Case Study

Kavi and the Accredited Standards Committee X9, Inc.

X9 leverages Kavi Workspace to complete paperless audit with ANSI.

“Since converting to Kavi for our standards operations needs, both X9 and Kavi have experienced satisfaction in servicing standards users. The success we achieved together with a paperless ANSI audit is another proof point for our partnership.”

— Cindy Fuller, Executive Director, X9

Financial Standards for Around the Corner and Around the Globe

Financial standards sound like something connected with Wall Street rather than Main Street, but we are surrounded by the impact of these standards in our daily lives, from the debit card we use at the grocery store to the secure transaction we complete to download a song from the Internet. These standards, often invisible to us, help to make us more productive while keeping our personal and financial data safe. The Accredited Standards Committee X9, Inc. (X9) develops the technical financial industry standards we need to act efficiently and competitively in the global marketplace.

X9 is the only American National Standards Institute (ANSI) accredited standards developer dedicated to financial services industry standards. Accredited since 1984, X9 develops standards for payments (checks, cards, corporate, mobile), data security, corporate banking, securities, and more. In addition, X9 holds the USA Technical Advisory Group membership in the International Organization for Standarization (ISO) Technical Committee 68 – Financial Services.

X9 Takes a New Approach to Completing ANSI Audit

ANSI accredits organizations that develop standards based on evidence of due process and consensus as well as other requirements. The ANSI auditing process confirms adherance to these requirements, with a standard audit usually occurring every five years. For X9’s most recent audit in February 2012, the team decided to take a new approach. “We decided to attempt an all electronic audit,” said Cindy Fuller, Executive Director for X9. “We met with the ANSI team in January and explained that we could give their auditor administrative access to our Kavi Workspace environment so they could get access to our data from behind the scenes. This was a first for all of us, including the auditor, and we were excited that they agreed to the process.”

“This was my second ANSI audit with X9. Five years ago, the auditor spent four full days in our offices. We sat face to face for hours, digging through files, papers, and email for information. This time there was no need for even a single office visit.”

— Janet Busch, Program Manager, X9

Once the X9 team had a complete understanding of which standards and procedures would be audited, they explained to the ANSI auditor how to find all the required information within Kavi Workspace. “This is my second ANSI audit with X9, and I can say that this was a completely different experience,” said Janet Busch, Program Manager for X9. “Five years ago, the auditor spent four full days on site in our offices. We sat face to face for hours, digging through files, papers, and email for information. This time, there was no need for even a single office visit.”

X9 did field a few questions from the auditor during the process, particularly for finding information within committees, but all questions were quickly resolved by forwarding links to the location of requested information in Kavi Workspace. “Kavi Workspace allows committees to file and organize information their own way, but still keeps all activities related to the standard,” said Busch. “Since the filing in that area is a little more flexible, I did need to help the auditor find a few items, but once she understood that she could simply search within a committee for information, she was able to readily find what she needed.”

ProjectView Keeps Work Organized

One of the key benefits of using Kavi Workspace is that it automatically logs all activities as they take place. “All the files are in one location,” continued Busch. “You can look up a standard in ProjectView and literally see everything that has ever happened with it by following the timeline. This makes it very easy and obvious to determine where information is. If you load a new document into the system, you go to the pulldown menu and relate it to your standard. All the ballots get related. Everything gets connected. It just makes sense.”

Having this level of documentation and organization in place eases transition during times of change in an organization’s staff. “I’m the only person here who knows all the details,” said Busch. “With Kavi Workspace in place, it would now be much easier for a new person to come in and be productive almost immediately. In the past, that would have been a major set back in productivity for the organization. Now, whether I’m here or not, I believe the next X9 audit will go great. That’s how easy the path is to follow.”

A Successful Partnership for X9 and Kavi

X9 has been using Kavi tools since 2007. “We are a longstanding Kavi customer, and have gone through many iterations of the tool,” said Fuller. “Since converting to Kavi for our standards operations needs, both X9 and Kavi have experienced satisfaction in servicing standards users. The success we achieved together with a paperless ANSI audit is another proof point for our partnership, and I look forward to continuing to grow our capabilities.”

Kavi Workspace gives the X9 team a positive outlook for the next audit. “This may sound funny, but I’m actually excited for our next audit,” said Busch. “We won’t even have the small issues we had this time. Anything I’m working on now, all the details are there in Kavi Workspace.”

X9

Organization Profile

X9 develops, establishes, maintains, and promotes standards for the financial services industry to facilitate delivery of financial services and products.

Challenge

X9 needed a solution that would address all requirements of their ANSI audit using a paperless, all electronic process.

Solution

Kavi Workspace automatically logs and organizes all activities, enabling users to make their audit process paperless.

Impact on Organization

X9 achieved successful completion of their 2012 ANSI audit in a fraction of the time and effort it has taken in previous audit processes.

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