Regulatory/Legislative Change Control

Regulatory and legislative control and reporting is an essential aspect of any financial service compliance program. These challenges are magnified by the fact that laws and regulations are constantly changing, and many CCOs today have no way of rapidly modeling the effect of proposed changes on their business. Financial services institutions today use a multitude of methods to track legislative changes, ranging from electronic feeds to regulatory Web sites to a team of people manually culling through email alerts. Even an event as simple as a speech or appearance by a senior regulator can signal a change in regulatory approach that requires evaluation.

The QUMAS solution is an easily configurable software suite that provides you with a closed-loop process for effectively managing the regulatory tracking process. Common elements of interpretation, change management and impact assessment are integrated with compliance tasks across the organization. This approach starts with an impact analysis to determine what documents and systems are affected by this change and then incorporates a risk-based process to determine whether or not to take action. A consolidated view of compliance tasks facilitates the identification and modeling of the consequences of regulatory change so that workflows and processes become the foundation for proactive monitoring and incident reporting. All regulatory tracking functions are integrated with other processes critical to regulatory compliance, including training, monitoring and controls and risk management.

Benefits

Quickly diagnose the impact of new regulatory or business initiatives
Drive collaboration to agree interpretation of new or updated regulations and filter this through policies and training throughout the organization
Monitor future legislation, new product approval and transaction pipelines
Automatically alert and distribute changes to the relevant personnel
Assign responsibilities for work and identify who is responsible for information verification
Automatically issue notifications to those responsible for the completion of specific tasks, approval, and actions
Ensure remediation of all violations that occur across the enterprise, and reporting of remediations to regulators
Central repository for access to all regulatory documents including change history
Facilitates an agile, cost-effective methodology for communicating information throughout the organization
One solution to support all of a financial service firm's regulatory programs including: AML; Control Room; MiFID; SOX; Listing Rules, among other regulations