Transforming compliance: how Allison achieved SOC 2 attestation with Thoropass and SciSpike

CHALLENGE

Ensuring data security and integrity to protect financial data

Allison’s customers include banks, credit unions, and FinTech companies. These institutions rely on them to handle their data with the highest level of care and diligence. In the FinTech industry, maintaining compliance is crucial due to the sensitive nature of financial data and the stringent regulatory requirements.

Achieving SOC 2 compliance is not just a benchmark of their commitment to data security and integrity but also a vital component of their operational framework. It assures that they adhere to rigorous standards for data protection. SOC 2 compliance is essential to safeguarding their clients’ information and maintaining the integrity of the financial ecosystem.

SOLUTION

Expert partnership and comprehensive tools that streamline compliance

An existing Thoropass customer, the Allison team  discovered that SciSpike was part of the Thoropass  Partner Ecosystem, via their customer success manager. They were instrumental in guiding them through the entire compliance process by providing comprehensive resources and tools that made understanding and implementing compliance requirements much easier. Regular check-ins and consultations ensured they stayed on track and addressed any issues promptly. Their expertise and support were vital in achieving their SOC 2 attestation smoothly.

According to Brian Alvarez-Bailey, Allison’s CEO: “Without the support of our Thoropass partner, the compliance journey would have been significantly more difficult. We would have faced numerous challenges in interpreting the requirements and implementing necessary controls. Without the expert guidance they provided, we would have experienced  delays and potential non-compliance issues. Overall, the process would have been more stressful and less efficient without their assistance.”

Thoropass’s implementation process was thorough and well-structured, providing a clear roadmap for Allison to follow. Initially, it seemed daunting, but with the step-by-step guidance from SciSpike they were able to tackle each phase systematically. Regular feedback sessions and progress reviews helped them stay aligned and address any challenges promptly. The process was a collaborative effort that significantly streamlined their path to compliance.

Allison’s experience with the Thoropass product and service has been exceptional. The platform is user-friendly and offers a comprehensive suite of tools that simplify the compliance process. The support from their Thoropass service partner, SciSpike, has been invaluable, providing them with timely and accurate guidance throughout their compliance journey.

The ongoing support and open communication channels ensured that any issues were quickly resolved. Their expertise and commitment were key factors in the successful implementation of the compliance framework.

RESULTS

Partner expertise and support leading to enhanced credibility and business growth

Obtaining their SOC 2 attestation has had a substantial positive impact on Allison’s business, particularly in enhancing their credibility and trustworthiness with banks and credit unions.

Since receiving its certification, the business has seen a 25% increase in the number of inquiries from potential clients within the financial sector. Their sales conversion rate has also improved by 15%, as the certification provides an additional layer of assurance regarding their security and compliance standards. Additionally, their customer retention rate increased by 10%, as clients feel more confident continuing their partnership with a certified provider. Overall, the SOC 2 attestation has not only boosted their reputation but also positively influenced their business growth metrics.

LOOKING AHEAD

Ongoing compliance with automated monitoring and expert support

Allison plans on continuing to leverage Thoropass’s continuous compliance services to maintain their certification by utilizing:

• Automated monitoring tools help them stay updated with any changes in compliance requirements.
• Regular audits and reviews conducted by Thoropass’ service partner, SciSpike, to ensure their processes and controls remain effective and aligned with the latest standards.
• Ongoing support from their service partner will allow them to quickly address any issues that arise, ensuring their compliance status is always current.

Thoropass’s complete compliance software along with SciSpike’s proactive approach and expert advice will play a crucial role in helping Allison sustain their compliance efforts seamlessly well into the future.

To maintain compliance in the future, Allison also plans to continuously review and improve their processes, ensuring they meet the latest standards. Regular training for their team and periodic audits will be part of their strategy to uphold their compliance status.

As Allison’s CEO, Brian Alvarez-Bailey puts it: