Compyl was approached by a fast-growing fintech company that needed industry-specific regulatory compliance to expand its services in the Asia-Pacific region. The financial technology industry is one of the most heavily regulated across the Globe, therefore, compliance with such regulations is essential for a successful business, customer confidence, and avoiding financial penalties.
In order to operate effectively in its business segment, this Company needed to comply with a new regulation unique to the region, therefore, security expertise and supporting technology was the key to success.
The Monetary Authority of Singapore (MAS), one of the world’s most regulated countries, established guidelines that set out the requirements to develop sound and robust risk and cyber security management. Organizations do their best to stay on top of every regulation and requirement, however, it is always a challenging task to comply with a completely new requirement. Using Compyl, an all-in-one automated tool that saves time, costs, and resources, is essential for a quick alignment.
Compyl assessed the Company’s current state, with a gap assessment built into Compyl the tool, and quickly adopted the guideline’s requirements to establish a control set in the Information Security Management System (ISMS) module. Additionally, the Company’s policies were uploaded to the Policy Management Module to edit and adjust them to the additional requirements.
Based on the gap assessment results, the Company was able to extend policy requirements and effectively communicate them across the organization for further controls implementation. The Company was able to quickly determine gaps in the requirements and automate additional control requirements with Compyl and its integration capabilities. With the help of the Compliance Overview Module and customizable reporting function, the Company was able to continuously keep the C-Suite up-to-date with progress on the initiative, keeping stakeholders and executives well informed.
Compyl allowed for an effective as-is assessment for a company that needed quick compliance with a new regulation. With the help of Compyl, they could address the additional needs, see the gaps and implement controls where needed to comply with the new regulation. Request a demo to learn more about what we can do for you.