Compliance

Compliance

Mastering compliance in a strongly regulated environment requires a strict and structured approach. Typical hurdles are:

  1. resolving conflicts and avoiding redundancies among regulations,
  2. control of the information flow throughout the complete organisation.
  3. avoiding a communication overflow,
  4. a quick and efficient change management.
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Here we demonstrate briefly, how your organisation can overcome these hurdles and implement a systematic and efficient compliance process using the

Derive an individual approach for your organisation in a multi-norm environment.

Risk orientation

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Concurring regulations from the security exchange acts, the solvency or Basel rules, tax and commercial legislation local or international, standards like ISO, IFS or HACCP, from FDA or GMP pose a multi-dimensional compliance risk on today’s financial service organisations.

Magnitude of impact multiplied by probability is the standard measure of risk. We applied it also to our risk map helping organisations to master the challenge. The embedded risk catalogue structures the compliance risks and helps to prioritise all measures.

Multi norm compliance

Risk management’s challenge is to identify synergies, redundancies and conflicts not only among all regulatory requirements. The organisation’s strategic direction, ethical standards and corporate governance increase the complexity. Without a clear and stringent framework facilitated through modern information technology communicating objectives and tailoring it to “digestible chunks” for each member of the organisation individually, achieving complete compliance becomes illusionary.

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That is why, the collaboration online module portfolio provides an integrated system to

  • refer internal documentation and instructions to multiple norms,
  • control all interdependencies among internal documentation and external regulations for an efficient change process,
  • allow to slice the requirements from a consistent overall approach into individual, tailor-made pieces for respective organisational units, positions, locations or roles,
  • track the communication to assure the reception of critical information,
  • provide reports to monitor changes, compliance and awareness level,
  • encrypt confidential content.

The co.suite

  • Documents links internal documentation and external regulation. It provides a risk catalogue feature to analyse and monitor the compliance exposure,
  • Complaints feeds customer satisfaction level and employee (whistle-blower) responses back to your organisation to spot non-compliance areas systematically over all available channels,
  • Ideas stimulates creative ideas to avoid redundancies, leverage synergetic potential and improves the identification of the workforce with the organisation,
  • Social radar is your short range radar for more reaction time in case of problems, disasters ,or call backs while the long range radar observes future customer expectations,
  • Training maintains the knowledge of your organisation vital and the awareness of your workforce high,
  • Contract Management monitors the contractually agreed compliance requirements and the commercial implications,
  • Audits allows to systematically collect all follow up findings,
  • Issues tracks all initiatives (compliance related or not) of the organisation and manages their timely execution.

Operational compliance

Management system

co.documents provides processes and documents to structure the manual on an integrated platform. Visual navigation by process maps and process ownership keep the structure transparent to all user groups. Process owners are enable to take responsibility through a clear monitoring and reporting scheme.
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Project management embedded

A vital organisation reacts to external changes by transformation. Steering and tracking these transformations requires a flexible centralised tool that is easily available to everybody.

Compliance relevante information

Passing information from one process / organisational unit to another in a structured manner requires a common platform of all quality related modules and data with a solid notification engine that knows your structure. Furthermore, the importance of information to the recipient must be reflected in the communication channel.

Integration

Management system

Multi-norm compliance is a common requirement for larger organisations today. Therefore, co.documents includes a “norms & regulations” module to refer all content accordingly. Thus, the relationships of any of the internal documents to all respective norms is maintained and can easily be reported.

Module integration

All compliance related tasks throughout all modules can be assigned their cost, which become then reportable. Moreover, interfaces between audit management, idea management, customer complaint and the issue tracking module allow to follow up all (risk mitigating) projects on the same platform.

E.g. a customer complaint can lead to a counter measure in the credit risk process, an audit can report a process deficiency in the money laundering procedures.

Collaboration

Collaboration can only function if

  • no redundant data produces inconsistencies,
  • (only) relevant information is shared,
  • responsibilities are transparent,
  • communication channels are defined and
  • timelines are monitored.
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No barriers should block the compliance information stream. On the other hand, a modern risk management should avoid to contribute to today’s information overkill, if it wants to cross the threshold of perception. The information should flow in the organisation traceable, secured and controlled.

A common database and a web-interface integrates all modules of the co.suite. Access controls, encryption, certification of software components provide a secure environment that is open enough to enable effective collaboration, but avoids information leaks or overkill.

Tablet, Smart- or I-Phone: delivers the compliance information according to the information needs directly to the work place.

Search and navigation functions simplify the usage and lead directly to the relevant content. Superfluous complexity is filtered to boost the acceptance of the system.

Common patterns from all modules in the content or the metadata are easily retrieved. Thus, the compliance risk can be detected and mastered throughout all business processes.