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GRC SOLUTIONS

COMPLIANCE MANAGEMENT

What is Compliance Management?

Compliance Management is intended for organizations that need to ensure compliance with regulations and internal policies in a legal and ethical manner. Compliance Management provides a centralized platform to gain visibility into all regulatory and policy obligations, monitor compliance in real time, and proactively identify and mitigate operational and compliance risks.

How can Compliance Management help me?

The basic objectives of the compliance function are as follows:

  • Identify the risks of compliance with internal and external requirements resulting from changes in regulations or in the company.
  • Help leaders and departments meet requirements.
  • Help the company interpret and respond to regulatory changes and emerging risks.
  • Mitigate compliance risks to avoid fines, penalties, and reputational damage.

Benefits of Compliance Management?

Compliance Management provides teams with a well-managed compliance program. The solution enables organizations to increase their level of security and avoid fines, penalties and reputational damage. A recent TEI study by Forrester found that Compliance Management was able to:

  • Avoid contracting more FTE, totaling 135 thousand – 405 thousand per year.
  • Third-party avoided costs total 213 thousand – 284 thousand per year.
  • Time savings in needs assessment totaling $82,000.
  • Reduction of exposure to risk for a total of 100 thousand per year.
  • Total benefits = 1.7 million, total costs = 261 thousand.
  • ROI = 550%.
  • Warranty and supervision in real time.
  • Increased coverage of needs.
  • Increase employee satisfaction with a better user experience.
  • Increased confidence in the organization.

Compliance Management capabilities?

Compliance teams using Compliance Management will follow the process outlined below.

  1. Identify and assess high-risk compliance areas
  • Perform risk assessments on business initiatives, policy changes or regulatory changes.
  • Identify, track and measure those risks and allocate resources appropriately.
  • View real-time dashboards of the compliance risk inherent in your business activities.

  1. Map of control requirements to determine gaps
  • Import regulations from our extensive library.
  • Map controls and procedures to regulatory or policy requirements to identify gaps in coverage.
  • Rationalize non-hedging to ensure a defensible position.
  • Monitor changes to regulations and easily review or update controls that have been mapped.

  1. Check the effectiveness of controls and processes
  • Use pre-constructed risk and control frameworks containing examination procedures to check the readiness of examiners.
  • Test the controls that are assigned to the requirements to determine coverage.

  1. Monitor, automate and communicate problems
  • Use data analytics and automation to analyze transactions, records, and activities to determine noncompliance issues.
  • Monitor the KRIS, create visualizations to communicate these findings to the organization.
  • Automate action plans and workflows to remedy issues.
  • Engage with the front line, gather the relevant information directly within the platform.

  1. Report to executives
  • Use real-time dashboards and visualizations.
  • Provide compliance and oversight assurances to management, regulators, and other stakeholders.
  • Easily produce comprehensive reports.

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