FAQ

What are the benefits of using a scalable compliance platform?
It means you will no longer have to continue hiring people to meet the unrelenting regulatory demands. Consulting has changed over the past decade. Companies can no longer afford to pay outrageous hourly rates for an opinion or recycled playbook – to then be saddled with implementing it. RedKnot understands that you are being asked to meet the regulatory requirements with fewer resources, in a rapidly changing technological landscape, full of opportunity and risks. Besides recommending the right practices and methodologies to launch your outsourced program, RedKnot understands the realities of keeping customers, investors and stakeholders happy while successfully navigating the journey. We combine our knowledge with technology to provide a more efficient and cost-effective approach to managing requirements with scale. Planning a huge growth initiative? The platform will be in place the scaling is left to the capable hands of RedKnot to execute.
How does implementation of RedKnot’s services work?

RedKnot offers hands-on expertise, because you have enough to do already! We offer step-by-step planning and support to assist in policy development, standing up your program and populating a robust, secure SaaS-based application to house all compliance information. When you’re ready to execute, RedKnot can lead your effort or play a supporting role to ensure your success. RedKnot uses a solid project management approach to cover every angle, while ensuring it will work within your organization. There is no cookie cutter approach. We have proven expertise, examples and best practices to share at every step to allow you the flexibility you need while ensuring compliance.

Will I have dedicated support or a call center representative?

A dedicated point of contact leads your relationship through every aspect of your program. RedKnot is known for offering high-touch assistance whether you are just getting started or have a mature program with opportunities to outsource. We can partially or fully augment your staffing model. Aligned by industry verticals, clients are assigned a U.S.-based manager, who is supported by the number of analysts required to meet the needs of your program – all overseen by one of our senior-level consultants having 20 years’ experience.

How does the outsourced pricing structure work?
Let’s face it, risk management is non-revenue generating. Outsourcing provides significant cost offsets, access to more technical expertise, scale, acceleration of new vendor onboarding and audit support. Our pricing structure is comprised of two factors: the VendorRisk subscription (a robust SaaS-based application, unlimited users and reporting) and the RedKnot consulting and management of the day-to-day. Each of those components are based on volume, so whether you are launching 20 compliance assessments or 2,500, you only pay for what you are using.
We have an immature program. How can RedKnot help get us off the ground?
We recognize it can be difficult to disclose vulnerabilities and lacking compliance, which is why we focus on meeting where you are in the process. Because we have spent years providing support, there’s not much we haven’t seen, believe us. Regardless of where you are, we begin with the end in mind: cost-effectively meeting regulatory compliance. That means from your policy to every step and each stakeholder’s role must be considered and analyzed. So, bring us that mess, we’ve got you.
Does your service integrate with what we already do?

There is no need to worry that you will lose control, because we seamlessly integrate with the way your business already operates. Silos, shared services, stand-alone programs, don’t-know-who-owns-it yet– we get it. And, we have ideas on how to take your program to the next level at your speed, because Rome wasn’t built in a day! One of the first steps we take is understanding where you are now and the tolerance for change your organization has at this moment. Like a lot of repeatable processes, we take the hard work of compiling assessment results and audit template population off your plate. Whether auditing internally or providing information outside your organization, we get outside the box to help you identify true risk and tell the story.

What technology platform do you use?
RedKnot is proud to partner with VendorRisk as our SaaS-based application provider. VendorRisk was born in the U.S. (around the same time as RedKnot) and together, we have built a solid, affordable solution to meet the needs to top regulated companies around the world.
How do I gain buy-in to outsource compliance?
Reviewing the unrelenting regulatory compliance requirements of the last 15 years against the budgetary requirements builds a strong case for having an experienced provider do the heavy lifting.
How do you work with our service providers and network partners?
We understand the strategic importance of external relationships, so we spend time upfront in the implementation understanding the approach and tone that works best for your objectives. Every company is different and we are adept at mirroring your approach. In addition, we work together to review and tweak the provided communication templates, customized notifications and reminders as we launch, execute and maintain the program.
What’s the team’s favorite ice cream?
Inquiring minds want to know and the polls unanimously concluded that Rocky Road is the official favorite ice cream at RedKnot World Headquarters!

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