Client Overview:

Opto Financial is a personal finance application that leverages behavioral psychology and technology to assist young adults in developing robust financial habits. The platform functions as a digital financial coach, enabling users to identify non-essential expenditures, make informed financial decisions, manage unexpected expenses proactively, and save efficiently for meaningful experiences. For more information please visit: https://www.optofinancial.com/

 

Challenge:

Our client was at the stage of the completing the prototype for their personal finance App and were facing a critical milestone in securing approval to integrate with a third-party API which would be responsible for connecting financial information. A key requirement for this approval was to undergo an audit to evaluate the overall effectiveness of their information security program. An audit report would be required for submission as part of the application process, making it an essential step to move forward.

 

Approach and Implementation:

 

1. Scope and Objectives

  • We defined the scope and objectives of the Audit program in line with our client’s 3rd party requirements.

 

2. Program Implementation

  • We carefully designed an audit strategy tailored to the client’s needs, focusing on evaluating key aspects such as strategic objectives, the alignment between their stated policies and actual practices, and the overall performance of their information security measures. This approach ensured a balanced and comprehensive review, fully aligned with the agreed scope.

 

3. Execution

  • After all the planning and preparation, we conducted the audit within the pre-agreed time frame.
    Effective communication and collaboration with our client was essentials for us to obtain the right evidence and to get answers to key questions all for us to achieve the desired outcome.

 

4. Audit Report Preparation

  • The audit report was completed inline with what our client’s parter wanted to see in order for our client to move to the next phase of their App.

 

Results:

Our client successfully identified specific areas of deficiency, allowing them to address high-priority issues and developing a future plan for the continuous improvement of their information security program. This effort not only enabled the client to advance but also ensured they operate a secure, trustworthy environment for their customers.

 

Conclusion:

This case study demonstrates the critical role of thorough planning, collaboration, and a commitment to continuous improvement in achieving significant project milestones. By clearly defining the audit scope, detailed planning and maintaining effective communication throughout the auditing process, the client was able to address key challenges efficiently.

 

Client Testimonial:

“We did end up getting approval by Plaid! So we wanted to make sure that you could tell other clients that you successfully helped us get Plaid approval. We’ll certainly keep you updated once we’re ready to move forward with additional security certifications.”

— Yesuto Shaw, Co-founder, Opto Financial