Mastering compliance in a strongly regulated environment requires a strict and structured approach. Typical hurdles are:
- resolving conflicts and avoiding redundancies among regulations,
- control of the information flow throughout the complete organisation.
- avoiding a communication overflow,
- a quick and efficient change management.
Derive an individual approach for your organisation in a multi-norm environment.
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.
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.
- 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.
Project management embedded
Compliance relevante information
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 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.
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.