Comprehensive regulatory governance and oversight of compliance obligations
Financial Services firms are operating in an environment of evolving regulatory requirements, and risk significant penalties and reputational damages if their policies and procedures fail to keep pace. Firms need solid regulatory governance to assure ongoing monitoring of policies and procedures leading to efficient and effective compliance across the organization.
Our Know Your Risk (KYR) solution offers easy to use compliance oversight software with the ability to deconstruct regulations, frameworks, policies, and controls into visual maps that communicate the obligations that require oversight and track the changes made to the obligations. 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.
With KYR, any risk, regulation, legal or management obligation can be quickly defined and then mapped to the firm’s risk and compliance program. Firms can understand and communicate compliance obligations and continually execute and monitor their policies and procedures.
Transparency for all with comprehensive governance and oversight
Know Your Risk provides firms with:
- AWARENESS: Stay up-to-date with regulatory change via a regulatory news and horizon scanning tool that provides automatic regulatory updates and insight on how changes might apply to the firm’s business operations.
- ALIGNMENT: Drive alignment of policies and procedures by tracking current policies and controls and mapping them against the firm’s regulatory obligations. KYR’s powerful visualization tool provides compliance teams with an understanding of the gaps or overlaps in the firm’s policy and control framework.
- ASSESSMENT: Track and monitor compliance by creating questionnaires and assessments of risk and compliance-related items. Compliance teams can assess the burden of each relevant obligation, the quality of policies and controls associated with it, and the potential risk to the firm’s compliance program. Issues found during the assessments can be managed to closure.
- ASSURANCE: Provide assurance of compliance to senior management, auditors and regulators by reporting on both qualitative or quantitative data concerning the operation of polices and controls from any/all lines of defense.
- ACCOUNTABILITY: Allocate responsibilities and increase accountability through clear visualization and shared understanding of the firm’s regulatory obligations, risk appetite and associated controls. Firms gain a clear line of sight from obligations (legal, regulatory, risk appetite, senior management) to compliance activities (policies, processes, controls, KPIs). Compliance teams can be made aware of potential breaches in real-time and take immediate remedial action.