From Zero to Compliant
Monit’s Journey to SOC 2 Type I with Laika
Monit is a digital intelligence tool that empowers businesses to manage cash flows and receive personalized, actionable financial advice all in one place, as an intelligence layer integrated with their existing accounting software.
Monit provides a product to banks to help their business customers forecast and manage cash flow. However, to meet procurement requirements and build trust within their ecosystem, they needed to meet regulatory compliance. They knew how imperative it was to achieve a security certification, especially with data and insights being at the heart of the application.
We approached the idea of other frameworks, but after speaking with our prospects, we quickly realized how important a SOC 2 certification was. It’s the gold standard that would address all the concerns prospects could have in regards to our security measures.
Head of Product
However, Monit wasn’t sure where to begin the compliance process.
After looking into the big four accounting firms, Monit knew they needed a stage-appropriate solution with easy, ongoing monitoring. While the opportunity to work with the biggest firms seemed appealing at first, it was overkill and started at $60,000 for just an audit.
Monit turned to Laika’s stage-appropriate plans to help build the foundation of security that can evolve with their company. Laika’s team of compliance architects provided Monit with actionable task lists that broke down how to build a compliance program from scratch.
Laika’s Playbook and Knowledge Base proved to be a vital part of the process. These product features allowed Monit to seamlessly complete tasks while saving countless hours documenting and maintaining their compliance posture.
The centralized Laika system housing documents, processes, control evidence, and vendor management all in one place proved to be the deciding factor. It was useful not only as we prepared for the audit, but will also be very helpful as we grow and onboard new people.
Head of Product
While typical audits take 6 weeks to 3 months, Monit sailed through in 3 weeks with only 1 additional piece of evidence required.
As a result of their successful SOC 2 report, Monit has already seen dividends in using the certification to their advantage.
Whether it’s at an event or during demos, their SOC 2 report has helped them stand out against competitors and has proven to be a crucial differentiator to potential customers. Monit’s customers can feel at ease knowing that when they register their data is handled with bank-grade security.
Additionally, Laika’s due-diligence feature allows Monit to answer vendor security questionnaires in a fraction of the time. The smart question editor and resource library allow them to seamlessly import security questionnaires and build customized data rooms for vendors with relevant files.
A SOC 2 certification wasn’t just a checkbox for Monit; it is a promise to their customers and prospects that the team is dedicated to providing the highest standards of information security. As they continue to grow, information security and privacy will always remain a top priority.
Our dedicated Laika team walked us through the platform, and it was really easy to see our progress and the outstanding tasks we needed to do to get to 100%. Of course, they were experts on individual tasks as well, giving great guidance on the technical details of requirements in plain English. Other platforms just don’t provide that type of on-demand support.
Head of Product
I was impressed with Monit’s commitment and dedication to building a secure infrastructure over the course of the SOC 2 process. As a team with deep banking and fintech experience, they understand the critical importance of data security. It was a pleasure accomplishing their Type I this year, I look forward to working with them on future compliance goals.