Region: Global
Industries: Cryptocurrency, Fintech
Cable Solutions: Automated Assurance
Ramp, an FCA-registered crypto asset business, focuses on bridging the traditional fiat world with web3 and crypto economies, to make this connection as seamless as possible for both partners and customers. Their drive to innovate is rooted in compliance, ensuring they meet regulations and stakeholder confidence at every turn.
Brief
To streamline and automate financial crime risk management processes, improve reporting accuracy, and enhance collaborative efforts ensuring compliance and user-friendliness.
Brief Challenge:
Ramp Networks faced the challenge of managing complex quality assurance and risk assessment tasks, which required significant manual effort leading to inefficiencies and potential for error.
Brief Solution:
Implementing Cable’s Automated Assurance tools reduced manual workloads, improved data & reporting accuracy, and with 100% compliance testing, transformed Ramp into a compliance role model within the crypto-finance industry.
From its inception, Ramp prioritized a compliance-first approach, knowing the pitfalls of retrospective testing and remediation.
Ramp faced unique challenges inherent to the crypto economy, as they grew, they faced the monumental task of ensuring their compliance program met the highest standards of quality and efficacy – but manual quality checks and risk assessments were resource-intensive and prone to errors.
Initially, their compliance coverage was around 1%, managed through laborious manual processes, spreadsheets, and ad hoc communications.
A key objective for Ramp was to adopt a scalable testing solution that could grow with the company, circumventing extensive remediation work common in the industry. They aimed to demonstrate unwavering adherence to regulations and build trust among stakeholders, partners, and customers in an industry often seen as rule-averse.
"We have to find a seamless balance between servicing good customer and keeping out the bad guys."
James Dalton, Seinor Regulatory Compliance Manager and DMLRO
The balance between customer service and regulatory compliance was delicate and crucial. James Dalton, Senior Regulatory Compliance Manager and DMLRO puts it succinctly "We have to find a seamless balance between servicing good customers and keeping out the bad guys.”
Moreover, the manual dip sample testing was limited and sporadic, covering only a fraction of total accounts, which made comprehensive oversight nearly impossible.
Ramp sought a partner that could adapt to their unique business model and scale alongside them. Ramp Networks deployed Cable’s Automated Assurance tools to enhance their quality checks, which now automatically verify data integrity, freeing up human resources for more strategic tasks.
Ramp's partnership with Cable transformed their compliance and assurance processes from a traditional dip sampling method to a proactive, automated system that ensures "100% compliance testing," as Steven Eisenhauer, Chief Risk and Compliance Officer emphasizes, and provided Ramp’s compliance team with greater certainty and the ability to identify and control issues promptly, avoiding the escalation of problems and extensive customer account remediation.
"One of the things we really like about Cable is going to our regulators and saying we have compliance assurance. Some regulators, particularly in the UK, when they hear we are using Cable, gice us automatic credit."
Steven Eisenhauer, Chief Risk & Compliance Officer
Cable became a pivotal tool, allowing for a streamlined and secure communication flow between team members, and fostering a collaborative line of communication that was both efficient and reliable. This shift allowed the compliance team to transition from being perceived as a cost center to being a fundamental part of Ramp's strategic operations, preventing problems and preempting regulatory scrutiny before they become unmanageable issues.
The results of implementing Cable's solutions were dramatic, the adoption of these technologies not only addressed the immediate challenges but also positioned Ramp Networks as a forward-thinking leader in risk management.
James noted that Automated Assurance led to significant operational efficiencies, including a reduction in manual processing time, while also meaningfully cutting down the time required to onboard new partners from weeks to just days. James noted that this shift in compliance testing gave the team the freedom to add more value to the business and enabled prioritization of the product team's resources.
"Cable gives me the confidence to walk into any regulator and say I know I don't have a breach."
Steven Eisenhauer, Chief Risk & Compliance Officer
Cable’s technology enabled Ramp to identify areas for improvement in its compliance program, which would have likely been missed with traditional dip sampling. This real-time testing approach meant that any issues impacted only a small number of accounts, preventing large-scale remediation projects.
