Operations & CS Lead
Head of Compliance & BSA
Evergreen Money (Miami, FL) is a pre-launch stage financial technology company focused on providing a wealth management platform to grow and manage money in one place in real-time. Evergreen provides a single solution that allows individuals to manage all their money by combining digital technology and personalized advice.
As a compliance conscious organization, Evergreen knew they wanted to proactively implement a GRC tool early on so they could effectively scale and grow compliance with the rest of the organization. They made a decision in 2022 to leverage Themis, a leading provider of compliance software for Banks and Fintechs, to kick off their compliance program.
In the constantly shifting space of financial regulatory compliance, Evergreen knew they needed to invest in a solution that would work for their Compliance team long-term, while allowing them to activate their program quickly. Their plan was to establish an organized and efficient program with an enterprise grade software solution at the outset.
Prior to launching Themis, the Evergreen team was handling all of their compliance requirements through google docs, excel sheets, and word documents. This required a large amount of back and forth both internally and with partners, and a significant amount of version tracking to ensure that each doc was accurately maintained and up to date.
Evergreen’s goal in launching a GRC tool was threefold:
Their search led them to evaluate a number of potential partners, ultimately landing on Themis.
Evergreen decided to leverage a number of modules within Themis to address their immediate needs.
Evergreen knew they needed a centralized hub for their Policies and Procedures. Additionally, they needed to ensure that everything was accurately version controlled. Themis enabled them to maintain a healthy repository of all of their documentation, including when those documents were submitted, when they were approved, by who, and any previously approved versions.
Themis’ Marketing module was heavily leveraged by the marketing team, where 4 individuals submitted creatives to one Compliance person. Prior to Themis, this process required a significant amount of back and forth through email, and consumed a large portion of the Compliance team’s time. The introduction of the Themis’ Marketing module made the process simple, freed up Compliance’s time, and gave the team peace of mind that all of the comment history and approvals were retained in a single hub.
Evergreen also decided to implement the Vendor Due Diligence model to track and report all of their partners within Themis. They were able to assign risk assessments, questionnaires, supplemental documentation, use-cases and controls all in a single location. Previously this process was handled through multiple external sources. It was a requirement to submit all of the third party vendor information Evergreen was working with to their partner bank, and by using Themis all of the vital vendor information can be exported to a pdf for a clean send.
With Themis, Evergreen gains efficiencies in their Vendor Due Diligence process. Prior to leveraging Themis, it took 2 people and 5 months to complete their VDD analysis with all of the disparate files, assessments, and email. After establishing their VDD program within Themis, Evergreen has realized a 60% reduction in time to complete their due diligence. This reduction in time spent with fewer team members working on the Vendor Due Diligence module has allowed Evergreen to remain lean and effective.
Upon presenting the results of their Vendor Due Diligence to their partner bank with exports from the Themis platform, Evergreen received unsolicited feedback from their partner bank that they are impressed that vendor due diligence was completed so quickly and effectively.
With Themis, Evergreen is scaling their business reliably, efficiently, and compliantly.
Keep your team aligned by drafting, finalizing and collaborating on important documents (e.g. annual plans) in a centralized repository.
Manage your company and partners’ procedures with live collaboration, version history, and attestation capabilities to simplify your processes.
Collaborate on sales material between departments and provide real-time comments with an easy to use interface.