Governor now brings the New York Department of Financial Services (NYDFS) Regulations to our clients so that they can leverage it within their firms.
Your live, actionable version of the NYDFS Rules to use in-house
map, track, action and report regulatory compliance
NYDFS Annual Attestation
Due to a perceived lack of robust governance, oversight and accountability at senior levels, NYDFS introduced the requirement for board level annual certification for two parts of the rulebook:
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
Governor can play a critical role in this (& future) compliance/certification projects:
- Direct line of sight from obligations to internal compliance program
- Understanding current status (Gap Analysis - in conjunction with firm advisors)
- Project Management of corrective tasks & periodic actions
- Single location for supporting documentation
- Dynamic dashboard for reporting
- Audit Readiness and history
- Can be applied to other NYDFS or regulatory content
Why incorporate Governor NYDFS into your compliance process?
- Work with a live version of the NYDFS rulebook
- Receive emails alerting you to specific regulation changes and directing you to these changes in the NYDFS rulebook
- Make Regulations Actionable by providing compliance teams with a view of individual regulations allowing them to create assessments, assign tasks and attach relevant files/ links that demonstrate your compliance to the regulation
- Hold an ongoing history/audit trail of your data alongside relevant regulations
- Produce management level reports outlining how compliant your institution is – including highlighting where your firm falls short
- In the event of an audit or NYDFS inspection, have clear evidence within the NYDFS format of what your firm has done to be compliant
- Receive NYDFS news feeds and releases as they happen via our partnership with Corlytics
See Richard Pike, CEO, Governor Software demonstrate this digital, actionable version of NYDFS using examples from Cyber 500 and AML 504.