MCO’s Compliance Assurance Manager software solution provides firms with the ability to gather compliance data and assurance information concerning the operation of polices and controls from any/all lines of defense across the organization.
Compliance Assurance Manager offers firms:
- Assurance of the effectiveness and reliability of policies and procedures
- Control testing and verification
- Control performance metrics on both qualitative and quantitative data to track proof of compliance and areas in breach
Compliance Assurance Manager provides compliance teams with assurance that their policies and procedures are followed across the organization and identifies areas where policies and procedures are lacking or non-existent.
Compliance Assurance Manager provides comprehensive compliance testing and metrics that allow teams to assess the quality of risks and controls, heighten awareness of risk in real time and increase transparency and efficiency.
Testing and Metrics for Policy and Procedures Assurance
Strong policies and procedures are the foundation of a solid compliance program. Policies and procedures provide clear directives to compliance, staff, and senior management about what their compliance obligations are.
But policies and procedures can’t be set and then forgotten. Firms need the up to the minute compliance data that compliance assurance software provides to verify that the policies and procedures are effectively put into everyday practice and operating as expected in order to:
- Verify measures have the intended impact
- Identify areas where current controls are falling short
- Prove adherence and impact to regulators
Testing and metrics provide compliance and senior management with a clear picture of risk across the organization. Assurance data and metrics provide insight that helps compliance hone in on key risks and prioritize risks and resources.
Flexibility to Meet the Needs of the Firm
Compliance Assurance Manager enables an agile approach by allowing maximum flexibility in how teams capture policies and procedures assurance data without the need for technical expertise or assistance. The solution can add assurance data from other MCO modules or internal systems to ascertain if controls and policies are being followed by staff and to provide a probability of future status.
With Compliance Assurance Manager firms can:
- Plan testing to focus on key areas
- Assign executive accountability to obligations and controls
- Gather information as qualitative or quantitative data
- Automate procedure and control attestations
- Customize the frequency of assurance testing
- Generate reporting with proof points organized by regulation under review
- Simplify internal and regulatory audits
Know Your Obligations
Compliance Assurance Manager is part of MCO’s Know Your Obligations solution suite. Firms of all sizes choose KYO to streamline oversight of obligations and develop a complete picture of compliance assurance over time. KYO offers firms a structured and integrated solution that clearly links external obligations and regulations to internal policies, procedures and controls.
Contact us today to find out how we can help your organization meet evolving regulatory needs and ensure compliance oversight quickly and affordably.