The objective of Compliance & Risk management is to ensure that customer experience is superior and for the business to have a fairly predictive model of operating. This means that while Compliance & Risk teams define and monitor the framework, every employee contributes to its success by following guidelines day after day. Business teams, therefore, need to be provided with tools and techniques that will not be an overhead in their day to day work.
GIEOM offers simple, efficient and effective Compliance Monitoring capabilities.It has a holistic compliance framework enabling effective information dissemination & training, proactive transaction level support, exception management, configurable approval workflows and risk monitoring capabilities.
Compliance Monitoring for Risk & Control team
Regulatory Environment is getting both increasingly complex and critical. Successful monitoring and management of compliance risks requires
- detailed assessment of the impact of current and new regulations on the business operations together with the associated risks
- implementation of well-designed and structured monitoring programs that can detect problems areas and
- correct identification of root causes and effective interventions.
GIEOM can help your organization achieve excellence in Compliance Monitoring. Using GIEOM, you can structure and automate the monitoring process, track status and progress of on-going programs, ensure timely resolution of deficiencies, get real-time information that can help spot trends and plan the right interventions. It can significantly boost productivity of the compliance monitoring function, provide scalability for growth, and free up critical resources for analytical and collaborative work leading to better insights and a culture of compliance.
Compliance Assurance for Business Teams
Compliance today is a key organization-wide responsibility, from the senior management team to the operations staff. It is an area that encompasses all facets of an organization’s operations and is essential in maintaining reputation and credibility, and protecting the interests of all stakeholders.
The regulatory frameworks and policies are getting more complex, demanding and daunting. GIEOM offers a comprehensive, systematic, process-based and human-centric approach to meet these challenges by providing:
- Simple and clear process definitions by creating shared and consistent views of business operations.
- Process based organization of regulatory provisions with impact and risk assessment, and automated user training & testing tools enable better understanding and application of business rules.
- Well-designed checklists, controls (preventive and detective) and approval workflows to help significantly mitigate compliance and operational risk and ensure effective tracking for timely resolution of issues.
GIEOM supports creation and deployment of Checklists and Compliance Forms across key business processes at important points. This proactively eliminates errors and facilitates compliance in a systematic way. Example : Murabaha Financing - a structured checklist of 27 items addresses contractual compliance with the commonly adopted Sharia Standards.
Compliance Diaries & Workflows, Audit
GIEOM offers a powerful diary system which fully records deviations, related approvals and committed timelines for resolution. It also triggers reminders and escalations as per pre-configured rules. An in-built compliance approval workflow supports processing of regular requests by Compliance Department with full audit trail and configurable approval authority.
The Audit module enables loading of transaction related information, criteria based selection of transactions for audit, definition of standard template based forms to be used and recording of observations and results for corrective action and process improvement.