With an ever growing number of regulatory requirements and compliance procedures, organizations are now faced with an increasing workload to ensure operational procedures adhere to the rulings and regulations set.
Many of these organizations are having to face up to multiple regulatory compliance procedures, all of which are difficult to navigate and require a solution to be implemented ensuring all compliance requirements can be fulfilled and delivered on time.
The solution to this problem comes in the form of the Compliance Activity Manager (CAM). Organizations from all industry sectors are now able to map their business processes to ensure standard, regulation and compliance requirements are met simply and effectively within assigned timescales. As part of the new Casewise Portal , the CAM offers the ability to leverage this compliance solution. By scheduling activities around compliance procedures along with the ability of enabling tasked based collaborative compliance monitoring, the CAM also provides feedback along with audit processing.
Compliance Cartography
The CAM forms part of the Casewise “ Compliance Cartography ” solution, which visualizes the different compliance and regulatory requirements and shows the overlap between them. In addition, these requirements have been linked to Best Practice models like ITIL , Cobit and eTOM . In that way, the CAM manages the overlap to help reduce the cost of implementation of multiple standards by reusing existing processes and audit questions.
This CAM solution enables multiple compliance (and project) teams to work collaboratively and reuse existing (business and compliance requirements) processes and other objects in a model. The entry point to the CAM is through the Casewise Portal which is connected in real time to the data repository ( Corporate Exchange ). The user therefore has the ability to add, edit, delete and update items and links between them, all of which are protected through security mechanisms. As a result, information can be updated quickly and easily with all members of the project team being kept informed about updates.
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The CAM supports the Casewise four-step What, How, Why and When journey.
WHAT has to be done by the business to gain the compliance or ISO accreditation?
This first stage identifies the requirements an organization may have and which control objectives and processes are required in order to adhere to Standards and Regulations and ensure verification of compliances.
HOW we can satisfy or achieve the compliance requirements?
The second stage refers to Casewise’ approach to modeling the process environment and covering all business analytical entities, thus satisfying the required needs. An organization can use their own processes or adapt Casewise' pre-built frameworks. The Portal allows a user to publish and disseminate process knowledge throughout the enterprise. Processes are therefore documented and then communicated to all concerned highlighting the procedures which must be followed.
WHY and where we do we attach the necessary audit controls and checks?
Stage three highlights the need for ongoing monitoring to ensure processes are being audited/controlled.
WHEN do we need to validate the controls and assessments?
The final stage allows monitoring and scheduling to ensure all controls and audit questions are being assessed and answered correctly in the required time frame. This workflow is traced and saved within the Corporate Modeler database for reporting and analysis.
Acceleration through analysis and alignment
The CAM accelerates Casewise’ GRCA (Governance, Risk & Compliance Accelerator) by not only providing an analysis of the links between compliance, standards and regulation requirements, but also by driving the alignment of different teams involved in the organizations compliance work.
Generally, Compliance Officers work through the written directives or policy documentation directly from the legislation, which can be a time and resource issue. The CAM minimizes that impact by visualizing the requirements into a hierarchical decomposition to help navigate the breadth and depth of the legislations. This facilitates an immediate analysis of the links to processes, audit questions and controls.
Models have been created for an entire library of Regulatory Compliance regimes and ISO Standards including SOX, MIFID, Solvency 2, Basel II, FDA, HIPAA, ISO 9001, ISO 20000, ISO 27001, ISO 19770, OASIS, etc… Having created each regulatory compliance and ISO standard, the models are also grouped within the Corporate Modeler repository. This allows the compliance manager to discover analytical patterns and duplicates between the different regimes. Storing the requirements and eliminating duplicates across multiple compliances results in maximum efficiency and unification of regimes. It also results in faster and much more comprehensive compliance implementation.
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