The Fintech Power 50 Annual Guide 2020

Page 104

K E E PA B L

HOW SAAS IS TRANSFORMING COMPLIANCE

Keepabl is on a mission to help stressed compliance and security teams with an award-winning, innovative GDPR-as-a-service solution Still managing privacy and security governance on a spreadsheet? Feeling the pain? Just as previous software as a service (SaaS) solutions have transformed sales, HR and accounting, Keepabl is leading the charge to transform compliance. Financial institutions have to deal with a steady stream of broad-hitting compliance requirements, putting stretched compliance, IT and security teams under constant pressure. At the core of almost every activity is personal data and so the EU General Data Protection Regulation (GDPR), which came into effect on May 2018, is at the centre of every organisation’s governance, risk and compliance activities. GDPR’s territorial scope means it’s not just those in Europe who have to comply – it will continue to be a compliance requirement for UK financial services after Brexit, both directly for those processing data about individuals in Europe and because the UK plans to adopt it as the ‘UK GDPR’. But, more than a year after GDPR came into effect, survey after survey reveals how badly organisations are doing at GDPR compliance, how complex they find it, and how hard it is for them to find actionable advice and useful tech solutions. At the same time, GDPR fines into the tens of millions of euros are coming thick

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and fast across Europe on all aspects of GDPR compliance over the data lifecycle. From over-collection of personal data, lack of transparency in processing, security failures and lack of accountability, to lack of retention procedures at the end of the cycle, regulators are turning up the pressure. With most financial institutions now including GDPR in their internal audit functions, and with GDPR firmly entrenched in vendor and investor due diligence, how can compliance teams and colleagues get GDPR under control in a simple and efficient way?

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Our customers attest to achieving compliance faster and managing ongoing compliance across teams, advisers and borders more easily and efficiently Enter Keepabl’s award-winning compliance-as-service solution. Keepabl’s founder, Robert Baugh, spent more than 13 years as general counsel of high-growth, VC-backed, SaaS companies and felt first-hand the pain of translating complex compliance requirements into simple, achievable programmes while juggling other responsibilities in risk management and reward generation.

Baugh notes: “These decades of legal and SaaS expertise, and experience of compliance implementation, drive Keepabl’s culture and product philosophy. This is resonating both with those doing the day-to-day job of compliance in finance and those managing strategic risk. Our intuitive, customer-focussed GDPR-as-a-service solution is helping customers across the industry, from fintechs to asset managers, wealth managers, VCs and private equity.” Keepabl’s ‘product-led’ software gets incredibly positive and emotional responses when people see the solution – and we’re talking about data protection and security! According to Baugh: “When the product responds to and answers the pain and concerns felt by users, without being demanding or needing training, you get that emotional response. It’s very rewarding to see that we’re solving pain points and bringing efficiency to such an unloved area. “Keepabl’s aim is to use tech to solve people’s headaches as we deliver value through innovative SaaS solutions. I offer no apologies if that sounds flighty to some, as it’s incredibly apposite in these high-pressure times. Our service is underpinned by decades of deep expertise and experience. You can see

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