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Why Fintechs Need 24/7 Automated Compliance Testing.png)
Expanding Compliance Testing: New Modules for Reg E, Reg B, and Reg Z
Compliance as a Competitive Advantage: A Perspective from the Frontlines of Embedded FinanceRegion: Global
Industries: Cryptocurrency, Fintech
Cable Solutions: Automated Assurance
Ramp, an FCA-registered crypto asset business, focuses on bridging the traditional fiat world with web3 and crypto economies, to make this connection as seamless as possible for both partners and customers. Their drive to innovate is rooted in compliance, ensuring they meet regulations and stakeholder confidence at every turn.
Brief
To streamline and automate financial crime risk management processes, improve reporting accuracy, and enhance collaborative efforts ensuring compliance and user-friendliness.
Brief Challenge:
Ramp Networks faced the challenge of managing complex quality assurance and risk assessment tasks, which required significant manual effort leading to inefficiencies and potential for error.
Brief Solution:
Implementing Cable’s Automated Assurance tools reduced manual workloads, improved data & reporting accuracy, and with 100% compliance testing, transformed Ramp into a compliance role model within the crypto-finance industry.
From its inception, Ramp prioritized a compliance-first approach, knowing the pitfalls of retrospective testing and remediation.
Ramp faced unique challenges inherent to the crypto economy, as they grew, they faced the monumental task of ensuring their compliance program met the highest standards of quality and efficacy – but manual quality checks and risk assessments were resource-intensive and prone to errors.
Initially, their compliance coverage was around 1%, managed through laborious manual processes, spreadsheets, and ad hoc communications.
A key objective for Ramp was to adopt a scalable testing solution that could grow with the company, circumventing extensive remediation work common in the industry. They aimed to demonstrate unwavering adherence to regulations and build trust among stakeholders, partners, and customers in an industry often seen as rule-averse.
"We have to find a seamless balance between servicing good customer and keeping out the bad guys."
James Dalton, Seinor Regulatory Compliance Manager and DMLRO
The balance between customer service and regulatory compliance was delicate and crucial. James Dalton, Senior Regulatory Compliance Manager and DMLRO puts it succinctly "We have to find a seamless balance between servicing good customers and keeping out the bad guys.”
Moreover, the manual dip sample testing was limited and sporadic, covering only a fraction of total accounts, which made comprehensive oversight nearly impossible.
Ramp sought a partner that could adapt to their unique business model and scale alongside them. Ramp Networks deployed Cable’s Automated Assurance tools to enhance their quality checks, which now automatically verify data integrity, freeing up human resources for more strategic tasks.
Ramp's partnership with Cable transformed their compliance and assurance processes from a traditional dip sampling method to a proactive, automated system that ensures "100% compliance testing," as Steven Eisenhauer, Chief Risk and Compliance Officer emphasizes, and provided Ramp’s compliance team with greater certainty and the ability to identify and control issues promptly, avoiding the escalation of problems and extensive customer account remediation.
"One of the things we really like about Cable is going to our regulators and saying we have compliance assurance. Some regulators, particularly in the UK, when they hear we are using Cable, gice us automatic credit."
Steven Eisenhauer, Chief Risk & Compliance Officer
Cable became a pivotal tool, allowing for a streamlined and secure communication flow between team members, and fostering a collaborative line of communication that was both efficient and reliable. This shift allowed the compliance team to transition from being perceived as a cost center to being a fundamental part of Ramp's strategic operations, preventing problems and preempting regulatory scrutiny before they become unmanageable issues.
The results of implementing Cable's solutions were dramatic, the adoption of these technologies not only addressed the immediate challenges but also positioned Ramp Networks as a forward-thinking leader in risk management.
James noted that Automated Assurance led to significant operational efficiencies, including a reduction in manual processing time, while also meaningfully cutting down the time required to onboard new partners from weeks to just days. James noted that this shift in compliance testing gave the team the freedom to add more value to the business and enabled prioritization of the product team's resources.
"Cable gives me the confidence to walk into any regulator and say I know I don't have a breach."
Steven Eisenhauer, Chief Risk & Compliance Officer
Cable’s technology enabled Ramp to identify areas for improvement in its compliance program, which would have likely been missed with traditional dip sampling. This real-time testing approach meant that any issues impacted only a small number of accounts, preventing large-scale remediation projects.
