Risk & Compliance Management
Proactive and reactive Risk management is an important pillar of the compliance framework of a modern organization. The development of such a risk profile requires thorough knowledge of the culture and processes of an organization. A reliable organization-wide implementation requires specialized software, where the layered structure of compliance processes is supported in a correct manner.
Quality Online offers a fully integrated, internationally deployable, enterprise risk and compliance framework, which will provide a solution for all processes and systems.. The Risk & Compliance application also provides a solution for further handling of risk and compliance issues, like a robust testing, monitoring and reporting system.
Key features:
- Fully compliant with external standards, laws and legislation
- Corporate Governance through efficiency and effective risk management
- Operational, financial and market risks are clearly mapped
- Several risk and compliance frameworks within one implementation
- Multi-level management and assessment of non-conformities and control objective
Legislation
External standards, rules and legislation are defined and categorized by domain and subdomain. These domains provide access to all top-level control objectives. Besides the operational risks, customer contract requirements, or the impact on obligations that are locked in insurance policies, can be added to the compliance management process. This way, a versatile and consistent compliance formula can be realized.
Overview and insight
Risk and compliance domains, associated control and operational test objectives can be referenced by authorized users at any time.. From different perspectives, insight can be provided to the status of the audit work in the organizational units. This is done according to the Quality Online 'need to know' principle. QOL|RCM supports multiple compliance and risk frameworks within one implementation, and drastically simplifies the complexity of setting up and maintaining a total organization-wide risk and compliance framework.
Checks
To meet the compliance requirements, tests can initially be performed by the associated departments or business units. Proper implementation and management of these control objectives and control measures are the responsibility of domain experts, who have insight into all activities performed at any time. The assessment of non-conformities and handling them can take place at a different level, so that specialists are deployed at the appropriate authorization level. Periodic inspections ensure that the objectives are effectively implemented and measures are established by independent experts
External verification
The information in the compliance framework can be used for consulting ad hoc overviews and periodic reports, in which the status of each compliance item can be verified. Supervisors can also use such statements and reports for their audit work. At the design of QOL|RCM, the access to this critical information can be placed in frames by type of supervision. QOL|RCM also offers the ability to automatically submit compliance reports from the application to senior management and has an alert function, with which, in 'special situations', instant message can be sent to the management. Strictly authorized access to the system and limiting access to areas that are only necessary for the employee involved, offers the assurance of total safety while guaranteeing the necessary transparency at the same time.
Roll-up
Results of tests, which determine the effectiveness of control measures, can be aggregated at a higher level of control measures. This provides real-time insight into the status of compliance and risk-related measures to the department and unit managers. Solutions for identified problems or deviations and corrective actions at lower levels, ensure that only those areas that need corporate attention ‘light up’ on higher-level overviews.
Evidence
Any test or check defined within QOL|RCM offers the ability to attach evidence. This evidence can be used when reporting to the authorities or external auditors. QOL|RCM can also be integrated with external systems, in order to retrieve evidence from external sources.
Are you curious to find out what Risk & Compliance can do for your organization?
Please contact us for a free personal consultation with one of our experts and be inspired by a Risk & Compliance demonstration.