Our client, a global investment management firm with a very large employee footprint, was manually processing attestations and declarations for all employees in the UK. The attestations were issued and managed on a continuous basis covering PA Dealing, Gifts and Entertainment, Outside Business Interests, Governance Responsibilities, and Policy Acknowledgements such as the Compliance Manual and Financial Crime Policies and Procedures.
The client had a process in place designed to ensure employees attested their understanding and adherence to certain compliance and transparency controls. Whilst these controls inculcate a strong ethical cultural, clear understanding and transparency, it took more than one full-time employee to manage the system. The manually intensive process involved sending emails to each employee and keeping track of responses using Excel Spreadsheets.
A number of employees did not always respond promptly, leaving the Compliance team to chase those individuals, increasing the administrative and reporting burden. In addition, for cover purposes, the client had to ensure that more than one full-time employee was aware of the process and workflows underway at all times, which involved considerable unproductive time in duplicative information sharing and hand-over.
CCL C.O.R.E – The Solution
By deploying CCL C.O.R.E, the client is now able to schedule all attestations in a predetermined and systematic way. Attestations can be scheduled monthly, quarterly, semi-annually and annually, or on an ad-hoc basis. The scheduling functionality of CCL C.O.R.E means that attestations only need to be set up once, with the recurring distribution functionality of our software taking away the need to retype the attestations for each distribution.
CCL C.O.R.E helps the firm to track recipients easily and send reminders at the click of a button for all outstanding attestations. All members of the Compliance team have visibility of the active and scheduled attestations, to ensure continuity when Compliance employees are absent.
The solution continues to save the firm money and increase the efficiency of the busy Compliance team. The additional functionality, including compliance monitoring, conflicts and document management ensures the firm’s Compliance function is spending its time on value-added service and support to the firm’s business.