Honor based on proven value that
As a technology platform, Passport provides an integrated legal and GRC ecosystem that allows organizations to identify and respond to the cost of compliance and non-compliance. MMC, one of the world's largest professional services, risk management, and insurance brokerage firms, implemented Passport in early 2012 to manage key litigation and global insurance risks. In 2013, MMC extended its implementation of Passport to also manage data incidents and data privacy-related matters, thus creating a combined Legal and GRC solution for the organization.
Among other savings, Passport has helped MMC reduce outside counsel fees by 56 percent (its lowest spend since 2007). It has also greatly streamlined compliance reporting on data privacy incidents and their associated spend from across MMC's companies, including determining key severity codes, root causes, and remediation. A previously manual and very time-consuming process, MMC can now generate these reports on compliance incident spend and risk metrics in less than 20 minutes.
"Prior to our implementation of Passport, our visibility into spend was limited to legal matters and this data was difficult to consolidate across multiple business units and global regions," stated
MMC's implementation of Passport has also proven very effective in the area of reduced human capital cost. Greater visibility into its risk and compliance spend allows MMC to address hotspots and better project its risk and compliance-related expenditure into the future, allocating budget and resources to areas where they are most likely to be needed.
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