Online Actionable Version of NYDFS Regulation
Governor Software has developed an online / digital version of NYDFS Regulations, allowing NYDFS regulated firms to work directly online, with their own live, actionable view of the NYDFS regulations such as Cyber 500 and AML 504.
Firms working with a mirror image of regulations will enable compliance teams to easily see exactly what needs to be done to be compliant, be aware of regulatory changes/ updates as they happen, and Track, Action and Report their regulatory compliance response on an ongoing basis following the NYDFS structure. This online solution also comes with the NYDFS regulatory news, powered by Corlytics.
Click to see this live version of NYDFS Regulation in action, using examples of Cyber 500 and AML 504.
Achieve Regulatory Compliance and Avoid NYDFS fines with Governor
The role of NYDFS oversight is to provide a decision-making framework that is logical, robust and repeatable to govern an organisation’s NYDFS compliance and certification. In this way, an organisation will have a structured approach to make strategic and operational decisions about conformance with the relevant NYDFS regulations. The Governor platform can help organizations achieve this regulatory compliance in a highly efficient, visual, and transparent manner.
NYDFS Regulatory Landscape
Part 500: addresses the increasing number of cyber events, adoption of the program is a priority for New York State.
Part 504: addresses shortcomings in transaction monitoring and filtering programs for purposes of AML.
Lack of robust governance, oversight and accountability at senior levels.
Board Certifications now required annually from 2018.
Governor's role in achieving and proving NYDFS Compliance
- ACHIEVING COMPLIANCE
- Visual line of sight from REG to existing controls.
- Understanding current status (Gap Analysis)
- Project Management of action plan (corrective tasks).
- Supporting documentation in one location.
- Dynamic dashboard for reporting.
- PROVING COMPLIANCE
- Communicating obligations.
- Audit readiness and History.
- Providing regulators with visibility to compliance efforts.
- Rapid understanding of issues and their causes.
- Linking activities to other maps (e.g. NIST framework) for a more holistic approach to risk management.
Governor is the first online solution to provide NYDFS authorized firms their own live copy of the NYDFS rulebook, giving them the ability to record status, documents and comments directly onto the individual provisions and track changes as they are made to the regulations and internal compliance work-plan. It provides compliance teams with a structured list of tasks and internal evidence documents, which may be interfaced to your internal systems, along with linkage to the provision where the problem occurs and it provides NYDFS regulatory news, in a seamless manner.
To view this solution in action