Compliance Track Software Overview
Companies operate within the constraints of regulations imposed by various regulators. Regulations are inevitable and are meant to mitigate failures. However, companies have a genuine problem of overlapping compliance processes while trying to incorporate rules mandated by different regulations.
These overlapping compliance processes affect the efficiency of the business and the productivity of the compliance team. Effort is multiplied several times by having to do the same checks for more than one regulation.
The silo approach of different compliance products for each regulation provides no visibility on compliance. For example, a Sarbanes Oxley application may support that specific regulation. However, with the increasing number of regulatory requirements, companies are forced to make additional IT investments for each regulation.
Compliance Track provides a cost effective strategic opportunity for companies by providing a compliance software platform to support all compliance initiatives. Compliance Track provides an integrated compliance software platform with visibility across all compliance requirements.
What are the benefits of using Compliance Track Compliance Software?
| User Problem | Product Feature | Benefit |
| Compliance function needs a clear visibility of applicable rules and principles affecting the firm | Rules Management | - Mitigated compliance risk and the financial impact by avoiding any missed rules applicable to the business
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| Compliance function needs to make sure that there are written policies and procedures for controlling risks | Policy Management | - Easily accessible policies and procedures, training associated with them and records of employee acceptance
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| Various regulatory requirements are affecting the business process. How do we optimise the compliance effort without duplicating control changes and monitoring? | Map the rules of various rulebooks to the right business procedures and policies. (Policy Management is linked to Rules Management in Compliance Track) | - Avoid compliance silos by integrated efforts for procedures by supporting multi compliance
- Improve staff performance and productivity
- Integrating compliance with business process gives better ROI
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| Compliance function needs to make sure the training and competency level of employees is in an acceptable level | Integrate video, audio, PowerPoint etc. to your training content; Policy Training | - Agile compliance function with better equipped to act in their Advisory capacity on regulatory developments
- Mitigate financial impact by reducing compliance risks in new products
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| How to provide regulators, auditors or legal team with reports of regulatory compliance? | Create various reports with end to end traceability of rules to procedures through to compliance monitoring using Compliance Reporting | - Peace of mind during compliance audits
- Reduces financial impact of compliance risk
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| Compliance Monitoring has various administrative tasks. How do we automate the mundane tasks and improve productivity? | Compliance Monitoring | - Avoid missed deadlines for compliance testing
- Avoid duplicate compliance testing for procedures by supporting multi-compliance
- Peace of mind during compliance audits by providing evidence of effective compliance monitoring with traceable reports
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