ComplyAdvantage is the leader in AI-driven financial crime risk detection data and insights. By enabling you to understand the real risk of who you're doing business with, ComplyAdvantage helps organizations to reduce compliance costs, pre-empt financial crime and increase operational efficiency.
The tool operated using the world's only global, real-time risk database of people and companies. They actively identify tens of thousands of risk events from millions of structured and unstructured data points.
The challenge
Given the critical and time-sensitive information that ComplyAdvantage handles for its customers, it is vital that its systems are up and running and any incidents are identified and mitigated as quickly as possible.
Before using incident.io, ComplyAdvantage would manage their incidents through a manual process, using a combination of Jira and Slack.
The team found several issues with the approach they were taking:
- As the team grew, they found that this method of responding to incidents was not scalable.
- There wasn’t a clearly defined way to make decisions on prioritisation and required next steps for different incident types.
- The team was finding that the process was fragmented and inconsistent.
We previously had an incident management process that wasn’t built to scale
- A scalable process that could grow with the team
- A way to streamline incident management and reduce noise
- A tool that would help to standardise incident response
The solution
Automation brings consistency and reduced time spent on process
incident.io provides automation at every stage of the incident allowing teams to think less about the process and focus more on fixing. By implementing workflows, incident.io has allowed ComplyAdvantage to minimise the number of steps that they need to take to manage an incident, while decision flows help the team to bring consistency to the way incidents are prioritised and managed.
Previously we had fifteen things to do. incident.io has taken it down to two or three... So you can only focus on what you actually need to focus on and let the automation do the rest.
The team has also found that the nudges and prompts built into incident.io make sure nothing falls between the cracks, particularly during stressful incidents when the team are spinning lots of plates. This has allowed the engineering to reduce time spent on running incidents and focus more on building out the product.
Improved collaboration and communication across the organization
Particularly in the case of major incidents, ComplyAdvantage have found using incident.io has step changed their ability to make sure the right people have access to the right information, at the right time. Instead of fragmented communication and key stakeholders playing catch up or finding themselves out of the loop, incident.io makes sure that everyone who needs to be aware of or involved in an incident has all the information they need to do their jobs and keep the business on track.
Not only did we have security, we had legal, we had engineering...pretty much everyone up to the CEO was quite heavily involved.
