Leading software solutions for operational governance

Regulatory Compliance Management

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Overview

MEGA’s 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.

MEGA’s regulatory compliance management solution was developed to support compliance officers, internal controllers, legal advisors, business process managers, and business users throughout the compliance process, with a personalized interface for each user profile.

A collaborative workspace, workflows, and a shared repository help stakeholders share information, coordinate compliance programs, and ensure the full traceability and effective operation of your internal control system.

With our solution, you can specify the right compliance level for your organization, indicate existing and target compliance levels, and identify the impact of regulations and internal standards on your business processes, risks, and internal controls. Workflows streamline communication among stakeholders and improve overall sensitivity to regulations. And because all stakeholders are involved, it is even easier to implement the necessary action plans to restructure business processes and make sure your organization achieves the required compliance level.

Based on the best practices outlined in international standards and regulations like Basel III, Solvency II, SOX, SAS 70, ISO 31000, ISO27001, and COBIT, MEGA’s regulatory compliance management solution covers the entire compliance process and can be configured to fit the structure of your compliance department.

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 taken into account, and signal any exceptions. They can enter descriptions of how regulations are applied on an operational level (e.g., organizational structure, business processes, organizational processes, IT systems, and action items). Awareness campaigns can be used to assess stakeholders’ knowledge of regulations and how they are set forth in your organization’s policies and procedures. Business users can attest to and certify the application of these policies and procedures.

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 secure, web-based regulatory compliance management solution is powered by HOPEX, our signature platform integrating all MEGA operational governance software. This means you get greater synergies and collaborative efforts among departments, as well as a clear, shared view of key information about your organization. Our HOPEX platform helps ensure that all stakeholders are working toward the same goals and supporting your organization’s operational governance strategy.

Features

MEGA’s web-based, business-oriented regulatory compliance management solution is powered by HOPEX, our operational governance 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.

MEGA’s 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, and internal policies and procedures are distributed through a workflow, with notification rules for each type of user profile
  • The solution can assess stakeholder understanding and awareness of the distributed information via questionnaires

Monitoring the application of regulations and internal standards – Business process managers and business users

  • The implementation of regulations and standards is checked through assessment questionnaires on risks and internal controls
  • All information is automatically consolidated into reports
  • Business users are assigned action plans

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.

MEGA’s 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 secure, web-based regulatory compliance management solution is powered by HOPEX, our signature platform integrating all MEGA operational governance software. This means you get greater synergies and collaborative efforts among departments, as well as a clear, shared view of key information about your organization. Our HOPEX platform helps ensure that all stakeholders are working toward the same goals and supporting your organization’s operational governance strategy.

Customers

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