Go
CONTACT US
close modal

Worldwide Sites

Compliance 360® GRC Software enterprise compliance management solution helps EdFinancial Services meet regulatory requirements

We needed a solution that would enhance our existing processes and provide a corporate-wide view of all our compliance policies. Based on the reputation of the product and the company, we knew Compliance 360 would be a solid match for our requirements and a technology partner we could depend on as our business grows.

Gerele Wanda Hall

Vice President and Director of Compliance

 

Company Overview

EdFinancial is a private nonprofit corporation headquartered in Knoxville, Tennessee, providing student loan origination and servicing for 13 of the nation's top 100 lenders. EdFinancial works with regional and national banks, secondary markets, state agencies and other student loan providers to create innovative, customized solutions. Currently, the company has over $6 billion in total assets under management.

Challenges

EdFinancials began looking for a governance, risk and compliance management solution when they determined they needed a centralized system for policies and procedures, contracts, content, and their evidence room. They wanted to automate their compliance and contract management process to more effectively track compliance with Higher Education Act (HEA) legislation as well as many state regulations and non-HEA federal laws.

Return & Benefits

EdFinancials has achieved a real-time view into the “evidence of compliance” throughout their enterprise. They've been able to organize all federal and state-specific statutes and regulations while tying those directly to their own policies and documentation. The Compliance 360 solution has enabled workflow automation of business processes and provided on-demand reporting and compliance visibility.

Solution

EdFinancials chose the enterprise compliance management solution from Compliance 360 to centralize documentation concerning these many rules and regulations and integrate them with their policies, documents and business owners. The following Compliance 360 features were especially important:

  • Management Dashboard to show real-time compliance status along with task activity distribution
  • Project and Policy Management to assist in employee collaboration and version control
  • IT Governance Compliance (ISO 17799) to ensure valid security framework
  • Content Acquisition to manage Change Control for Regulations and Policies