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Pure Finance Group, an indirect home improvement lender based in Laurel, Maryland. recent engaged New York based Digital Edge to help them comply with the Graham-Leach Bliley Act. GLBA requires companies that offer consumers financial products or services like loans, financial or investment advice, or insurance to explain their information sharing practices to their customers and to safeguard sensitive data.
For a company with general help desk oriented IT, it is a daunting challenge to assess how information be classified, and to establish risk analysis and technological procedural controls quickly. The management team at Pure Finance Group assessed that they would need both a strategy and an overall adoption of technology and processes required by the law. They also agreed that it would take approximately 3 months. As a next step, they needed to identify a firm that had the expertise in cybersecurity, compliance and operations who could offer guidance and streamline the process for them.
Pure Financial decided to engage Digital Edge first for an internal audit to understand better the challenges and then create an overarching adoption plan. Digital Edge’s legal team provided the law and control applicability analysis while the cybersecurity team created a plan of technology controls implementation. By leveraging the tools and resources that Digital Edge brought to the project, Pure Finance Group revealed a 60% saving in time and overall completion of project was cut in half.
“We engaged Digital Edge (“DE”) in the assistance of this very important compliance project. The turnaround time on the project was very short. As soon as we engaged them, their Team of experts quickly responded, and the project was underway. They took the time to thoroughly explain what was needed, promptly completed the necessary tasks to complete the project and provide us with the information we needed to meet our deadline. Michael, Keith, and the rest of the Team were very professional, knowledgeable, and committed to helping us meet our deadline. Pure Finance Group would consider using Digital Edge for future projects.” Says HJ Snead, Director of Compliance and Risk
The overall implementation and preparation of the documentation including information, classification, risk analysis, policies and procedures as well as the internal audit took 8 weeks. Following completion of the project, the package was submitted to the state and approved within a few days after the submission.
This success story underscores the value of a responsive, integrated approach to cybersecurity, compliance, and operations providing companies in the Financial Services sector with a vital “License to Operate amid the ever-changing regulatory landscape.
