Simplifying the Risk & Compliance THE PREMISE

Transcription

1 Monitoring the evolution of risks and compliance activities Simplifying the Risk & Compliance THE PREMISE Organizations face a number of challenges in implementing a risk and compliance management process that addresses their business needs and regulatory obligations. This is mostly due to increased complexity, the existence of many different risk and controls frameworks, the existence of silos and the increased effort required to achieve an integrated common point of view throughout an organization. These challenges are reflected in the way organizations identify, document, audit and manage applicable risks and compliance requirements that may affect the organization s ability to achieve strategic business objectives. Often the increased cost and complexity to implement an automated solution that integrates the different processes renders the existing approach followed by organizations a manual process often based on risk and control self-assessments sessions and long compliance lists using word and excel documents. This leads to delays, errors and potential lack of data completeness and integrity. As such, silo approaches are utilized to respond to increased regulations, and the more rigorous compliance environment has led to duplication of activities and multi-layered governance, risk and compliance processes. THE NEED Organizations need practical solutions and assistance in automating, integrating, simplifying and streamlining their risk and compliance management processes thus allowing for increased efficiency, productivity and control. More specifically, organizations need to be able to implement comprehensive and multidimensional risk management, compliance management, incident management and audit management processes that are built and delivered based on common and integrated methodologies and data sets. THE CHALLENGES Organizations face a series of challenges when embarking on an implementation of an integrated risk and compliance management process. Some examples of these challenges are the following: Managing the collection of risk and compliance data from the various functions in a timely manner with completeness, accountability and integrity Using manual procedures and multiple Excel spreadsheets to maintain and present risk and compliance data

2 Efficiency, productivity and control Applying different methodologies by different divisions (e.g. Enterprise Risk, information Security, Compliance, Business Continuity) leading to difficulties in aligning results: Maintaining a complete risk and compliance requirements register Defining and monitoring clear responsibilities and accountability for managing risks and compliance gaps Monitoring the evolution of risks and compliance activities and the progress of action implementation Providing a complete view of the risk environment to management based on risk reporting fit for purpose with quality data, consistent definition and use of a common data set and view of the organization; Linking real life incidents or events to the risk management process Linking the risk management to the audit management process activities

3 Managing the relevant risk and compliance data centrally THE SOLUTION Practical experience has shown that the solution to the different challenges faced, is the formalization and the adoption of a governance processand of the necessary roles and responsibilities coupled with the streamlining of methodologies that an organization implements to manage the risk and compliance process. Theses must be implemented based on a common point of view shared by all risk and compliance management functions, based on a common set of data and aligned methodologies. The practical way to achieve this is to utilize a centralized and integrated automation solution that accounts for: Creating a common view of the organization and of the risk and compliance environment (e.g. applicable Universe); Managing the relevant risk and compliance data centrally Automating and integrating the relevant process steps Managing access to process steps and to data Allowing for accountability and traceability Providing for comprehensive reporting.

4 Risk, Audit, Compliance & Incident Management ispiral has utilized its significant experience in designing, developing and implementing risk and compliance management systems, to develop an integrated software solution that simplifies the automation of the relevant processes and assists organizations achieve their strategic business objectives and regulatory compliance. The Risk & Compliance Management (RCMS) suite, comprises the following components:

5 Access, Data & Report Management THE FUNCTIONALITY The RCMS suite is a specialized but flexible software solution that has been developed based on the experience drawn from our risk and compliance management professionals and the needs of our clients. The solution provides a unified platform that automates the core steps of a risk and compliance management process while implementing a simple and easy to use approach. It allows organizations to automate central (e.g. Enterprise Risk, Internal Audit) and specialized (e.g. Information Security, Business Continuity) risk and compliance processes, through the deployment of the following modules / components: Module / Component ACCESS, DATA & REPORT RISK COMPLIANCE AUDIT INCIDENT UNIFIED ACTIONS Functionality overview Parameterized universe and methodology definition Comprehensive role, user and data access model Template libraries (e.g. risk library Ad-hoc and standard reporting Strategic and detailed risk assessment Criticality (Business Impact Analysis assessment Threats, vulnerabilities and control evaluation Risks surveying, rating & monitoring, key risk indicators definition, 7 monitoring Definition of required mitigating actions and delegations of responsibility and accountability Compliance obligation definition Compliance requirements register Linking of compliance requirement to risks identified Definition of required actions and delegation of responsibility & accountability Audit plan definition Audit project definition and assignment of resources Resources management Audit program definition based on risks identified Audit execution and findings management Definition of required actions and delegation of responsibility & accountability Incident registration and management Incident impact analysis and aggregation Loss definition per incident and allocation of loss % Definition of required actions and delegation of accountability Aggregation and categorization of actions from all modules Updating of action activities and progress Monitoring of action status and progress Delegation of responsibility and accountability

6 Unified actions Management THE BENEFITS The RCMS suite allows, through a simplified but flexible and intergrated approach, the formalization and streamlining of methodologies and activities that an organization must implement to manage the risk and compliance process. The suite provides users with a number of benefits: Integrated Approach: The solution provides users with different but integrated modules that can utilize data generated by each module to facilitate the next step of the risk and compliance management process. This allows for efficiency and a multi-dimensional common view of risk and compliance data within the organization. Common Assurance Framework: The solution allows for the definition of a common but flexible assurance framework that is utilized by all modules, including the risk assesment methodology parameters (i.e. risk categories, control categories, likelihood and impact levels, risk matrix profiles) and template libraries that can be used to standardize and optimize assesments, audits and evaluations based on regulatory and other requirements. Efficient, Continuous and Controlled Process: The solution minimizes the use of manual methods, limits the risk of errors, allows for accurate and timely reporting and allows processes to take place in parallel and automatically in a controlled environment. The business functionality is supported by universal platform capabilities, including custom alerts via and text messages, extensive search, document management, interfaces to other systems, etc. Common Universe View: The solution allows for the definition of a common universe that is utilized by all modules, including an organizational structure for different entities with assigned customized parameters (e.g. processes, assets, third parties, products / services, locations, teams and resources). This creates a common point of view of the organization for all assurance functions. Dual User Interface: Users can access the system to enter, edit or extract data via two possible interfaces. The main interface is provided via a desktop agent and facilitates access of key users to the full functionality of the core application. Users that require access to specific functionality only (e.g. registering incidents, updating the status and progress of actions assigned) can access the system via a web interface.