Compliance Role and Responsibility Accountability
Firms need to ensure that there’s executive accountability for every regulatory obligation and its related policies and procedures across all lines, without duplicating efforts or missing key risks.
Attestations and Role Manager (ARM) provides a solution to ensure that senior managers are effectively overseeing their businesses, that all regulatory obligations are covered and that senior managers, the board and regulators are receiving status updates on a regular basis. ARM allows firms to:
- Understand roles and responsibilities across the organization
- Increase efficiency and reduce duplication of effort
- Provide senior management and regulators with visibility into firm activities
- Review assurance data in the context of individual roles
Senior executives can be provided with automated compliance status updates in the format of the policies they have signed off or the regulations they have been made responsible for.
Visualize Roles and Responsibilities
Compliance mapping helps teams better manage risk and compliance by providing an insightful way to visualize regulatory obligations, risks and controls and executive accountability. Attestations and Role Manager features a simple to use compliance mapping tool that enables staff to easily draw and maintain responsibility maps, organization maps, legal entity maps and any other governance maps.
A Holistic View of Responsibility and Risk
Requirements of responsibility regimes including SMCR in the United Kingdom, MICR in Hong Kong and SEAR in Ireland further drive the need for executive accountability when it comes to regulatory obligations.
ARM supports the allocation of responsibilities to accountable executives. The system relates those responsibilities to the policies and obligations taken from Compliance Library Manager.
Through integration with the Assurance Solution the status of the control environment is propagated to these maps so that senior executives can attest to the quality of their assurance framework by organization unit, legal entity, or other governance structure.
Know Your Risk
Attestations and Role Manager is part of MCO’s Know Your Risk (KYR) solution suite. With KYR, firms gain a holistic and aggregate view of their risk profile that helps compliance teams set regulatory priorities, identify gaps in policies and procedures and streamline operations.
Contact us today to find out how we can help your organization meet evolving regulatory needs and ensure compliance oversight quickly and affordably.