Rules Management using Compliance Track
The compliance function has the challenging task of advising the firm of changing regulatory developments and make necessary changes to the policies and procedures. The Rules Management module in Compliance Track provides the facility to import the rulebooks and principles from various regulators or subscribe to rulebook providers to make changes to the controls in an efficient manner.
Multiple compliance mandates and rules can be mapped to the right set of controls to avoid duplication of effort. Similar rules from different jurisdictions can be mapped to one control and procedure, which deals with the risk and requirements, resulting in significant savings in resources and costs, making your compliance efforts far more efficient.
» Is this the right solution for you? Some sample usage scenarios.
1. You are a compliance manager with various regulatory mandates to follow and you are looking to avoid duplication of compliance efforts by mapping common requirements between various rules and rulebooks.
2. You are a compliance manager looking to keep all rules and the corresponding regulatory training and example scenarios based on specific regulatory mandates in one easily accessible location.
3.You are a compliance or legal expert providing regulatory advice on a specific domain. You are looking to provide customised regulatory advice based on a regulator’s rulebook and automate the delivery of updates and tracking of changes to policies and procedures of your customer.
4. You are a compliance training provider with training for compliance managers in a specific regulation. You are looking to link your training content to specific rule areas while delivering your training.
» What are the benefits of using Compliance Track for Rules Management?
| User Problem | Product Feature | Benefit |
| Compliance function needs a clear visibility of applicable rules to the firm and the policy and procedures through to compliance monitoring | Create Policy and Compliance manual by directly mapping to the requirement of the rulebook |
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| Directly map compliance tests from procedures or rules |
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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 rules to the right business procedure where the employees need duplicate their inputs for various regulations |
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| How to collate training content from specialist training on regulatory requirements for easy access? How to handle principle based regulations and the examples and guidance related to them? | Integrate video, audio, PowerPoint etc to your training content |
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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 |
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» Rules Management using Compliance Track - FAQ
| How to categorise the various subject areas of rulebooks in Compliance Track? |
While creating a rulebook, you can select a Subject Category. Subject Category identifies the nature of content of the document. For example, Solvency II related rules, policies, tests etc may be categorised under the subject category of “Solvency II”, health and safety related documents under “Health & Safety”, human resources documents under “HR” etc |
| What types of rulebooks can be created using Compliance Track? |
Rulebook in the context of Compliance Track refers to Sector Regulations, Law(Statute, Case Law), Best Practice or Contracts. You may categorise the type of rulebook you are adopting for easy reference. If you choose a standard like COBIT, you may categorise it as Best Practice. If you are a financial institution in the UK and choosing an FSA rulebook, you may categorise the rulebook as Sector Regulation. If you are choosing to comply with say a law like US Patriot’s Act, you may choose it categorise it as a Statute. Compliance Track Rules Management provides the option to select this categorisation by selecting the right "Rulebook Category" while creating rulebooks. |