Overview

Compliance leaders across industries face several challenges. On one hand is a regulatory landscape that is constantly changing. On the other are rising expectations from regulators to demonstrate a culture of trust and integrity. Added to that are stakeholder pressures to reduce the costs of compliance while improving operational efficiencies.

In dealing with these challenges, traditional approaches to compliance management—which are typically ad hoc and manual—are no longer effective nor efficient. They require compliance teams to spend most of their time sifting through volumes of compliance assessment documents, spreadsheets, and emails in the quest to generate meaningful insights. Traditional manual approaches also make it challenging to consolidate compliance information from across business units and geographies, and to compare trends across different assessment periods.

As compliance initiatives become more intertwined, organizations are increasingly adopting an integrated and streamlined approach to compliance – one that can help them minimize redundancies and costs, while also strengthening visibility into their overall compliance and risk profile. To support and enable these efforts, many compliance leaders are deploying specialized compliance solutions.

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Metricstream Regulatory Compliance Management Solution

The MetricStream Regulatory Compliance Management Solution provides a common framework and an integrated approach to meet cross-industry regulations, as well as industry focused regulations and guidelines. The solution enables a sustainable and repeatable compliance program with the help of a centralized library of compliance obligations, as well as capabilities for compliance risk management, control testing and certifications, regulatory change management, policy management, regulatory engagement management, and case management.

Role-based dashboards provide clear visibility into ongoing compliance efforts and high-risk areas. In addition, graphical reports and charts deliver real-time information on compliance process ownership, assessment plans, remediation status, and other important information. Drill-down capabilities allow users to access deeper levels of information with a single click.

 

[1]Source: Customer responses and GRC Journey Business Value Calculator

Business Outcomes
  • 55%
    Reduction in the time taken to create and update policies
  • 90%
    Reduction in the time taken to manage compliance activities
  • 60%
    Faster response time to regulatory changes
  • 50%
    Reduction in compliance follow-ups
  • 300%
    More coverage on compliance and 90% control monitoring
  • 50%
    Improvement in case management cycle time1

Capabilities

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Centralized Library of Compliance Obligations

Capture relevant regulations, rules, and standards by integrating with external compliance data sources. Deliver automated notifications to users when regulations are updated. Build a logical compliance and control hierarchy, mapping regulations to processes, assets, risks, controls, and issues. Link these data elements to the associated business functions, locations, and legal entities as well.

Compliance Risk Assessment

Identify, prioritize, manage, and monitor the areas of high compliance risk through the solution. Measure these risks by business unit, process, and geography. Leverage configurable methodologies and algorithms to calculate inherent risk impact and likelihood, including quantitative and qualitative risk ratings.

Determine risk areas that require attention using compliance risk dashboards with risk heat maps and color-coded charts. Enable a simplified visualization of complex compliance and risk data, sorted by country, risk type, and other parameters.

Control Testing and Certifications

Manage compliance assessment programs effectively to ensure that controls and related activities are designed to meet regulatory requirements. Design comprehensive control tests or assessment plans with details on the scope of the tests, frequency of testing, and tester information.

Conduct survey-based certifications to check the effectiveness of controls. Create questionnaires that can be sent out as part of the survey or certification process. Efficiently manage non-compliance issues through a systematic mechanism of issue investigation and remediation.

Policy and Document Management

Manage policy creation and communication in a systematic and integrated manner. Identify potential gaps and risks by mapping policies to regulations, risks, and controls. Leverage this integrated model to identify how a regulatory change can potentially impact existing policies.

Quickly refer to the latest versions of policies using a centralized policy portal. Demonstrate policy compliance by efficiently managing policy attestations and exceptions. Leverage powerful analytics and reports to track the policy management lifecycle in real time.

Regulatory Change Management

Set up regulatory feed channels which automatically pull regulatory updates from multiple external sources. Enable efficient tracking of regulatory changes, while making sure that the impacted stakeholders are notified and involved. Gain a clear understanding of the impact and risks of various regulatory changes on the organization with the help of impact assessment surveys.

Effectively manage regulatory change related tasks, including policy updates, control testing, and issue remediation. Monitor the stages of regulatory change management through dynamic dashboards and reports. Slice and dice the data to draw out critical trends and patterns.

Regulatory Engagement Management

Systematically manage various engagements with regulators, including examinations, meetings, and requests for information. Delegate tasks in a streamlined manner, and align roles and responsibilities appropriately. Simplify the documentation and tracking of all engagement findings.

Centrally maintain first day letters, email records, and other relevant documentation. For each engagement, gain the flexibility to attach request letters, supervisory letters, findings, evidence of action plans, and previous engagement documents. View real-time insights on open engagements, regulatory findings, tasks, engagement trends, and other critical data.

Case Management

Simplify the case management process, right from case-recording to case-resolution. Centrally maintain all case related details, while integrating with employee hotlines or whistleblowing systems to capture case information. Enable a consistent approach to how each case is captured, triaged, investigated, tracked, and resolved. Allow multiple parties to collaborate on case remediation.

Link cases to policies, regulations, and risks to understand their impact, as well as to determine if a policy should be updated, or if employee training should be conducted. Track the status of each case in real time. Leverage the insights from advanced analytics and reports to reduce the risks of non-compliance.

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