Are your compliance monitoring arrangements up to the task?
Regulators across the world expect firms to undertake a series of independent tests to provide assurance to senior management that the organisation complies with applicable regulations. This may be called compliance monitoring, compliance testing, 2nd line assurance or another less familiar term. The constant is that compliance monitoring needs to be carried out.
There are a number of reasons why compliance monitoring frameworks fail: inadequate monitoring tests that don’t provide real assurance; monitoring activity that doesn’t follow the agreed schedule of testing; lack of risk-based approach to monitoring; or failure to close off monitoring findings in good time or even at all.
Taking control of your compliance monitoring
CCL CORE is an intuitive solution that helps firms manage potential areas of failure, with clear transparency, accountability and audit trail. With the ability to manage multiple monitoring programmes, CCL CORE is flexible and robust enough to meet the requirements of any organisation. Our platform allows clients to schedule their monitoring programme on a risk basis, as regulators expect, and even allocate ownership of specific monitoring tests to responsible individuals.
CCL CORE currently helps our clients to conduct their compliance monitoring with the following functionality:
- Test Scheduling
Never miss another monitoring test with CCL CORE. Our monitoring solution sets start and due dates, which are linked to a RAG Dashboard notifying Compliance of pending, due and overdue monitoring tests. The owner of each test gets notified via email and the platform that tests are due to be completed.
- Risk-based Tests
CCL will work with you to upload your existing monitoring programme onto the platform and agree on a risk-based schedule of tests. You can use your own programme, use CCL’s tailored testing programme, specific to your regulatory permissions; or augment your own programme with CCL’s monitoring tests. Our consultants can also advise and support you with the risk-based approach.
- Multiple Testing Frameworks
CCL CORE has the capability to house multiple monitoring programmes. Our clients often have multiple monitoring programmes in place, corresponding with different regulatory requirements, business units, or even exchange membership compliance. CCL can help you upload and schedule multiple risk-based monitoring programmes so that your entire regulatory risk universe is managed effectively.
- Holistic Solution
The compliance monitoring function in CCL CORE is unique in that it allows the entire monitoring process to be managed holistically on one single system. Your monitoring programmes, scheduling and ownership, working papers, evidence of testing, resolution of incidents and reporting are all housed in one end to end solution.
CCL CORE enables the Compliance function to allocate time-bound remediation of any issues identified through the compliance monitoring activity. Unlike other solutions, issue identification, remediation allocation, and evidence of remediation is done through CCL CORE, allowing the compliance function to deliver end to end monitoring in one neat solution. As all employees are users of CCL CORE, the remediation of any monitoring finding can be allocated to any member of staff.
Like all aspects of CCL CORE, there is a powerful reporting functionality within the monitoring tool. Firms can report on any data point within the platform, from tests completed to exceptions identified. CCL CORE’s simple reporting capability makes reporting monitoring activity quick, easy and reliable.