November 4, 2022
A Compliance Officer's journey towards ensuring regulatory compliance is challenging and fraught with obstacles. In today's world of constant change, new and amended regulations are introduced frequently on top of the constant pressure to reduce costs while increasing efficiencies. The Chief Compliance Officer (CCO) has the responsibility to ensure that standards are upheld, procedures are implemented and the organisation is compliant with applicable laws and regulations.
In addressing these challenges the CCO needs to stay on top of, not only the compliance of regulations but to have full visibility and oversight of the progress made, ensure the overall effectiveness of communications, adherence to tasks assigned and the defined deadlines. To cap it all, this comes with new personal liability for the CCO based on the specific regulations and jurisdictions as they apply across different regimes. In addition, the advent of remote working policies coupled with distributed organisations (including departments or locations) creates additional challenges for the CCO.
Creating one version of the truth that is centralised, and offers a 360-degree status view is key to delivering full effective cross-organisational compliance
Having a single lens that delivers the ability to drive efficiencies and value across the entire regulatory compliance lifecycle becomes a must for today's busy CCO. This ability to have a centralised working environment providing a single source of truth mitigates the chances of errors and ensures conformity to specified procedures and processes.
An end-to-end solution approach drives efficiencies and value across the entire Regulatory Compliance Lifecycle. This digital thread brings together the key stages of compliance into a single source of truth:
Assess - The initial stage, monitoring the Regulatory Horizon for incoming regulations and the associated impact.
Design - Creating the organisational program structure to enable regulatory compliance
Build - Maintaining oversight, management and delivery of the Organisational, Technical, Operational and Data Model changes required.
Transfer - Ensuring the business readiness to adopt and maintain new Operating Model procedures.
Sustain - Providing ongoing evidence across the 3 lines of defence (Management control, risk and control monitoring and independent audit) to ensure an effective control framework is in place.
The Regtick Platform incorporated a robust top-down structure to capture an organisation's Regulatory Vision, Mission, Objectives, Strategies and Tasks (VMOST). This ensures that all transformation activity is connected and aligned, across regions, entities and departments.
Regtick acts as the critical backbone to achieving your digital transformation ambition.
Interested in knowing more, contact Regtick for a demonstration and a free initial assessment to see how our end-to-end SaaS solution will drive efficiencies and value across the entire Regulatory Compliance Lifecycle for you and your organisation.