How RiskScout Automates Sales and Due Diligence

RiskScout is a financial crime fighting application for banks and credit unions that finds money laundering, fraud, and handles regulatory requirements. As a SOC 2-Type 2 certified company operating in the highly regulated FinTech and banking software space, RiskScout requires robust security and compliance capabilities for their vendor due diligence processes and client validation needs.

Founded by serial entrepreneur Justin Fisher in Austin, Texas, RiskScout represents his latest venture in the FinTech and banking software space. The company helps financial institutions combat financial crime through advanced technology solutions while maintaining the highest standards of security and compliance.

RiskScout's Mission

RiskScout provides banks and credit unions with powerful tools to:

Detect and prevent money laundering activities
Identify and mitigate fraud risks
Ensure compliance with regulatory requirements
Streamline financial crime investigation processes

As a SOC 2-Type 2 certified company, RiskScout maintains rigorous security standards and compliance certifications that are essential when working with financial institutions. This certification demonstrates their commitment to protecting sensitive financial data and maintaining the trust of their banking clients.

The Challenge

Operating in the FinTech and banking software space, RiskScout faces unique challenges:

Vendor Due Diligence Requirements: Financial institutions require comprehensive vendor due diligence (VDD) processes before engaging with technology providers. RiskScout needed a secure way to share all core company information required for clients and prospects to validate their business.
Security and Compliance Standards: As a SOC 2-Type 2 certified company, RiskScout must maintain security standards that meet or exceed what their banking clients expect. Any document sharing solution needed to align with these rigorous requirements.
Cost Efficiency: Finding a solution that was both secure and cost-effective compared to alternatives like DocSend was important for a growing FinTech company.
Automation Needs: RiskScout needed API access to automate tasks, but many solutions only offer APIs on expensive Enterprise plans, making automation cost-prohibitive.
Ease of Use: The team needed a solution that was intuitive and didn't require extensive training, allowing them to focus on their core business of fighting financial crime.

The Papermark Solution

RiskScout chose Papermark to address their vendor due diligence and data room needs, with several key factors influencing their decision:

Secure Data Rooms for Vendor Due Diligence

RiskScout uses Papermark data rooms to organize and share all core company information required for vendor due diligence processes. Their data room contains essential documentation that banks and credit unions need to validate RiskScout as a vendor, including:

Company certifications and compliance documentation
Security and privacy policies
Technical architecture and infrastructure details
Financial information and business metrics
Legal and regulatory compliance materials

SOC 2-Type 2 Compatible Security

Papermark's security features align with RiskScout's SOC 2-Type 2 certification requirements, providing:

Enterprise-grade encryption and security controls
Granular access permissions for different stakeholders
Audit trails and access logging
Secure document sharing with password protection and expiration controls

API Access for Automation

Unlike many competitors, Papermark provides API access on all plans, not just Enterprise tiers. This allows RiskScout to:

Automate document sharing workflows
Integrate with their existing systems
Streamline vendor due diligence processes
Reduce manual administrative tasks

Cost-Effective Alternative

Papermark offers a more cost-effective solution compared to DocSend while providing comparable or superior features, making it an ideal choice for a growing FinTech company managing costs carefully.

Results

Since implementing Papermark, RiskScout has experienced significant benefits:

Streamlined Vendor Due Diligence: The organized data room structure makes it easy for banks and credit unions to access and review all necessary documentation during the VDD process.
Enhanced Security Posture: Papermark's security features complement RiskScout's SOC 2-Type 2 certification, providing additional assurance to financial institution clients.
Automated Workflows: API access has enabled RiskScout to automate various tasks, reducing manual work and improving efficiency.
Cost Savings: More affordable than alternatives while providing the features needed for their use case.
Improved Client Experience: Easy-to-use interface ensures that prospects and clients can quickly access and review necessary documentation without friction.
Responsive Support: RiskScout appreciates Papermark's highly responsive team that cares about their success and addresses their needs promptly.

Use Case

Vendor Due Diligence (VDD) — RiskScout uses Papermark data rooms to share comprehensive company information with banks and credit unions during vendor evaluation processes. The secure, organized structure helps streamline VDD while maintaining the security standards required in the financial services industry.

Document Types Shared

SOC 2-Type 2 certification documentation
Security and compliance policies
Company financial information
Technical architecture documentation
Legal and regulatory compliance materials
Business metrics and performance data

Conclusion

RiskScout's adoption of Papermark demonstrates how FinTech companies operating in highly regulated industries can leverage secure document sharing solutions to streamline vendor due diligence processes while maintaining the security and compliance standards their clients expect. By choosing Papermark, RiskScout gained a cost-effective, secure, and automation-friendly solution that supports their mission of fighting financial crime while meeting the rigorous requirements of the banking industry.

The combination of Papermark's security features, API accessibility, and responsive support has made it an essential tool for RiskScout's operations, enabling them to focus on their core mission while efficiently managing vendor due diligence and client validation processes.