QUMAS Solutions for Governance and Compliance
The significant events in the Financial Services sector over the last 18 months, as well as an administration in the US that was elected on the promise of change and oversight, will undoubtedly lead to increased regulations and an overhaul of the structure of regulatory bodies. That can only mean more work for you, your overworked staff, and your shrinking budget. You must ensure that your organization is aware of and has access to the most current and appropriate policies, and that you are current with regulations that apply to you. More significantly, you must demonstrate this compliance with irrefutable evidence.
- Are you confident that all your policies and procedures are documented and stored in an easily accessible location?
QUMAS enables you to centralize all policies and procedures in an electronic document management system. Policies and procedures are created, managed, and retired within the system. Consumers can browse, search, or be notified of new and updated policies and subsequently record their actions within the system through an easy to use web interface. - Can you show an audit trail of each policy that proves when it was last modified, who approved it and when it is due for review?
QUMAS solutions record every action in an audit trail - whether user or system generated. This provides irrefutable evidence of activities when it is time to perform an audit or investigate an incident. - Are you convinced that everyone to whom a policy applies has been notified, given access, and a Read and Understood attestation obtained with a date/time stamp?
QUMAS enables you to gain magnitudes of efficiency in the assignment, distribution, and attestation of policies. Policies are tagged with attributes and updated from time to time to maintain a record of who the policy applies to, who gets notified of changes, who approves them, and how often the policy must be periodically reviewed. The system then ensures that all the right people are notified and actions monitored. - Are you confident in your ability to respond to regulatory change with a policy review and a re-notification to those to whom the revised policy applies?
QUMAS enables you to link regulatory content to policies as well as policies to procedures that depend on them. This pre-established association ensures that changes to one are cascaded to all relevant policies and procedures and automatic notifications and workflows activated. This process, once configured, takes manual steps out of the equation and ensures consistency and repeatability. - Can you demonstrate to an auditor or public enforcement officer a point-in-time report that shows what policy you had in effect and to whom it was applicable at any given point in time?
QUMAS solutions have been proven for over 15 years under the strictest of regulatory and compliance regimes - that of the Food and Drug Administration (FDA). The same detailed record of user and system actions, audit trail, and version history is available to you for investigations and reporting.
Of course, that is not all. We have developed capabilities that go beyond the above to help you make compliance a repeatable and efficient process without overburdening your staff or requiring expensive manual labor.
- Regulatory/Legislative Change Control
- Policies and Procedures
- Exceptions Management/Investigations/Issues Tracking
- Compliance Training Management
New and complex regulations as well as increased demands from financial stakeholders have renewed the focus on Governance, Risk and Compliance (GRC) strategies. GRC obligations are no longer tactical, project-based activities but a permanent part of the corporate landscape. In contrast to the point products of the past, you need a framework that delivers a consistent, flexible and systematic approach to GRC across your organization. We look forward to helping you create an efficient and effective Compliance function in your organization.