with state and federal regulations and customer mandates. The Keylight Platform’s automated workflows have made CRFS’ policy, compliance, change and audit management processes predictable and efficient. These workflows have cut at least 50 percent of the time and cost from each process they manage. Employees who were previously occupied with compliance can now focus on strategy and revenue-generating initiatives. Audit preparation time has dropped from over three days per audit to less than half a day per audit.
“In today’s environment of increasing micro scrutiny, there are simply too many complexities and areas of financial and reputational exposure to properly and effectively manage and resolve without taking advantage of a powerful and adaptive software that we found in LockPath’s Keylight Platform,” said Cheek.
Using Keylight to manage compliance, CRFS has capitalized on the following:
- More effective compliance as shown by zero-finding audits
- Increased confidence in compliance management
- Hundreds of thousands of dollars saved in process costs
- Increased efficiency
- Central repository for all compliance related items and tasks
“LockPath is honored to be recognized by GRC 20/20,” said Chris Caldwell, CEO of LockPath. “Keylight eases the workload of policy management, freeing up employees’ time for more strategic projects. Our work with CRFS is just one example of how we are partnering with our customers to help them realize the potential of their compliance programs.”
About Claims Recovery Financial Services
Claims Recovery Financial Services, LLC (CRFS) is the leading provider of claims processing management solutions. It processes Post-Foreclosure FHA, VA, MI, Investor Claims and consulting and training for banks, lenders, mortgage service companies and other financial institutions throughout the U.S. Founded in 2002 and headquartered in Albion, NY, the company employs more than 500 people.
About GRC 20/20
GRC 20/20 is the authority in understanding how organizations implement GRC practices that are effective, efficient and agile. Through independent research and industry interaction, GRC 20/20 advises the entire ecosystem of GRC roles within organizations, technology and knowledge solution providers and professional service firms. Organizations engage GRC 20/20 when they need insight, guidance and advice in dealing with a dizzying array of disruptive issues, challenges, processes, information and technologies while trying to maintain control of a distributed and dynamic business environment. Visit GRC 20/20 at grc2020.com and follow on Twitter at @GRCPundit.
LockPath is a market leader in corporate governance, risk management, regulatory compliance (GRC) and information security (InfoSec) software. The company’s flexible, scalable and fully integrated suite of applications is used by organizations to automate business processes, reduce enterprise risk and demonstrate regulatory compliance to achieve audit-ready status. LockPath serves a client base of global organizations ranging from small and midsize companies to Fortune 10 enterprises in more than 15 industries. The company is headquartered in Overland Park, Kansas. For more information on LockPath and the Keylight platform, visit lockpath.com. Follow LockPath on LinkedIn and on Twitter at @LockPath and @KeylightGRC for the latest in industry, company and product news.