Effective compliance assessment happens on a consistent basis. As regulatory developments unfold and new products or services are added, firms must ensure that their policies, procedures and controls are assessed and updated to keep pace.

Compliance Assessment Manager (CAM) provides a solution that enables firms to review and assess compliance obligations and identify policies, procedures and controls in need of adjustment.

With CAM, compliance can easily run assessments of obligations, policies, risks or controls to understand their levels and plan future tasks. CAM provides compliance teams with:

  • Ability to schedule audits and reviews of compliance obligations based on the needs of the firm
  • Links to related regulatory requirements
  • Automated workflows to manage signoffs and completions

Compliance Assurance Manager features built in assessments and compliance questionnaires to gather compliance data from individuals across the firm to identify risk across the organization. Compliance questionnaires and assessments can be configured to meet the requirements of the firm’s compliance program based on the questions asked, the results of the responses and the workflows required. Built in workflows can also be customized to meet the individual needs of the firm.

Compliance teams can decide to implement Compliance Assessment Manager for certain areas of regulation or choose to consider only new or amended regulations.

Find the Compliance Gaps

Compliance assessment, or the process of evaluating the state of compliance obligations and the policies and procedures in place to uphold them, finds the gaps in your compliance program so appropriate action can be taken to mitigate risk.

Firms need a solution to ensure policies, procedures and controls are keeping up with the pace of change. Change can involve regulatory developments but also changes to the business of the firm including new pricing, products and services. Compliance teams need to address regulatory risks and also track adherence to company policies and procedures to avoid potential misconduct.

Identify Existing and Emerging Compliance Risk

Not all compliance risks are equal in importance to the organization. Compliance risk exposure changes over time, and an annual compliance review isn’t always enough to keep on top of a rapidly evolving regulatory risk landscape. Underestimating the level of severity or adverse impact of a potential compliance risk can lead to reputational damage¾and damage to the firm’s bottom line. With risk levels shifting over time, Compliance Assessment Manager helps firms assess their response to regulatory obligations identify:

  • Where in the organization are there emerging risks?
  • Where have existing risks become more severe?
  • Where has risk exposure changed?

Users can use CAM to assess the burden of each relevant obligation, the quality of policies and controls and the risk associated with their compliance program.

Know Your Risk

Compliance Assessment Manager is part of MCO’s Know Your Risk(KYR) solution suite. KYR provides compliance teams with a framework to streamline compliance oversight, gain efficiencies and minimize risk.

Contact us today to find out how we can help your organization meet evolving regulatory needs and ensure compliance oversight quickly and affordably.

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