Banks and Financial Institutions are under constant pressure to stay up-to-date on the frequently changing regulatory requirements and they find it challenging to manage the entire repository of regulatory content despite deploying extensive resources. At a time when government interventions are sharply increasing to vigilantly monitor the global financial system and more strictly supervise them, financial institutions need to be effective and efficient in tracking and managing regulatory changes, both in the domestic and international markets.
Being a financial institution with global presence, the client wanted a comprehensive solution to leverage the large volumes of data for better use and improve the firm’s reporting and adherence to various compliance requirements. MetricStream provided the client with a comprehensive Regulatory Compliance Management Solution, helping them store the data in a centralized system and map regulations to risks, controls and policies to manage a range of risks emerging from various sources to achieve overall operational excellence. The solution’s federated data model allowed the client to map regulations to controls, risks and policies in a one-to-many or many-to-many fashion.
The basic objective of the solution was to create a central repository of all the laws and regulations across the regions that can be accessed globally and to provide a single view of all the regulations, controls, and rules to perform assessments on them. This was achieved through establishing four objects namely requirement, rules, controls, and assessments. In the MetricStream solution, auditors can create the objects from the front end or through a custom upload process. The solution has different roles assigned such as initiator, reviewer, and approver where these roles are mapped to certain activities in the compliance management processes such as initiation, review, and approval of a regulation. Once approved, the regulation gets published and the same can be communicated to all relevant stakeholders in the form of automated email notifications. The solution then triggers associated workflows including creation of rules, controls, and assessments. One requirement can have many rules. Controls are then created independently and assigned to the requirements. It is then followed by assessment wherein the requirement, rules, and controls are evaluated.
The MetricStream solution features executive dashboards for enterprise-wide visibility into the compliance management process and underscores issues that need to be addressed. The solution also provides a systematic mechanism for managing regulatory reporting and filings as well as surveys and certifications in a consistent, reliable, and predictable manner. It ensures accountability by enforcing the flow of information and records, and by documenting attestations and representations at appropriate stages. The feature named ‘Notify Users’, enables the client to notify all the users including the non-registered business users at the global level about the creation of a requirement, a rule, or a control.
The MetricStream Regulatory Compliance Management Solution provides the client with a robust system to track all the regulations and controls from a centralized repository. It helps business users to carryout regulatory management processes with automated logical workflows. It enables users to receive all the alerts and notifications whenever new regulations or controls are created or assessments are performed. The system also allows tracking regulations at different levels and different regions in the form of reports and dashboards providing users with real-time compliance level assessment capabilities.
MetricStream has a strong track record of successfully implementing enterprise-wide GRC solutions including regulatory compliance management in large global brands and helping organizations manage all their compliance requirements with a common framework with an integrated approach.
The MetricStream solution provides a single point of reference for regulations across the globe. It also offers a centralized, unified repository of data to improve data quality and management.
The solution offers the configurability and flexibility to be easily aligned to a company’s specific business needs.