Risk and compliance professionals have a new solution designed to help them demonstrate strong governance and sound internal controls in the face of intense, enterprise-wide regulatory scrutiny.
Compliance Management, a new solution launched by Thomson Reuters, provides a tech-enabled compliance framework capable of meeting today’s most pressing challenges by bringing processes together in a centralized location to help organizations streamline, execute, and monitor their regulatory and compliance programs. The solution is part of Connected Risk, a governance and compliance software platform from Thomson Reuters, delivers optimal risk management through an enterprise-wide view of risk.
The Compliance Management solution integrates disparate sources of information such as internal controls, reviews, regulatory exams, policies, and incidents to deliver a holistic and informed view of compliance. This is coupled with in-depth analytic capabilities to ensure compliance teams can better visualize relevant information and turn their focus to more value-add assurance activities and strategic decision-making.
Compliance Management is built on flexible and agile technology, allowing compliance teams to either adopt out-of-the-box features such as data models, workflows, security, notifications, and dashboards, or to customize features according to existing applications and point solutions.
“Today’s compliance professionals are faced with a myriad of workflows and processes that are often operated in silos across the organization. This disconnected approach results in inefficiencies, duplication of efforts, and repeated engagement with frontline staff,” said Gareth Evans, managing director, enterprise risk management, Thomson Reuters. “Compliance Management is a targeted solution that seamlessly consolidates multiple components of the compliance process in a single location, resulting in a more powerful internal control framework that can adapt to meet the needs of the future.”
Additional features of the Compliance Management solution include the ability to define a policy library and map policies to the relevant organizational structures, risks, controls, regulatory exams, and compliance reviews. In addition, compliance teams can manage regulatory interactions with external governing bodies, track contacts, exams, findings, action plans, and responses. Teams can also link compliance reviews to controls and policies to capture ratings, issues, and actions to create thorough reports.