Changes to regulatory obligations are happening at a fast and furious pace for financial services firms across the globe. As new regulations are created and change notices are sent out for existing rules, firms must be aware of the current state of every regulatory obligation the firm is beholden to and be able to assess that the proper policies and procedures are aligned to each regulatory risk.
Compliance Library Manager (CLM) provides an automated solution for maintaining a compliance library of regulatory obligations the firm is beholden to linked to policies and procedures. CAM’s central repository of regulatory obligations mapped to related policies and procedures offers firms with agile and timely regulatory risk management, enabling compliance team to:
- Add and configure current policies, procedures and controls, directly to the tool or via integration with other systems.
- Make links between documents and obligations for review and amendment by compliance staff.
- Upload policies and have them allocated to different parts of the business
Compliance Library Manager (CLM) provides compliance teams with a full policy management solution that includes clear data lineage from the business unit to the policy to the regulation.
Stay Ahead of the Regulatory Curve
Failure to take appropriate action to respond to the latest developments to a firm’s regulatory obligations can lead to significant fines and reputational damage for the firm. Firms will also need proof for regulators and executive management that policies and procedures and control frameworks are in alignment to properly uphold regulatory obligations.
Manual processes can’t keep up with the volume of regulatory development and regulatory change that impacts the firm’s compliance risk. And when regulatory obligations are not clearly linked to the policies, procedures and controls designed to uphold them, key items can fall into compliance gaps.
Firms need a solution to organize, automate, and manage regulatory obligations and their associated policies and procedures in order to be able to implement good risk governance and know when updates, escalations or interventions are required.
Visualization to Understand the Compliance Gaps
Looking at compliance gaps involves looking at the firm’s current state of compliance with a regulatory obligation versus the ideal state of compliance with that regulatory obligation.
Compliance Library Manager’s visualization of mapped elements makes it easy for firms to find the gaps and overlaps in their compliance program. CLM’s powerful visualization tool provides an understanding of the gaps or overlaps in policy and control frameworks. When firms know where the gaps in their compliance program are, they know where they need to focus their efforts and can allocate resources to bridge the compliance gaps.
Know Your Risk
Compliance Library 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.
