Regulatory Compliance Management

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Overview

Our regulatory compliance management solution allows you to identify, implement, and monitor your organization’s regulatory compliance to:

  • Support your organization’s regulatory governance system
  • Promote and strengthen a risk-based corporate culture
  • Reduce compliance-related costs

Today’s compliance departments are tasked with ensuring their organization complies with the latest regulations and internal standards, enabling continuous performance improvement, and making sure effective internal controls are in place – all under increasingly tighter budgets and stretched resources.

Based on the best practices outlined in international standards and regulations like Basel III, Solvency II, SOX, SAS 70, ISO 31000, ISO27001, and COBIT, our regulatory compliance management solution covers the entire compliance process and can be configured to fit the structure of your compliance department with a personalized interface for each user profile (compliance officers, internal controllers, legal advisors, business process managers, and business users).

Analysis phase: Specifying the applicable regulations and internal standards

Our solution contains an easy-to-use interface for importing regulations and standards from a third-party application. A configurable workflow manages the descriptions of each regulation or standard, incorporating all key stakeholders in the development of the text. You can also use our graphical tools to enhance the descriptions. The regulations and standards can be associated with risks, internal controls, business processes, and IT applications, and can be documented. Our solution generates assessment reports on your organization’s risks, internal controls, business process structure, and IT architecture coverage, enabling you to identify the impact of regulations and standards. This gives your compliance officers the information they need to make decisions on priority regulations and assign managers to address them.

Implementation phase: Distributing information about regulations and internal standards, and monitoring applications

A workflow manages the communication of important information among stakeholders and lets you define notification rules for each type of user profile. Stakeholders can attest to the fact that the appropriate regulations are being taken into account, and signal any exceptions. They can also enter descriptions of how regulations are being applied on an operational level. You can use awareness campaigns to assess stakeholders’ knowledge of regulations and how they are set forth in your organization’s policies and procedures. You can schedule self-assessment campaigns to evaluate the likelihood and potential impact of compliance risks. And you can carry out testing campaigns to monitor the effectiveness of compliance controls and detect potential weaknesses in your compliance framework.

Monitoring phase: Understanding regulatory changes and their impacts

When regulations and standards change, you can use our solution to determine the impact on your organization and identify any areas of non-compliance with the new requirements. Reports generated by our solution let you forecast, then test the impact of these changes. Alerts tied to certain indicators can be sent out automatically. Backed with this information, you can identify the key issues, update existing action plans, and implement new ones to make sure your organization achieves the required level of regulatory governance.

Our regulatory compliance management solution is powered by HOPEX, our signature platform that supports all our enterprise governance solutions. Our comprehensive approach gives you a more complete vision of your organization by incorporating compliance aspects into representations of your company’s assets, capabilities, and strategy, thus enabling more informed decision-making that takes regulatory constraints into account.
Used in conjunction with our other corporate governance solutions, our regulatory compliance management solution gives your compliance officers an enterprise-wide governance framework and your top executives a 360° view of your operations.

Features

Our regulatory compliance management solution is powered by HOPEX, our signature platform. Secure data access, workflows, and reports can be configured for each user profile. The solution is designed to support compliance managers, internal controllers, legal advisors, business process managers, and operational managers at every stage of compliance process implementation.

The solution’s collaborative workspace and shared repository ensure that all of the data related to regulations and standards are shared, traceable, and secure.

The standard configuration is based on recommendations and best practices developed by leading professional organizations, international standards, and MEGA’s extensive experience in the field of regulatory compliance. Our turnkey solution can also be configured to fit your compliance department’s particular structure and the relevant regulations and standards.

