Used by Chief Compliance Officers to understand their firm's risk profile, Compliance Oversight solutions empowers them to:
- Communicate regulatory obligations
- Understand the status of the firm’s compliance with those obligations
- Take appropriate action when the status is off course
- Prove the firm’s compliance both internally and externally
Compliance oversight provides a decision-making framework that is logical, robust and repeatable to govern a firm's regulatory obligations. It enables a structured approach to strategic and operational decisions about risk, compliance and regulations.
Typically, firms manage this oversight through multiple platforms across different frameworks, using spreadsheets to bring together the salient information. This is not only costly to manage, but prone to error and lacks the transparency required for clear accountability.
Compliance oversight solutions provide clients the ability to deconstruct regulations, frameworks, policies and controls into visual maps that clearly communicate the obligations that require oversight and enables them to track the changes as they are made to the obligations. It also provides the 1st line of defense with Key Indicators and assessment points, in order to record compliance and areas of concern, which may be interfaced to internal systems.
With a good platform, a firm should be able to have business updates and comments flow back to the 2nd line in a seamless manner and presents the status of individual and overall compliance in the structure of the original regulation, framework or policy. All of this is completed in a structured and auditable process so that review and audit becomes less fraught.
Comprehensive compliance oversight software addresses the lack of visualization and integration of risks across the company. It achieves this by aggregating, integrating, and visualizing risk and performance information within a single platform, allowing it to be managed from one central location and ensuring accountability. Its information architecture should allow for flexibility in reporting and provide real-time feedback in the form of dashboards and notifications tailored for management.
Better Compliance Oversight with MCO
To address this important compliance need, MCO acquired Governor Software and it's leading edge regulatory mapping tools. Governor's industry track record of innovation in compliance oversight expands the risk mitigation capabilities of MyComplianceOffice to include a real-time top down view of the governance and status of risk monitoring.