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What regulators are saying about compliance risk:
Compliance Compass’™ uniform approach to identifying and assessing compliance risk was developed using Promontory’s considerable experience and expertise in compliance risk management.
“Compliance risk management has become ‘mission critical’ for large, complex banking institutions.” “Compliance risk is becoming one of the major risks banks are facing.” Compliance risk assessment is a fundamental task of any compliance function. Internationally, the Basel Committee recognizes compliance risk identification and assessment as one of the six key elements of compliance. In the United States, risk assessments are especially important in the Anti-Money Laundering (AML) context. According to the Bank Secrecy Act/AML Manual, examiners should request the AML risk assessment as the first step in an examination. If there is no risk assessment or if the risk assessment is not adequate, examiners will discuss that fact with management. Compliance Compass™ is a tool for conducting compliance risk assessments according to a uniform methodology across an entire financial holding company. It can be used to conduct an AML risk assessment only or to conduct a risk assessment of all compliance obligations. Product Features
Dashboards
Generates enterprise-wide dashboards with easy to understand information and the ability to "drill deeper" and investigate specific items. (View a sample dashboard)
Flexible Reporting
Provides information that can be analyzed and presented to all levels of management, ranging from individual compliance officers to members of the board. (View a sample report)
Customizable Supports any enterprise, whether multinational or domestic, diversified or monoline.
Controlled Access Allows users to control access to read and edit the risk assessment data so that employees can see – and edit – only the risks for which they are responsible.
Audit Trails Maintains robust audit trails so that reviewers can see what has changed over time.
Secure Resides on as little as a single server within an organization’s existing firewalls. Data never leaves the secure confines of the organization’s Intranet. Access is controlled and password-protected.
Cost Effective Provides a cost effective alternative to in-house development or on-going maintenance of other, more labor-intensive, manual systems of text documents and/or spreadsheets.
Web-based Interface Allows compliance professionals and business managers to monitor and manage compliance risks no matter where they are in the world and leverage risk mitigation solutions from one jurisdiction to another.
Easy Installation and Maintenance Extensive use of industry-standard technologies enables Compliance Compass™ to be installed and maintained easily by your existing technical staff. Enhance Regulatory Compliance and Protect Your Organization’s
Reputation with Compliance Compass™ Contact Promontory Compliance Solutions for additional information about this product. Better Compliance Risk Management Through TechnologySM |
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