One of the world’s 50 biggest banks recently tapped REGTECH100 company Ascent to find out how to comply with the General Data Protection Regulation (GDPR).
The bank ended up saving several thousand of dollars in compliance expenses.
In a new case study, Ascent states that the unnamed customer had an annual revenue of $20bn, 30,000 employees and had to comply with more 300 than regulators around the world.
However, it still needed help to understand what parts of GDPR it was required to comply to, despite having gone to several other consultancies unable to help it.
“Frustrated with their journey so far, the Bank partnered with Ascent, an AI-powered compliance automation solution,” Ascent wrote in a case study. “Ascent generates the obligations that apply to the customer, helping banks and other financial firms reduce risk and gain confidence in their compliance programs.
“Using Ascent, the bank was able to comprehensively identify its GDPR obligations at a fraction of the time and effort, kickstarting its path to compliance and better positioning the Bank to protect the privacy of its customers.”
Ascent managed to reduce the compliance cost by 99%, slashing hundreds of thousands of dollars off its bill. It also managed to do the compliance check within minutes.
Ascent recently bagged $19.3m in a Series B round and added several Australian regulators to its roster.
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