Compliance Monitoring Software Module in Compliance Track
"Compliance Track is as valuable to compliance professionals as Sage™ is to accountants"
First International Advisors, LLC
Compliance Track provides a fully featured web based compliance monitoring software as a key component along with policy management to complete the Compliance Lifecycle.
It automates the entire life cycle on policy management, governance, and compliance. The Compliance Monitoring software simplifies and organises more efficiently your compliance monitoring programme.
» Is Compliance Track Right For You?
Sample usage scenarios are presented below.
- If you are looking to automate your compliance monitoring and testing programme
- If you are looking to organise your compliance monitoring and testing programme
- If you are an organisation with multiple locations or operating in several jurisdictions, looking to implement a global compliance monitoring and testing solution that has the flexibility to mirror the corporate structure with centralised global oversight
- If you are an audit or compliance consulting company delivering your expertise of document authoring, compliance testing or auditing to customers looking for a more efficient and cost effective solutions to provide monitoring and other reviews for clients
» Key Benefits Of The Compliance Track Compliance Monitoring Software Module
Compliance Testing Standards
- Consistent and structured tests for testers
- Cost savings by reducing time and training effort through a structured test creation methodology
- Backing evidence documents uploaded and linked with tests
Compliance Monitoring Programme and Test Creation
- Automate and expedite approval and review
- Visibility for validity and freshness of testing status
- Visibility of revisions of test
- Automate testing by linking with external applications & save time
Compliance Test Distribution
- Selective Compliance Test distribution group saves time in the right people performing the testing at the right time
- Automate reminders and avoid gaps in Compliance Testing
- Automatic reminders for Managers for timely review and signoff
- Compliance Tests presented with Work in Progress status
Compliance Testing History
- Compliance test history up to date and real time
- Viewable and easily accessible full history linked with evidence documents uploaded
- Productivity by automating reminders for next testing period for each test
Compliance Monitoring Programme Training
- Testing methodology included in testing script to ensure test carried out consistently
- Internal risk assessment used to determine testing frequency
- Various file types accepted as evidence document upload
Compliance Monitoring Programme Workflows
- Reduce management time through automated reminders and including all evidence documents for tests
- Improve employee performance by increased comprehension of test methodology
- Reduce risk through individual accountability resulting from Test assignment
Compliance Testing Programme Reporting
- Reports for visibility to auditors, compliance officers, regulators
- Single view dashboard
Regulatory Compliance
- Regulators or auditors can easily find test results and backing documents
- Easy auditability from testing programme to policies and to regulator rules
- Mitigate compliance risk by immediately seeing gaps in testing history, and additional tests required
» Compliance Track Integrated Compliance Monitoring Software Vs Paper based and other electronic means – An Overview
| Paper based Compliance Testing & Monitoring (Printed Manuals) | Electronic
Compliance Testing & Monitoring (Word, XLS, PDF, SharePoint etc.) | Major Compliance Testing & Monitoring software vendors (Various) | Integrated Compliance testing & Monitoring (Compliance Track) |
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| Test Creation | Manual process | Manual or workflow | Built-in workflow and version management with limited granularity |
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| Compliance Testing Distribution | Manual process | Manual process | Built-in reminders |
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| Compliance Test Result Review | Paper signature | Manual process | Built-in review and sign off |
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| Compliance Testing Programme Training | Manual, paper based | Manual | Mostly disconnected training |
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| Compliance Testing Programme Reporting | Manual process | Manual process | Built-in reports |
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| Compliance management, GRC readiness | None | None | Varies |
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| Cost of ownership | N/A | Varies | High cost of entry |
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| Productivity saving | Least productivity | Low productivity | Better productivity |
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| Security | Least secure | Low security | Better security |
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» Compliance Track Compliance Monitoring Software Module - FAQ
| What Are The Major Functionalities Of Compliance Track As A Compliance Management System? |
Compliance Track is an easy to use fully featured Compliance Management System and the software allows one to implement a Compliance Monitoring Programme based on their requirement. Following is a summary of the major features: - For each policy/procedure, one can create test/s to ensure that employees follow the requirements of the policy/procedure. - Users of the system based on their access level can conduct the tests and input relevant data. - Policy Management System and the Compliance Management System provided by Compliance Track gives a fully traceable view of the compliance life cycle. |
| Who can setup Compliance Tests in Compliance Track? |
Users with Creator or System Administrator level privileges can create Compliance Tests in Compliance Track. |
| What Are The Roles Of Various Users In Using Compliance Track for Compliance Management? |
Users with Creator or System Administrator level privileges can create Compliance Tests in Compliance Track. All users of Compliance Track can conduct a test and add test result if it is assigned to them. |
| How To Conduct A Compliance Test To Check If A Policy Is Followed Properly? |
First step in conducting a Compliance Test is to understand the Objective and the Method of doing the Test. Click on the name of the Compliance Test you wish to conduct. You can access this from the "My Compliance Test" tab in Compliance Management section.
Step 2 - When you click on the selected Compliance Test, you get the details of your selected Compliance Test. Following are the fields in this page: Policy - this field shows the name of the corresponding Policy. Compliance Area – any specific categorisation. Compliance Test Undertaken – what test / question you want checked or answered. Objective – specific objective of the test. Method – the method in which the test is conducted Compliance Test Results – if there are any previous tests conducted, there will be a list available to view.
Step 3 – Click on "Add Test Result" button at the top of the screen. Following are the fields in this page. Compliance Test Undertaken - Document- what test / question you want checked or answered (already completed from previous screen). Objective – specific objective of test automatically completed from previous screen. Result Status- status/progress of test. Approver - select who should approve this test. Finding – enter your finding. Conclusion - conclusion drawn from the findings on whether the test objective has been met. Actions – actions and recommendations. Notes - ad hoc notes and observations. Attached Files - attach supporting documents to evidence findings and conclusion drawn.
Step 4 – After completing the entry of the test result, click on "Send For Approval" button.
If you wish to send for approval at a later stage, you can save the test and it will be visible in your Setup Compliance Tests tab in the "draft" state. If you click the "Send for Approval" button, the test will be changed to "Awaiting Approval" state and the approver will get an email based on the template. When he logs into Compliance Track, he can approve the test by clicking on the "Approve" button. |
| Compliance Areas |
This is an additional functionality for categorising your policies and procedures. For example, in the UK, the Financial Services Authority (FSA – UK regulator of financial institutions), provides a rulebook or business functions such as marketing, operations, trading etc. Compliance Areas can match such business functions and final reporting can be made more meaningful. |
| How to setup a new Compliance Test in Compliance Track? |
Clicking on Create a New Compliance Test link will display the Compliance Test creation screen.
When you click on "Create a New Compliance Test" link, you will get the page to enter details for a new Compliance Test.
First step in creating a compliance test is to enter the basic details in this screeen. Following are the fields in this page. Policy (drop down list) – Select the policy for which you are creating the test. Second step in creating a compliance test is to assign users to the compliance test. These are users who are responsible to add results to this test.
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