Software for Regulatory Compliance management
In general, compliance means conforming to a specification, policy, standard or law that is clearly defined. Regulatory compliance describes how corporations ensure that personnel are aware of, and take steps to comply with relevant laws and regulations and prevent penalties for noncompliance. With more and more regulations being issued, compliance management is an increasingly important part of day to day business practices.
Today, there are a myriad number of regulations and converging them into one integrated framework is an important task for any organization’s compliance team. Still, many companies manage compliance using a siloed approach; that is regulation by regulation, initiative by initiative. BWise is convinced that compliance can be achieved in a much more efficient manner. BWise enables its customers to reduce their compliance costs by taking an integrated approach.
Three steps to compliance
The BWise GRC platform is designed to make convergence of all compliance initiatives a reality. With its unique framework capabilities and process-based approach, BWise provides a solution that makes the enormous benefits of convergence attainable. This is done by creating one control covering many regulations or test once and report many times. To realize complete convergence, BWise offers three integrated solutions within its GRC platform:
Step 1: Test, Review and Monitor
BWise Internal Control enables companies to test, review and monitor the controls that have been documented in BWise. Test forms can automatically be sent to selected users to perform self assessments or independent tests. Workflows ensure proper sign-off, retesting and follow-up on any issues found. Collected evidence can be documented electronically, including full audit trails. All required internal and external compliance reports are available at your fingertips. Compliance costs are reduced by testing a control once and using it for many different compliance purposes, as part of the converged approach.
Step 2: Compliance Management
BWise Compliance Management enables companies to perform, consolidate and monitor any type of compliance assessment, survey or questionnaire, for example to test soft controls in the organization. BWise is a web based solution and is easy to manage, providing a user-friendly environment and quick management of many different assessments.
Step 3: Document and analyze Incidents & Losses
BWise Loss & Incident Database enables an enterprise to collect all its losses and incidents, including relevant qualitative and quantitative data, causes, consequences, timing and allocation records of any incident. This provides management insight into the actual events and the financial and non-financial impact of risks, risk categories and what controls are in place to mitigate them. BWise Loss & Incident Database especially assists in compliance with Basel II or Solvency II and their loss data collection requirements.
Each of the above mentioned BWise solutions is fully integrated with issue management workflows that help companies to constantly improve, lower costs and increase performance. Compliance goals should be much more than simply checking a box at the lowest possible cost. BWise assists companies to gain the full benefits of proper compliance.