Software solution provides a tech-enabled compliance framework that unites processes in a single location to better manage regulatory breaches and control failures.
LONDON (July 12, 2018) – Thomson Reuters continues the expansion of its award-winning Connected Risk software platform with the launch of Compliance Management, a new solution designed to help risk and compliance professionals demonstrate strong governance and sound internal controls in the face of intense, enterprise-wide regulatory scrutiny.
Compliance Management provides a tech-enabled compliance framework capable of meeting today’s most pressing challenges by bringing processes together in a centralized location to help organizations streamline, execute, and monitor their regulatory and compliance programs.
The solution integrates disparate sources of information such as internal controls, reviews, regulatory exams, policies, and incidents to deliver a holistic and informed view of compliance. This is coupled with in-depth analytic capabilities to ensure compliance teams can better visualize relevant information and turn their focus to more value-add assurance activities and strategic decision-making.
Compliance Management is built on flexible and agile technology, allowing compliance teams to either adopt out-of-the-box features such as data models, workflows, security, notifications, and dashboards, or to customize features according to existing applications and point solutions.
“Today’s compliance professionals are faced with a myriad of workflows and processes that are often operated in silos across the organization. This disconnected approach results in inefficiencies, duplication of efforts, and repeated engagement with frontline staff,” said Gareth Evans, managing director, Enterprise Risk Management, Thomson Reuters. “Compliance Management is a targeted solution that seamlessly consolidates multiple components of the compliance process in a single location, resulting in a more powerful internal control framework that can adapt to meet the needs of the future.”
Additional features of the Compliance Management solution include the ability to define a policy library and map policies to the relevant organizational structures, risks, controls, regulatory exams, and compliance reviews. In addition compliance teams can manage regulatory interactions with external governing bodies, track contacts, exams, findings, action plans, and responses. Teams can also link compliance reviews to controls and policies to capture ratings, issues, and actions in order to create thorough reports.
To learn more about Thomson Reuters Compliance Management on Connected Risk, visit: https://risk.thomsonreuters.com/en/risk-solutions/compliance-management.html
Connected Risk, a best-of-breed governance and compliance software platform from Thomson Reuters, delivers optimal risk management through an enterprise-wide view of risk.
The platform integrates various sources – third-party or non-standardized – into a single, aggregated view of risk, and prioritizes data using advanced mapping to make information easier to understand through a system of tags, structures, charts, and a shared taxonomy. All risk data can be viewed both at a specific use case and an enterprise-wide level, on a dashboard tailored to meet the needs of the organization. Connected Risk removes the limitations that often emerge when aligning an off-the-shelf system to existing risk processes or reporting standards.
The release of Compliance Management follows the recent launch of our award-winning Risk Management solution. Other solutions available on the Connected Risk platform include: Audit Management,Model Risk Management, and Regulatory Change Management.
For more information on Connected Risk, please visit: https://risk.thomsonreuters.com/connected-risk.html
Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. For more information, visit www.thomsonreuters.com.