Learn how ICS utilizes Digify for its business compliance and due diligence
Founded in 2015, ICS is the industry leader in the cannabis space that provides banking and compliance solutions for financial institutions and dispensaries.
As a Seed-to-Bank cannabis banking compliance partner, ICS facilitates one-stop business processes between vendors, banks, clients, and license holders according to the changing regulatory landscape.
As a core part of its business, ICS developed a complete compliance program for all its key partners. New merchants were required to undergo extensive background checks as part of its onboarding process, while financial institutions and existing vendors had to carry out ongoing due diligence with ICS. The information gathered, reviewed, and verified, would then be used to make essential business decisions.
These compliance processes require a large volume of confidential documents to be shared and viewed securely by many different internal and external stakeholders. These documents often carry sensitive Intellectual Property and personal data. Any leakage of confidential information would be detrimental to the company and its partners.
ICS used virtual data rooms to conduct secure document sharing during its compliance process with clients, banks, and other vendors.
Each data room was set up according to the different security needs of each partner. ICS could limit document access strictly by only inviting specific viewers into the data room. Multiple documents were organized and indexed properly to streamline the review process within the data room.
With hundreds of files and recipients to manage daily, ICS made use of Digify’s watermarking feature to instantly add their company trademark and the recipient’s email address to each document. This extra layer of protection enforces greater document confidentiality and better accountability in the event of a data breach.
ICS can customize the level of access for different types of recipients, enabling view-only mode for some or contributor access for others. At the click of a button, ICS can immediately revoke anyone’s document access if they are no longer required to view the documents, thus preventing a potential data breach.
Digify provides live document insights like who accessed the file, how long they viewed it, and if they printed or downloaded it. This information was useful for ICS to be certain that their documents were viewed by the right people while maintaining a clear data record for compliance purposes.
By using Digify, ICS achieved secure data transfer and maintained complete control of their documents for compliance processes. They were able to onboard clients easily and securely while having the control to revoke access when appropriate.
Digify also helped ICS to save time and increase its productivity in processing a large number of documents and coordinating document access for its recipients. Tim affirms that “At the click of a button, I can send a hundred documents to somebody to view and as easily, I can take it away.”
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