Identify, measure and report on compliance risk
Deliver a holistic, seamless view of compliance by uniting processes in a single location to develop an effective framework to manage regulatory breaches and control failures.
Why choose Compliance Management?
Compliance Management, available on the Connected Risk platform, helps you aggregate and streamline your regulatory and compliance programs, and reveal a deeper understanding of your existing and emerging risks. The solution can help harness data to ensure your teams can better manage evolving risk, comply with regulations, and meet reporting requirements.
Integrate information around internal controls, compliance reviews, regulatory exams, policies, and incidents to deliver a holistic and informed view of compliance. In-depth analytic capabilities enable your teams to visualize relevant information, amplifying their focus on value-add assurance activities and strategic decision-making.
Centralize your workflows and processes on a single platform to action items in near real-time, with results that can be re-used for continued monitoring, reviews and assessments. Ongoing monitoring capabilities can detect inefficiencies or problem areas, helping you identify and initiate changes or remediation as needed.
What you get with Compliance Management
Agile modeling capabilities
Adapt data models, workflows, security, notifications, and dashboards to keep pace with changing business needs.
Option to tailor the solution
Adopt out-of-the-box workflows, dashboards, and reporting capabilities to customize features to your own applications.
Policy approval management
Define a policy library and map policies to the relevant organizational structures, risks, controls, regulatory exams, and compliance reviews.
Regulatory exam and inspection management
Manage regulatory interactions with external governing bodies to track contacts, exams, findings, action plans, and responses.
Evidence compliance reviews
Link compliance reviews to controls and regulations to capture ratings, issues, and actions in order to create thorough reports.
See Compliance Management in action
Connect the three lines of defense
Harmonize myriad workflows and processes with dynamic interdependencies that are deployed, managed, maintained, and reported in real-time.
All stakeholders can view ratings, issues, and outcomes simultaneously, supporting the first line of defense with risk assessments and informing the third line of formal reviews. Maintain secure external auditor and regulator access to support independent assurance requirements.
Drive cohesion across the enterprise
Automate activities that increase the efficiency and effectiveness of your compliance programs, enabling a better understanding of changing expectations and more agility when managing varied processes. Data is organized and made available to all stakeholders for a view of risk that facilitates better decision-making. The single system is regularly updated, providing prompts and a user-friendly view, and integrates information on enforcement actions and data from internal and external sources.
Bringing compliance processes together in a centralized location reduces duplication, avoids errors, enables effortless sharing of information, and provides more informed discussions with stakeholders about the regulatory and compliance risks impacting your business.
Thomson Reuters commissioned Celent to interview risk and compliance executives at global Tier 1 financial institutions to better understand the challenges they face, as well as the technology improvements required to overcome these issues.
The fifth annual survey by Thomson Reuters that examines how firms around the world are managing the challenges presented by the regulatory focus on culture and conduct risk.
Regulatory Change Management helps your teams perform impact assessments with a connected approach to the regulatory change management process which involves a high level of engagement and coordination among compliance professionals.