In addition to the benefits of coordinating the activities of compliance with Risk and Internal Audit which leads to maximizing the effectiveness of a compliance function, the compliance solution has many features to facilitate identifying and assessing regulatory risks, evaluating their mitigating controls and developing comprehensive compliance monitoring programs.
The solution allows for linking risks and controls to numerous regulations and continuously monitoring the status of compliance to these regulations. A dashboard screen is available for that purpose, highlighting the level of compliance by all the relevant business units to each regulation.
A Library of regulatory risks and mandated controls is also available for some countries. This is to facilitate the identification and assessment of compliance risks and evaluation of mitigating controls.
Any exceptions indentified, including delays in conducting compliance related tasks, uncontrolled regulatory risk or breaches to any of the regulatory requirements are immediately notified to relevant officers using the email alert and notifications modules.