Case Study

SOC 2 Automation for dealcloser: Saving Time Answering Questionnaires

Laika

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dealcloser revolutionizes the way law firms and their customers work together through the deal process by providing lawyers with a platform that significantly decreases the time spent on excessive paperwork and administrative tasks. 

With on-demand guidance from Laika’s compliance architects, dealcloser received a SOC 2 Type I report. We spoke with Mike O’Connor, Co-Founder and CTO of dealcloser, to learn more about how Laika made dealcloser’s SOC 2 quick and painless.

How it Started

Due to strict industry requirements, dealcloser needed to automate SOC 2 as well as understand their current security posture to move up-market.

“As we went up-market and scaled, we started getting more diligence. Some firms wanted info-sec policies that we already had in place, but as we started to scale, all 500+ top firms had tough security assessments.”

dealcloser quickly realized they needed a compliance solution that could help them:

  1. Understand their current security posture
  2. Work through the SOC process
  3. Scale with their company
  4. Reduce time spent answering dozens of security questionnaires

Enter Laika. Laika’s compliance management solution provides businesses with the best-in-class direction to adopt customized compliance practices. From gap and risk assessments to enterprise security questionnaires and tailored policies, we have you covered.

“Laika had this breadth of experience about compliance, especially on how other startups went through the same process. It was genuinely a warm blanket in this space of compliance and SOC 2 where we didn’t know anything.”

SOC 2 Readiness

dealcloser leveraged different Laika features to breeze through the SOC 2 preparation process, including Compliance Architects, Playbooks, and Datarooms.

Compliance Architects

To kick start the process, Laika’s compliance architects conducted a gap analysis. dealcloser was able to understand which existing policies, procedures, and controls the business already had in place. Measuring those against SOC 2 requirements, Laika formed a remediation plan that implemented controls against any gaps and standards with Playbooks.

Laika’s compliance architects stood-in for dealcloser and helped manage their tasks, automate evidence gathering, and respond to difficult security questionnaires.

“I can’t say enough about our compliance experts. We talked to them every single week and their knowledge was so invaluable. It was helpful to have someone that I could run my ideas off of and project manage this entire undertaking.”

Playbooks

Laika Playbooks broke down complex compliance language around SOC 2 controls and policies into digestible tasks and subtasks. With dealcloser’s team of compliance architects, Laika also provided a how-to guide for additional context.

“The plans in Laika helped us a lot. It was like ‘here’s a to-do list of things you need to do quarterly, monthly, etc.’ Laika helped me grasp everything in this enormous world of information that is SOC 2 compliance.”

Vendor Due Diligence

In addition to Playbooks, dealcloser used Knowledge Base to perform vendor due diligence. As a required component of a SOC 2 audit, dealcloser was able to select and manage their suppliers from our library, view their compliance, and reduce risks.

Audit Process

After thoroughly preparing and automating evidence collection with Laika Integrations and Objects, dealcloser’s audit process was smooth with minimal back and forth. The team worked with Laika’s audit partner, Grassi & Co, a leading licensed CPA audit firm.

Laika’s team of compliance architects handled the day-to-day and acted as the first point of contact.

“Compliance is a really big undertaking and there’s a lot of different parts to it. What helped us out the most was someone helping me understand what is important now, what’s coming up next, and helping me take things one step at a time.”

After a quick 3 weeks, dealcloser had their SOC 2 report in hand!

What’s Next?

Speeding up security questionnaires

The SOC 2 question came up in every meeting with knowledge managers and CISO’s from dealcloser customers. dealcloser’s SOC 2 report helped them move through procurement and answer difficult security questionnaires in 24 hours.

“Our SOC 2 report honestly smoothed over so much of the conversation with our customers. Quite a bit of the question that surrounds compliance and security are asked and answered when we tell them we have a SOC 2 report. It answers 90% of the questions they have.”

Towards SOC 2 Type II

Security has always been a top priority for dealcloser. Since inception, they’ve taken steps to protect data stored on their platform at every layer. This SOC 2 report is a testament to their promise of security and the rigorous measures in place to protect their customers. Laika is excited to work with dealcloser on their Type II, and other security standards to come.

Ready to start your compliance journey? Team up with Laika to do it right.

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