[29 June 2022] Dublin - MCO launches Know Your Risk (KYR) to provide financial services firms with comprehensive compliance governance and oversight. The new offering allows firms to develop a complete view of compliance risk and assurance over time.
Global conduct risk and compliance technology provider MCO (MyComplianceOffice), announced today the launch of its new Governance and Oversight suite, Know Your Risk (KYR). KYR is a modular solution that enables firms to set regulatory priorities, identify policy and procedure gaps, and deliver proof of adherence with metrics and documentation.
The acquisition of Governor software served as the genesis for KYR. Full integration with the MyComplianceOffice platform, including access to the same data sources as other MCO products, provides firms with a complete overview of their organization’s risk profile.
“Chief Compliance Officers need to be agile and forward looking to manage both their current portfolio of risk along with emerging threats. KYR provides compliance teams with an understanding of the gaps and overlaps in the firm’s policy and control framework, as well as the ability to prove assurance of compliance,” said Richard Pike, Managing Director at MCO. “KYR effectively empowers CCOs to better understand the relationship between the first line activities of the business and the oversight activities of compliance.”
MCO's KYR solution can be summarised as a ‘5A’ capability set:
- Awareness of regulatory change
- Alignment of policies and procedures to the firm’s regulatory obligations
- Assessment of regulatory obligations to the firm’s compliance burden
- Assurance of compliance to stakeholders with data from all lines of defense
- Accountability, allocation and mapping of roles and responsibilities across the firm
MCO CEO, Brian Fahey said “Financial services firms are dealing with changing regulations and increasing supervision across the globe. Compliance needs to easily understand the impact of regulatory developments to implement the right controls and prove assurance. The launch of KYR is the latest development in our mission to provide the most comprehensive compliance solution in the market.”
Learn more about MCO's Know Your Risk solution
- Regulatory Change Manager
- Compliance Library Manager
- Compliance Assessment Manager
- Assurance Data Manager
- Attestations and Role Manager
About MCO (MyComplianceOffice)
MCO provides powerful compliance management software that companies around the world use to reduce the risk of misconduct. The MCO solution allows firms to address transactional and personal conflicts of interest in a single platform. It is the only fully integrated, comprehensive, compliance management platform that uses a global company and security master dataset to identify conflicts across firm transactions (deals, research, and trades), employees, and third parties mycomplianceoffice.com
Lisa Deschamp, Vice President, Global Marketing
To learn more about how MyComplianceOffice helps firms across the globe manage conduct risk issues and conflicts of interest, contact us today for a demo.
In today’s incredibly fast-moving world and economy, risks are changing every single day and regulatory requirements are constantly evolving. With this in mind, it’s vital that businesses focus on implementing a solid, robust regulatory governance framework. This will enable a business to monitor its policies and procedures, and ultimately help them to achieve efficient and effective compliance across the entire organisation.
At MyComplianceOffice, we provide first-class compliance risk management software that is designed to make it easier for businesses to stay on top of their compliance requirements. Read on to learn more about how our software can assist businesses of all sizes and scales. If you’d like to speak with an expert, then please contact us today via the details below.
Our Know Your Risk (KYR) solution will give your business improved awareness of the current situation within the sector. It will enable you to stay fully up-to-date with regulatory changes, thanks to its in-built regulatory news and horizon scanning tool. This tool will give you automatic regulatory updates and insight on how changes could apply to your operations.
Secondly, you will be able to use our KYR programme to drive the alignment of policies and procedures. You will be able to track current policies and controls, and map them against a businesses regulatory obligations. With our modern, innovative visualisation tool, you will be able to see all gaps and overlaps in your policy and control framework.
Enables you to Make Assessments
Furthermore, our software will enable you to track and monitor compliance with ease. You will be able to formulate questionnaires and assessments of risk and compliance-related items. As a result, your in-house compliance teams will be able to fully assess the burden of each individual obligation, the quality of the policies related to it, and the potential risk to your compliance programme.
In addition to this, our KYR software will give assurance of compliance to the senior management in your organisation, as well as auditors and regulators. You will be able to report on both qualitative and quantitative data regarding the operation of policies and controls from all lines of defence.
This software will let you allocate various responsibilities and improve accountability with clear visualisation. You will be able to improve shared understanding of your regulatory obligations, risk appetite and associated controls. With our software, you will be able to see obligations (legal, regulatory, risk appetite and senior management) to compliance activities (policies, processes, controls and KPIs). You will be able to stay abreast of potential breaches in real-time, and implement instantaneous remedial measures.
Interested in Compliance Risk Management?
If you would like to learn more about how MyComplianceOffice can assist your business with its compliance responsibilities and requirements, then please do not hesitate to contact us today. You can request a demo or consultation regarding our leading compliance solutions and products.
Alternatively, if you’d like to chat with one of our compliance experts - then please give us a call on 1-866-951-1558. We can answer your questions, provide you with more details about our solutions, and discuss your needs and requirements further.