Ultimately compliance oversight should be a straightforward process with four clear, concise goals:
- Communicate your obligations
- Understand the status of your firm’s compliance with those obligations
- Take appropriate action when the status is off course
- Prove your firm’s compliance both to the 3rdline or externally
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.