SOFTWARE SOLUTION TO ENABLE REGULATORY COMPLIANCE
Being and staying compliant is a constant challenge. New laws and regulations are constantly being introduced or changed. The ability for the organization to interpret these regulations well and to operationalize and sustain compliance practices requires diligence, an understanding of their relevancy to the business, and continual communication.
Moreover, the consequences of non-compliance are becoming more severe as well. Fines continue to rise and enforcement actions are stymying growth, acquisitions, and entry into markets. Customers are also pushing the regulatory agenda as technology and social media mediums quickly raise awareness of unfair practices. Risk and compliance departments are pressed more than ever to find a solution that creates efficiencies, builds awareness, and provides the confidence that the organization is in conformance.
Whether your compliance approach is embryonic or mature, the ability to manage regulatory compliance and change requires an understanding of the efficacy of current organizational practices and the ability for the business to adapt to necessary control and management advancements. This is demanding given how lean risk and compliance departments are staffed. Additionally, compliance costs detract from profit growth. This establishes the impetus to execute compliance activities efficiently, maximize the control environment, and for a sound governance model. BWise can make this a reality.
The design of the BWise GRC platform enables risk and compliance departments to execute their methodologies with confidence and insight. With its unique framework capabilities and process-based approach, BWise provides a pragmatic and highly configurable software solution to support any organization’s compliance process.
In particular, BWise offers various integrated tools within its compliance solution to assist risk and compliance functions with executing their compliance programs:
BWise Internal Control enables companies to test, review, and monitor documented controls. For example:
- Test forms can automatically be sent to selected users to perform self assessments or independent tests
- Documented controls can be linked to many risks reducing costs and time by testing it once and using the results for multiple topics
- Created workflows ensure that proper testing and retesting is performed, issues are addressed, and sign-off occurs
- Collected evidence can be documented electronically, including full audit trails
- Internal and external compliance dashboards can provide a near real-time view of the compliance profile and reports are available for executives, the business, audit, and regulators
BWise Compliance Management enables companies to:
- Sustain the compliance governance process (policies and procedures),
- Seamlessly incorporate vendor legislative and regulatory feeds,
- Perform, consolidate, and monitor any type of compliance assessment, survey or questionnaire, and
- Efficiently prepare, and produce reporting, for regulatory exams and inquiries.
BWise is easy to manage and highly configurable. This makes it relevant to your organization’s specific compliance process. This is a huge benefit over custom code because the software solution can be adapted by your organization extremely fast to reflect any framework or methodological changes.
Each BWise software solution is fully integrated with issue management workflows that help companies to constantly improve, lower costs, and increase performance. Compliance should be much more than a check-the-box exercise. BWise assists companies to get the greatest benefits from their compliance investments.