How Cryptocurrency Platform Luno Leverages Risk Cloud for Scalable Growth

LogicGate | July 21, 2022
Luno Blog Post

Cryptocurrency is regularly dominating headlines, and the industry is growing incredibly quickly. The global cryptocurrency market is expected to grow with an astounding compound annual growth rate of 56.4% between 2019 and 2025

This unique technology and asset class connect people worldwide, and its borderless nature means that transaction fees and speed are not influenced by whether a transaction is “domestic” or “international.” Cryptocurrency is already changing the financial world and is only just getting started. 

However, as cryptocurrency grows, world governments are enacting new crypto regulations seemingly daily. Each country is taking its own approach to regulating emerging financial technology, making it challenging to be a global crypto business. 

Luno is a rapidly growing crypto platform that enables users to buy, sell, and trade cryptocurrency easily. The company operates internationally, serving the UK and European Union, Africa, Southeast Asia, and Asia-Pacific, and has recently launched operations in the US. And while this allows Luno to reach a massive pool of potential new users, it also exposes the company to a complex and rapidly changing regulatory landscape. 

Financial technology companies need to comply with all applicable laws and regulations meticulously. Yet, crypto risk management and policy management are largely uncharted territory. Luno has rules and regulations built around them as they grow. Therefore, it must create and amend new policies frequently to stay compliant.

LogicGate’s Risk Cloud® empowers Luno to remain agile without compromising the high standard of corporate governance required by regulated institutions. Today, we’ll explore how LogicGate is helping Luno grow as quickly as possible with scalable policy management that allows it to keep up with — and quickly adapt to — the rapidly changing regulatory environment in which it operates globally.

Who is Luno?

Cryptocurrency often seems daunting to newcomers, so Luno built a robust solution that makes it easy and safe for anyone to learn about and participate in this emerging technology. Luno focuses on simplicity at every step, from setting up an account to making your 100th purchase.

Luno believes decentralized cryptocurrencies like Bitcoin and Ethereum are poised to fundamentally change how people around the world view and use money. They see it as their responsibility to bring this knowledge to the world as best they can. So, they’ve created a platform that empowers people to join in. 

Yet, Luno operates internationally, meaning it must abide by intense scrutiny and evolving regulations. Risk management in crypto trading platforms goes well beyond cybersecurity, as failing a regulatory audit has heavy consequences. 

Luno needed a robust policy management platform to help it make world-class corporate governance and regulatory compliance a competitive advantage and not a burden. After plenty of market research, they landed on LogicGate’s Risk Cloud platform, and a partnership was born.

How Does Luno Benefit from Risk Cloud?

Risk Cloud is a comprehensive platform that provides real-time insights into a company’s Governance, Risk, and Compliance (GRC) data in one centralized location. Luno is leveraging Risk Cloud as a robust policy management platform that provides a real-time snapshot of the company’s compliance status. 

Let’s explore how the two companies work together to allow Luno to scale without unnecessary restrictions. 

Centralized and Flexible Policy Management

LogicGate provides a unique service that Luno had trouble finding. Luno needed a modern policy management platform that would provide a single source of truth for company-wide policies and procedures, reduce or eliminate the unnecessary time-consuming process of finding the correct information, creating and amending policies, and maintaining a company-wide audit trail.

Paul Harker, Head of Legal at Luno, explained how they discovered LogicGate’s Risk Cloud platform, “We were looking specifically for a policy management solution. We did extensive market research and found that almost all brands in the market were dated, unable to support G Suite, which is essential for us as a business, and lacked the customizability necessary for us to adapt it to the unique challenges facing a rapidly scaling business in an increasingly regulated industry. LogicGate was a breath of fresh air across these three areas and was the standout provider for us.”

Necessary Integrations that Enable Luno to Evolve

Luno is a high-growth, scale-up business operating in one of the fastest (if not fastest) growing sectors in the financial technology industry. So it needed a platform that would allow it to grow and change as necessary. 

Risk Cloud boasts hundreds of integrations with popular platforms and tools, with more being added regularly. Luno was mainly looking for G Suite integrations, but now they can integrate Risk Cloud with many other platforms they may adopt in the future. 

Luno is already benefiting from integration with e-signing tools and the Open Rest API that have allowed it to integrate with legacy solutions and easily manage essential documents. In addition, Risk Cloud integrates with Active Directory and SAML to provide streamlined authentication functionality for simplified user provisioning — critical for a company growing as fast as Luno. 

An Intuitive Addition to Luno’s Tech Stack

The LogicGate team worked with Luno to integrate Risk Cloud with its tech stack. Luno had an existing policy workflow, and Risk Cloud was customized to fit right into (and in many ways, significantly improve) it. 

Now, Luno team members benefit from the intuitive interface and how it enhances Luno’s policy management processes. Luno is continuing to roll out Risk Cloud throughout the company and they expect to see a massive improvement in the control over and management of policies and procedures and significantly increased visibility of employees’ engagement with these crucial documents. A win/win for everyone involved. 

Risk Cloud Enables Scalable Policy Management (and More)

Risk Cloud has already revolutionized Luno’s policy management control framework. But that’s not where the story ends. Luno plans to further use other Risk Cloud features as they grow, and is exploring how Risk Cloud can enable faster internal audits and become a critical aspect of its overall enterprise risk management strategy. 

Check out Luno’s innovative, user-friendly platform that makes investing in cryptocurrency simple for millions around the world.

And if you’re looking for a robust risk and policy management platform, look no further. Request a demo today to learn more about how LogicGate’s Risk Cloud can enable agile risk management within your organization.

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