This CEO Hopes To Rewrite The Code Of Compliance Management SoftwareThis CEO Hopes To Rewrite The Code Of Compliance Management Software https://c-suitenetwork.com/wp-content/uploads/2017/06/this-ceo-hopes-to-rewrite-the-code-of-compliance-management-software.jpg 960 960 C-Suite Network https://c-suitenetwork.com/wp-content/uploads/2017/06/this-ceo-hopes-to-rewrite-the-code-of-compliance-management-software.jpg
- In researching the compliance industry, it was very clear that this critically important business unit was grossly underserved.
- We knew out the gate that we needed to bring together a world-class team of compliance experts and technology rock stars.
Photo courtesy of GAN Integrity
GAN Integrity CEO and Co-Founder Thomas Sehested
The market for compliance software has been growing at a rapid pace, projected to be worth $118.7 billion worldwide by 2020.
One significant cause of this spike is the overflow of fines, penalties and settlements companies have been forced to pay out due to regulatory violations. Following the financial crisis, banks had to pay upward of $160 billion in penalties in the U.S. alone.
Despite these staggering statistics, many of today’s biggest banks and top companies, manage their compliance efforts using outdated legacy technologies that often restrict different functionalities from interacting with each other another. Seeing the need for an all-in-one compliance management tool, one startup emerged with a blueprint to help corporations meet standards and save millions.
Founded in 2014, GAN Integrity is a fully integrated compliance management software company that syncs critical compliance systems, documents and data all into one connected platform. Their technology works to streamline tedious compliance tasks into automated campaigns, increasing accuracy and efficiency.
The GAN team is comprised of a growing collective of technology and compliance experts. This combination provides the startup with a competitive advantage, as their primary competitors represent either private equity rollups that don’t properly leverage new technology, or tech experts who that lack sufficient knowledge in the space.
To date, the startup has raised $9 million in funding, receiving a Series A round back in February of this year.
Thomas Sehested, GAN Integrity CEO and Co-Founder, shares the vision behind his company, disrupting the compliance industry, and his approach to building a future-proof business.
What specific void or opportunity did you discover that inspired the idea behind your company?
Thomas Sehested: In researching the compliance industry, it was very clear that this critically important business unit was grossly underserved. Compliance professionals tend to work with 5-10 technology vendors to achieve basic programmatic goals in compliance management. For such an important area for global business, it seemed clear that the compliance groups needed a more efficient and smarter tech platform.
What were some of the challenges you faced getting your company off the ground and what lessons did you learn from…