Non-Compliance Not a Choice
The deluge of regulatory changes and examinations from regulators post the market crisis and the resulting regulatory fines and reputation loss have made it necessary for financial organizations to have continuous compliance monitoring process to identify violations are caught early and take corrective action as well as produce proof of monitoring.
More regulations means the number of compliance checks and verification needed to be done are high. Compliance officers and groups can no longer work manually or with Excel sheets alone and need proper tools to identify issues as they arise. Even regulators are red-flagging organizations that do not provide their compliance staff with tools as weak on compliance.
Regulators are coming armed with data about your organization. and the scrutiny is quite deep. This means that you have to have your data on regulatory compliance readily available at all times. Your compliance management process itself is under review. Fines can get quite steep for lack of processes as well as poor oversight.
How Can You help your Compliance Team
Easy and efficient communication between compliance teams in remote locations is proving more essential in today’s environment than ever before.
Offering the staff online forms for them to use for approvals, report their testing and report their mandated regulatory filings can be a way for compliance officers to get their data on a central system rather than in e-mails
An integrated web based solution that helps compliance officers make Compliance Monitoring a Business as Usual Process is worth investing in for the long term.
A visible, single source of truth, with easy to use workflows, forms, alerts integrated with automated data load, red-flagging and issue management across the organization can be a great way to implement compliance across the board, and have central books and records to meet the regulators needs.
Visible compliance also becomes a very useful marketing tool for you to provide assurance to your existing clients and grow your clientele as an Organization they can trust.
GRACE Can Empower your Compliance Team
GRACE Compliance Management System provides you with a collaborative tool to set up the various compliance management activities needed to be monitored by your business on a periodic basis and provides monitoring and reporting for escalation and remediation
Policies and Procedures set the tone for Compliance. Online attestation can ensure that the staff are aware of the latest policies and procedures. Attestation templates with the compliance and legal language that staff can read and attest ensures awareness.
Various Forms for approval requests and online reporting for Outside Business Activities, Personal trades, Registration, U4, ADV, gifts and political donations, expenses, conflicts of interest, pre-approval for trades and approval / rejection work flows based on business rules make for easy management of compliance.
Managing regulatory expectations, Regulatory Reviews and Findings management allow you to identify process issues and risks to be identified early.
Manage your Policies and Procedures
- GRACE can help you build your Central repository of Written Policies and Procedures through functions where you can add, update, review and release policies, procedures, manages versions, review comments and histories.
- Provides you the Policies Dashboard that can be used as a ready reference of latest documents both for staff. Have a ready to go query and retrieve of the WSPs on demand for your regulatory examinations.
- Fully reviewed and released policies and WSPs can be sent online for Attestation to staff to ensure they understand the procedures and can use it as they do their functions
Manage Regulatory Expectations and obligations of your business
- When regulations change, track and keep, conduct impact analysis , identify, assign and manage tasks for change management.
- Map regulations to current policies and procedures to ensure that the organizational policies and procedures comprehensively cover the regulatory requirements.
Staff can get pre-trade Approvals and report personal trades
- Pre-trade requests can be sent online using pre-defined forms. These requests would be automatically queued up for compliance to review / approve / reject based on appropriateness. Pre-defined rules and limits can also be set up to automatically approve / reject or send for compliance review. When approvals or rejection are completed by Compliance, email alert will be sent back to the requestor.
- Restricted trade lists can be set up and any trades verified for violations.
- Brokerage accounts which staff have in numerous brokerages can be set up for compliance officers to receive their personal trades allow compliance officers to monitor Insider trading patterns
- GRACE provides the ability to set up training calendars and assign them to respective staff and monitor training completion.
- Customized training material can be created by La Meer as well as per clients requirements and offered to staff
- Training Dashboards can quickly provide status on training and ensure reminders are sent to ensure compliance.
Marketing Material and Disclosures Management
- GRACE can help set up Disclosure and Marketing Material and manage their versioning, review and release process
- Client Management users can have access to the latest marketing material and disclosures when they need to share them with their clients.
My Portal for all Staff
- My Portal shows the list of all the actionable items that are due from you, that includes requests for action, requests for reviews, tasks etc. It shows you the calendar of all your activities and leads you to action functions where each activity can be undertaken.
- Allows findings and other actions to be recorded on the calendar date for compliance monitoring Provides form for reporting Risk Status, task status, project status
- Allows you to report your approval requests, as well as reporting forms to compliance. Allows you to have a copy of all the information that you have submitted for compliance for you to refer to them whenever you need
- Allows you to take a look at Code of Ethics and Policy/Procedure docs when you need to refer to them
- Allows you to do your attestations on-line as well as record your training
Manage your Compliance Monitoring Process
- Set up the compliance monitoring process by defining and record compliance groups and activities for the various business activities. Set up the Calendar for each of the activities, periodicity of verification and assign them to the relevant staff.
