As compliance costs continue to rise, how is our Connected Risk platform bringing together critical risk and control data from across the three lines of defense for more effective compliance management?
- Compliance Management, a new solution on the Connected Risk platform, adapts to an organization’s frameworks and methodologies.
The solution, which just launched, brings together critical control data from all three lines of defense into a strategic dashboard mapped to business objectives.
- Register for the on-demand Compliance Management webinar or request a product demonstration.
The expectation that new political administrations would lead to a reduction in regulation hasn’t become a reality. In fact, the last 12 months have seen further new regulations and so, unsurprisingly, the cost of compliance continues to rise.
In June, Thomson Reuters published its ninth annual Cost of Compliance report, which is based on findings from a survey of over 800 senior practitioners from across the world.
The key findings included:
In addition to the increasing business cost of compliance, the last of these statistics points to an invisible cost as practitioners consider their own liability. This burden is even greater on the front line due to the personal impact of local regulations.
Consequently, more staff now want greater control over their personal compliance agenda, meaning more than ever, a flexible solution is needed to inform, educate, and assist a more regulatory-savvy audience.
This is where our Compliance Management solution on the Connected Risk platform comes in.
Compliance Management benefits
Last year, we launched the award-winning Regulatory Change Management solution. In so doing, we were already on our second generation of technologies that provided compliance professionals with the latest regulatory content and everything they needed to assess the impact of a new or updated regulation.
Last week, we continued to expand our Connected Risk platform with the launch of our Compliance Management solution.
Understanding impact is one thing, understanding whether the procedures you put in place allow you to remain compliant is another. Compliance Management provides your team with the ability to:
- Adapt data models, workflows, security, notifications, and dashboards to keep pace with changing business needs.
- Define a policy library and map policies to the relevant organizational structures, risks, controls, regulatory exams, and compliance reviews.
- Link compliance reviews to controls and regulations to capture ratings, issues, and actions in order to create thorough reports.
Three lines of defense
Compliance Management, part of the suite of solutions available on the Connected Risk platform, can adapt to your organization’s frameworks and methodologies. This solution brings together critical risk and control data from all three lines of defense into a strategic dashboard mapped to your own business objectives.
Rather than approaching compliance as a cyclical review process, integrating Compliance Management with our award winning Risk Management solution allows you to be informed of changes in your business risk profile. This means faster notification of a potential compliance breach that requires your inspection.
Your risk-based view of compliance can be as broad as the data pool you can tap into — any solution or data set your organization currently uses that provides risk information can be connected into Compliance Management.
Holistic view of risk
The release of the Compliance Management solution follows the recent launch of Risk Management, which helps institutions harness the ability to turn risk management into a competitive advantage that flexes to their own unique methodology, while providing a holistic view of risk.