Case Study

Revolutionizing GRC Efficiency: Cyber Risk Management Leading Tax Firm Streamlines Compliance Management and Client Oversight with TruOps

By July 31, 2024 No Comments

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Our client is a global audit, tax, and consulting firm focused on solving mid-market challenges and providing opportunities through advisor relationships and leading-edge technology.

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Summary

After thorough research and evaluation, the client decided to incorporate TruOps to enhance their competitive edge. TruOps could simplify their compliance tasks and offered flexible dashboard customization, auditing, and reporting options. Additionally, TruOps would enable them to efficiently manage clients through a single platform while ensuring data segregation and security between each tenant.

Challenges

The client faced challenges in simplifying compliance tasks and efficiently overseeing common compliance standards. They struggled with manually gathering and analyzing metrics for individual customers, leading to inefficiencies. Additionally, they lacked a centralized dashboard to view key metrics, auditable entities, and analyze risks effectively. They needed a solution to easily generate reports, assign owners for actionable items, automate follow-ups via email, and maintain an accessible audit trail.

Additional Challenges Identified, Including:

  • A lack of transparency and flexibility using cross functional workflows to manage risk and compliance.
  • The inability to analyze, detect, mitigate, and document risks.
  • Customized risk reports based on stakeholder.
  • The ability to manage multiple clients from a single interface.
  • The length of time to complete compliance assessments.

The Client Identified the Need for the Following Functionality

  • The ability to perform maturity assessments i.e. compliance assessments with custom parameters and formula configurations that aligned with a maturity score.
  • The support for multiple IdPs (Identity Providers) for user authentication.
  • Automated user provisioning and de-provisioning.
  • The capability to onboard and manage multiple clients as tenants i.e. a self-service multi-tenant environment.
  • A GRC platform for effective management of multiple programs.

Solution

TruOps provided the client with a comprehensive GRC solution and the capability to conduct Maturity Assessments, Issues and Exception Management, and Compliance Management all within a single application.

TruOps Delivered:

Automated user provisioning and de-provisioning via SCIM protocol i.e. if a user is onboarded on Okta for TruOps, it gets created automatically in both Master Instance and in requested Tenant.
Through dedicated tenant instances, the client could manage and organize customer data securely, ensuring confidentiality and compliance with regulatory requirements.
Configurable parameters and formulas to perform maturity assessments and generate maturity scores.
User authentication with Multiple IdPs (Identity Providers) support.
A centralized platform to identify, assess, and mitigate risks.
The ability to identify, assess, prioritize, and document risks across functions.
Leverage a library of popular compliance standards or upload a custom firework, meet demand for overlapping framework requirements, and predict compliance activity workload.
Critical security features, such as encryption and user access management using role-based access (RBA.)

Results

By integrating the TruOps GRC platform, our client successfully enhanced their governance, risk, and compliance (GRC) management processes to achieve:

Comprehensive Maturity Assessments, Issues and Exceptions management, and Compliance Management, all within a unified application. This streamlined approach eliminated the need for disparate systems, providing them with a centralized and efficient solution for their GRC needs.
Seamless user provisioning and de-provisioning through the SCIM protocol, ensuring automated synchronization with identity management systems. This automation not only saved time but also reduced the potential for errors in user access management.
Utilization of dedicated tenant instances enabled secure management and organization of customer data, which ensured confidentiality and compliance with regulatory requirements.
Configurable parameters and formulas for conducting maturity assessments with customized maturity scores tailored to their customer’s specific requirements. This flexibility allowed them to adapt their GRC processes according to unique and evolving business needs efficiently.
User authentication with Multiple Identity Providers (IdPs), offering enhanced flexibility and accessibility for users.
A centralized platform to identify, assess, and mitigate risk across the organization. This streamlined risk management process enabled our client to proactively address potential threats and vulnerabilities, thus strengthening their overall risk posture.
The identification, assessment, prioritization, and documentation of risks across various business functions, ensuring comprehensive risk coverage.
Access to a library of popular compliance frameworks or the ability to upload custom frameworks that enabled our client to meet regulatory requirements efficiently and predict workload associated with compliance activities accurately.
Implementation of critical security features such as encryption and role-based access management, ensuring data security and user access control.

Conclusion

TruOps not only streamlined our client’s GRC processes but also enhanced their overall compliance, security, and risk management capabilities, positioning them for continued success in a competitive and rapidly evolving business landscape.

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About TruOps

TruOps is a powerful GRC platform that transforms traditionally siloed modules into a risk operations center. Designed to integrate and automate critical GRC functions, TruOps simplifies the security, risk, and compliance processes organizations need to manage and control risk effectively. TruOps meets your organization where it is today and scales to meet evolving cyber risks, whether regulatory, internal, or third party.

 

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