Our regulatory compliance management solution covers the entire compliance process. The standard configuration offers the following features for each user profile:

1. Analysis phase: Specifying the applicable regulations and internal standards

Identifying and describing regulatory requirements – Compliance officers and operational staff

  • Regulations, internal standards, and objectives are entered using an easy-to-use interface
  • Content from regulations and standards is imported from a third-party application
  • Regulations and internal standards are associated with your organization’s business processes, IT applications, risks, and internal controls
  • Our solution’s graphical capabilities are used to model business processes and procedures
  • Regulations and internal standards are documented

Specifying existing and target compliance levels – Compliance officers

  • Assessment reports on your organization’s risks, internal controls, business process structure, and IT architecture coverage are used to identify the impact of regulations and standards
  • Regulations, standards, and internal policies and procedures are described, revised, and approved through a workflow
  • Performance indicators and priority levels are established for identifying the impacts and compliance gaps with regulations and standards like Basel III, Solvency II, SOX, SAS 70, ISO 31000, ISO27001, and COBIT
  • The appropriate staff members are assigned responsibility for ensuring compliance

2. Implementation  phase:  Distributing information about regulations and internal standards, and monitoring applications

Communicating regulatory requirements – Compliance officers

  • Regulations, internal standards, policies, and procedures are distributed through a workflow
  • Workflows facilitate collaboration, approval processes, and version control as part of policy and procedure lifecycle management
  • Questionnaires assess stakeholder understanding and awareness of the distributed information

Assessing Compliance Risks – Compliance officers and operational staff

  • Risks related to the implementation of regulations and standards is checked through assessment questionnaires
  • All information is automatically consolidated into reports

Testing Compliance Controls – Compliance officers and operational staff

  • The controls used to reduce compliance risks are tested through campaigns

3. Monitoring phase: Understanding regulatory changes and their impacts

Compliance officers

  • Reports and alerts tied to performance indicators are used to determine the impact of new regulations and internal standards, identify the key issues, and pinpoint any compliance gaps
  • Compliance levels are tracked through assessments of risks and internal controls
  • Progress on action plans is monitored through reports and a workflow
  • Using these reports, managers can make decisions on any necessary updates to existing action plans or new action plans to be implemented

Benefits

Today’s compliance departments are tasked with ensuring their organization complies with the latest regulations and internal standards, enabling continuous performance improvement, and making sure effective internal controls are in place – all under increasingly tighter budgets and stretched resources.

Our regulatory compliance solution helps business units identify, implement, and monitor regulations and standards so that your enterprise can:

Support your organization’s regulatory governance system

Our solution gives compliance officers a full palette of features for setting up an effective regulatory governance system. The collaborative workspace and personalized interfaces for each user profile encourage business process managers and business users to take part in determining your organization’s compliance level. All information about regulations and internal standards − and their links to your business processes, risks, and internal controls − are centralized in a single shared repository. This ensures consistency among the data in automatically-generated reports, making it easier to determine existing compliance levels. Alerts tied to performance indicators and regulatory impacts, coupled with consolidated reports on risk and internal control assessments, can be used to update your compliance programs and achieve the required compliance level. This information can also be used to update and prioritize action plans based how critical a given regulation is.  And our solution’s workflow lets you track all these changes as well as progress on action plans.

Promote and strengthen a risk-based corporate culture

Our solution’s collaborative workspace and shared repository encourage all stakeholders in compliance programs to play an active role.  Our solution lets you evaluate their understanding and awareness of information you have distributed about regulations and standards. Assessment questionnaires on risks and internal controls are sent to business process managers and operational staff to check your organization’s compliance level. All of this helps instill a risk-based corporate culture where risks are taken into account in day-to-day operations.

Reduce compliance-related costs

With our solution, you can use workflows to automate the repetitive tasks carried out by compliance officers and management controllers. Risk and internal control assessments and performance indicator tracking features within the solution help you streamline your compliance process. This serves to lighten compliance officers’ workload, and put business process managers and business users in charge of transmitting the necessary information about their businesses. By identifying key risks and internal controls – which enables all stakeholders to focus their compliance efforts on the most sensitive issues – you can eliminate redundant tasks, break down silos, and cut the costs of your compliance program.

Our regulatory compliance management solution is powered by HOPEX, our signature platform integrating all MEGA enterprise governance software. That means you get greater synergies and collaborative efforts among departments, as well as a clear, shared view of key information about your organization.
As part of our corporate governance offering, our regulatory compliance management solution provides your compliance officers with an enterprise-wide governance framework and gives your executives a 360° view of your operations.

Customers

Read what our customers have to say about working with MEGA on their regulatory compliance management projects: