Compliance


Since 2009, 54,000 regulatory documents have been published from 130 different regulatory bodies in G20 countries alone.

A phenomenal amount to keep track of, implement and adhere to … meaning the  Compliance process has become extremely complex and unwieldy, due to the need to quickly take on, and manage new regulatory requirements.  

Governor Software enables you to make the process more straightforward by defining and mapping the oversight requirements and process as part of defining the core compliance requirements, simplifying regulatory projects and removing inefficiencies.


Ultimately compliance oversight should be a straightforward process with four clear, concise goals:

  1. Communicate your obligations
  2. Understand the status of your firm’s compliance with those obligations
  3. Take appropriate action when the status is off course
  4. Prove your firm’s compliance both to the 3rdline or externally
Governor Key Messages


Regulatory Compliance Oversight with Governor 

-  a structured, comprehensive and auditable oversight process.

 

The role of Regulatory Compliance oversight is to provide a decision making framework that is logical, robust and repeatable to govern an organisation’s compliance with its’s regulatory obligations. In this way, an organisation will have a structured approach to make strategic and operational decisions about compliance and regulations.

Governor Software provides clients the ability to deconstruct regulations, frameworks and policies into visual maps that clearly communicate the obligations that require oversight and enables them to track the changes as they are made to the obligations. The solution also provides the 1st line of defence with Key Indicators and assessment points, in order to record compliance and areas of concern, which may be interfaced to internal systems.

Governor enables business updates and comments to flow back to the 2ndline in a seamless mannerand presents the status of individual and overall compliance in the structure of the original regulation, framework or policy. All of this is completed in a structured and auditable process so that review and audit becomes less fraught.



SMCR demo

Governor Software Compliance Oversight

 

Further Use Case Examples

 

FCA Handbook Oversight: Keeping abreast of the FCA Handbook is no mean feat for financial institutions, with requirements differing between organisations and updates frequent. Governor Software have taken the structure and enabled clients to link their policies directly to it. This not only saves considerable man-hours, automatically alerting appropriate team members when their policies need updating or reviewing, but also provides comprehensive oversight and compliance through auditable mapping. Click on link above to see example, or here for FCA press release

Senior Managers & Certification Regime (SM&CR):has been in force for banks, building societies, credit unions and PRA- designated investment firms since the 7th March 2016.  Since the launch of this new initiative, FCA probes into Senior Managers has soared from 62 to 152 cases in 2017 alone. SM&CR is now being broadened to include insurers and solo regulated firms.

See how Governor Software can provide the SM&CR regulations as a set of maps that can be used by Senior Managers to understand their various obligations and link the necessary policies and controls to these items to evidence the completeness of their “Reasonable Steps Framework”.

AML & Sanctions Oversight:  The role of AML & Sanctions oversight is to provide a decision making framework that is logical, robust and repeatable to govern an organisation’s AML & sanctions compliance. In this way, an organisation will have a structured approach to make strategic and operational decisions about conformance with the relevant AML & Sanctions regulations.

Governor enables you to draw maps of the AML & Sanctions regulatory and policy obligations and to define the objectives, risks, systems, etc. that are related to that structure.

 

Governor Guide to Compliance Oversight

 

Most financial firms operate a compliance oversight process that is siloed and reactive. In order to change this, and achieve goals in a more cost effective manner, compliance executives need to design their oversight process to be more holistic and agile.In this Guide to Compliance Oversight we set out the current process that is hampering financial institutions today and propose an approach that we believe is not only efficient and effective, but also dexterous, as organisations navigate an increasingly intrusive regulatory environment.

 

Compliance Oversight