Fynancial's SOC 2 Compliance Success with Akitra's White-Glove Support. Unmatched Time and Cost Savings with Automation!
Unlocking new business opportunities through seamless SOC 2 compliance with Akitra.
Fynancial, a leading software-as-a-service platform for registered investment advisory firms in the wealth management industry, recognized the importance of compliance with essential security frameworks. Handling sensitive financial and personal data meant a strong security posture was imperative. As enterprise customers demanded more rigorous compliance certifications, Fynancial needed a trusted partner to simplify and accelerate the process. That’s where Akitra, a leading AI-enabled compliance automation platform, stepped in. Akitra’s role was to provide the necessary tools, automation, and support to help Fynancial achieve SOC 2 compliance efficiently while enhancing their overall security, earning trust, and expanding their market reach.
The Challenge
Fynancial faced several challenges in their journey towards achieving SOC 2 compliance:
Manual Processes: Having previously managed compliance through time-consuming manual processes, Patrick Parker experienced firsthand the challenges of handling extensive documentation, screenshots, and reviews.
Resource Constraints: As a startup with a small team, Fynancial was in a constant struggle to balance compliance tasks with revenue-generating activities. A solution that could alleviate this burden was crucial.
Enterprise Customers Requirements: To engage with larger enterprise customers, Fynancial needed to demonstrate adherence to SOC 2 standard, a requirement for advancing in their market segment.
Time Sensitivity: The team recognized the opportunity to obtain SOC 2 Type I and SOC 2 Type II attestation quickly, opening doors to new business opportunities and strengthening relationships with key prospects.
When we chose Akitra, we found a partner that exceeded our expectations in every way. Akitra had all the automation, connectors, and support we needed, and their attention to detail throughout the process was unmatched. We never had to worry about what was next. Akitra made the entire experience seamless, leading to a fantastic working relationship that we couldn’t be happier with.
Patrick Parker
Chief Product Officer, Fynancial
Akitra's Solution
After evaluating various competitors, Fynancial chose Akitra for its excellent customer support. Patrick Parker said, “Akitra’s service goes beyond just checking a box. It’s about understanding the why behind every action. For a growing business like ours, that’s paramount. They help us grasp why we’re implementing specific controls and the advantages these bring to our product and platform.”
Akitra’s comprehensive solution that addressed their challenges head-on:
Automation of Evidence Collection: Akitra’s platform automated the collection of compliance evidence by seamlessly integrating with Fynancial’s existing technology stack, including AWS and Jira. This eliminated the need for manual documentation and significantly reduced the compliance burden.
Streamlined Workflows: The platform offered clear, visual workflows and reminders, making it easy for Fynancial’s team to track their progress and stay on top of deadlines.
White-Glove Support: Akitra’s team provided exceptional support throughout the compliance process, ensuring that Fynancial never had to wonder about their project’s status or next steps. Regular check-ins and consistent follow-through fostered a smooth experience.
Scalability for Future Needs: Beyond SOC 2 compliance, Akitra prepared Fynancial for future compliance needs, such as CCPA and GDPR, enabling the company to expand into new markets with confidence.
The Result
The partnership with Akitra led to remarkable outcomes for Fynancial:
Rapid Attestation: Fynancial achieved SOC 2 Type II attestation in an impressive timeframe of less than six months, a process that would have taken over a year with manual methods.
Resource Optimization: The automation provided by Akitra saved countless hours, allowing Fynancial’s team to focus on core business activities rather than getting bogged down by compliance tasks.
Increased Revenue: With SOC 2 attestation, Fynancial secured several large contracts, translating into tens of millions of dollars in new business.
Enhanced Organizational Maturity: Implementing structured processes and controls not only met compliance requirements but also matured Fynancial’s overall operational environment.
The ROI we’ve seen with Akitra is incredible. With a small team of six, we achieved our SOC 2 Type II certification in under six months, something that used to take a year with a much larger team when done manually. The time and resource savings are massive, but the financial impact is even greater. This attestation has directly led to deals worth tens of millions, making our investment in Akitra invaluable.
