UK Banking Group
The Challenge
- Centralise and standardise governance, risk management and compliance processes across the organisation.
- Move away from manual and spreadsheet-based activities to reduce the burden on GRC teams working in a highly-regulated environment.
- Tech-enabled regulatory compliance solution to keep track of constant regulatory changes and enforcement trends across multiple regulators and jurisdictions.
- Establishment of ownership and accountability for relevant regulatory areas, including monitoring and responding to regulatory changes.
The Solution
- As part of a wider GRC solution configuration, our RegNavigator capabilities are being used to provide monthly regulatory scraping of regulator handbooks and regulations relevant to the client.
- Central repository for internal audit, risk management and compliance activities, utilising shared data to enabling linkages between related content within the solution.
- Ability to assign findings, risks, actions and policies to individuals to encourage accountability and responsibility across all levels of the organisation.
- Integrated workflow for GRC processes, ensuring appropriate approval is obtained, as dictated by aspects including risk rating and severity.
- Real-time dashboard reporting for each module, including filtering to create bespoke reports and the ability to drill down into data.
The Outcome
- Enable clear line of sight with a single source of the truth for GRC activities, including evidence of regulatory compliance.
- Reduce hours of laborious monitoring of multiple external websites for regulatory updates.
- Align relevant obligations with the client’s policy, control and assurance frameworks.
- Document interactions with the regulators – ensuring that any consultations are documented and tagged to the relevant regulator/regulation as required.
- Common action tracking module across the solution standardises and simplifies processes for individuals using the solution.
- Reduces administrative burden of tracking items to completion and compiling MI, freeing up management time for value add activities.
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