- Each member of your staff will be able to use their My Portal to show them the Calendar of activities and ensure they are alerted on due dates. Staff can record the verification done as well as load the supporting documents and issues seen online for their activities.
- Issues are sent for reviews and can be escalated and resolved through the system
Conduct Regulatory Reviews
- GRACE can allow you to setup and manage regulatory calendars, checklists and assignments for organizational reviews from various departments thru on-line survey like questionnaires, record the findings and identify process issues and risks. Assign issue / risk mitigation responsibility to staff members and monitor progress of tasks for issue and risk management through online reporting.
Staff can report their Gifts, Political Donations, Outside Activities and U4/U5
- GRACE offers standard forms for staff to report their Gifts and political contributions, Outside Business Activities, U4/U5, Social Media accounts etc. These would be automatically queued up for compliance to review / approve / reject based on appropriateness.
- GRACE provides the ability to set up templates with the legal language by for all the required attestations that staff need to attest.
- Attestation requests can be periodically sent to groups of staff and both attestation and related data can be gathered online.
- Online Attestation for documents like Code of Ethics and WSPs can be sent to staff for them to read and attest periodically
- Attestation Dashboards can quickly provide status on attestations and ensure reminders are sent to ensure compliance.
- GRACE can help set up Filings information and manage their versioning, review and release process
- This will allow organizations have all their filings information in a single source of truth.
- GRACE has a central user management system for providing accesses to various functions within the organization based on their roles and responsibilities.
- GRACE CCO offers multiple actionable dashboards that are specialized for each area including Policy and Procedure Dashboard, Regulations Dashboard, Compliance Dashboard, Risk Assessment dashboard, Attestation Dashboard, Training Dashboard, Trade Dashboard etc. Access Rights can be turned on or off to each of the dashboards
- Each dashboard will present the overall information, charts, trends, reports and queries and will allow Slice and dice & deep drill down on all information gathered and status of approval
- Issues, risk and mitigation management and trends with graphics and reports will enable action to be taken
- Reports can be queried for user defined criteria, printed and exported to Excel / PDF formats where permitted
The Great Value that GRACE Brings to You
Visibility and Transparency to Risks
Staff and Senior Management can have a visible real time view of violation as they happen to take early corrective action
Compliance officers have Powerful tool
Compliance Officers have a tool for monitoring through approval / rejection and ensure compliance within the organization
Business as usual Process for Compliance Monitoring
Compliance Monitoring and Reporting on the action taken on the compliance process becomes a business as usual process, ensuring that issues are identified early as they happen
Review and Response Process Automated
Automated Workflows, Email alerts and My Portal queues ensure that the tasks are brought to attention so the responsible person is aware of it.
Standardized forms for all compliance requests
Online Forms set up for compliance enables staff to interact with the Compliance team for requests, reporting and approvals, making it an easy for data gathering. Auto approvals business rules can be set up to reduce workload on Compliance stop
Online Attestation ensures all are aware of the latest rules
Online Attestation ensures that the staff is made aware of the latest regulatory expectations and they sign and attest to adhere to the rules
Single Source of Truth for the Organization
Will all documents, data, reviews, audit trails, analytics and easy to use queries and reports, GRACE becomes the central repository of the Single Source of Truth for the organization for all books and records to be presented for regulatory examination
Institutionalizing of Compliance
Compliance management becomes an institutionalized process. Ownership and Responsibility is visible and accountable. This ensures activities are undertaken on time without any backlog .
Regulatory examinations can be handled with confidence
Information gathering and report creation for regulatory audits is a very costly operation for all organizations. The GRACE system becomes the proof of good compliance management in the organization and saves enormous amount of money in this data gathering and report creation process.
Organization Ownership of Data
Organizations suffer when key risk and compliance staff leaves. The information is scattered if maintained solely by individuals and are lying on disks in various forms. GRACE becomes the single central repository of documents, data and processes enabling continuity even when key people leave the organization
Easy to Integrate and Customize
GRACE offers easy integration with organizational source systems to enhance the functionality and extend it at low costs. This is a great benefit for end users who can bring in all the relevant data into a single system through automated process allowing them to focus on risk management and compliance instead of data gathering
Enormous Cost Savings
Enormous costs savings in unwanted labor for audits and examinations, avoid regulatory fines, legal costs, reputation risks and empowers the organization in managing risks.
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