MCO’s Compliance Risk assessment software provides a solution that enables firms to review and assess compliance obligations and identify policies, procedures and controls in need of adjustment.  

With Compliance Risk Manager compliance can easily run assessments of obligations, policies, risks or controls to understand their levels and plan future tasks.   

Compliance Risk Manager provides compliance teams with: 

  • Ability to schedule audits and reviews of compliance obligations based on the needs of the firm 
  • Maps and links to compliance obligations, policies, risks and controls 
  • Visualization of gaps and overlaps in the policy and control framework 
  • Automated workflows to manage signoffs and completions 

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

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 damage - and damage to the firm’s bottom line.   

With risk levels shifting over time, Compliance Risk Manager helps firms assess their response to regulatory obligations by identifying: 

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

Users can use Compliance Risk Manager to assess the burden of each relevant obligation, the quality of policies and procedures and the risk associated with their compliance program.  

Effective compliance needs consistent compliance assessment

Compliance assessment, or the process of evaluating the state of regulatory 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.  

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.  

Find the compliance gaps

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. 

Know Your Obligations

Compliance Risk 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.  

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