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Industry Challenge

Financial services firms must establish, maintain, implement and test policies and procedures designed to detect and prevent violations of laws and regulations. Policies and procedures must be updated and modified as business, regulatory and enforcement events dictate; and they must be maintained in compliance with record-keeping requirements. Periodic testing of policies is essential to ensure they are effective.

Policies and Procedures and Regulatory Change Management are the backbone of a strong compliance program. Together, they must be managed holistically, in an evergreen compliance ecosystem, to ensure a common understanding of and adherence to the firm’s Code of Ethics, and current, relevant policies and procedures.

Today many firms struggle to gain effective oversight, identify red flags and drive the myriad of required activities on an ongoing basis to ensure closed-loop processes across their policies and procedures lifecycle. Some firms rely on first-generation or homegrown document-assembly solutions that require manual administration and tracking and fall significantly short in the area of testing program and deficiency management. Other firms try to adapt their corporate parent’s GRC framework to suit a set of very specific requirements, only to discover that the required customizations are cost-prohibitive and the system won’t adequately address the regulatory content and change management requirements that are integral to a compliant, evergreen program.

RegEd Solution

Policies and Procedures Management, powered by the Comply On Demand Enterprise (CODETM) Platform, enables Financial services firms to manage the lifecycle of policies and procedures throughout the organization. The solution integrates powerful regulatory change management capabilities that close the gap between real-time regulatory requirements and the firm’s policies and procedures.

CODE Policies and Procedures Management provides an enterprise workflow, work-process and task management solution that enables comprehensive, end-to-end administration and oversight of all elements of the firm’s policies and procedures. This includes the policy approval process, policy distribution, attestation management, testing program management and deficiency and case management. The solution installs a central control center for all policies and enables the firm to establish discreet policies based on role, function, department and entity. This avoids the need to generalize or over-engineer policies to cover the broad population.

Policies and Procedures can integrate with CODE Regulatory Change Management to automatically flag policies that are potentially impacted by regulatory changes, ensuring the firm’s compliance program is current and evergreen. In addition, CODE maintains full documentation on policy approvals, changes, exceptions, attestations, testing and the evolution of policies over time, so that the firm can effectively respond to audits, examinations and on-demand requests.

Distinguishing Capabilities

  • Upload existing policies and procedures and link to rules and regulations.
  • Manage and maintain policies at the corporate level, while distributing relevant policies and manuals by role, at any level of the firm’s hierarchy.
  • Maintain an archive of previous policy versions and a full audit trail of policy revisions.
  • Store policies in a central repository that is easily accessible for employees based on audience profile.
  • With integrated Regulatory Change Management, receive automated notification that a regulatory change has occurred, as well as information regarding which policies require action as a result.

Key Benefits

  • Ensure that critical compliance information is synchronized with current rules and regulations.
  • Streamlines preparedness for regulatory audits and market conduct exams with strong documentation and detailed evidence of compliance.
  • Enable Compliance to shift from a reactive to proactive posture to deliver higher value to the firm.
  • Systematized, transparent processes demonstrate a “tone at the top” and a rigorous compliance program, instilling confidence and positioning firms to better withstand the scrutiny of regulators.

CODE Platform Capabilities

Comply On Demand Enterprise (CODE), RegEd’s Enterprise Compliance Management Platform, enables financial services firms to effectively and efficiently meet compliance obligations and proactively manage their compliance program, dramatically reducing the risk of non-compliance and related consequences.

The CODE Platform and its suite of integrated, for-purpose applications and proven, robust, compliance-optimized capabilities drive extraordinary efficiency and oversight and enable firms to establish consistent, repeatable compliance processes and ensure closed-loop compliance.

CODE’s rich task management capabilities provide visibility into the fulfillment status of compliance obligations to ensure that gaps are closed across the compliance lifecycle. Platform capabilities also include robust workflow management, automatic notifications and exception management, business process automation, compliance surveys and attestation management.

Applications present in a common interface, optimizing usability across the application suite. Compliance data is reused across multiple solutions and presented in consolidated dashboards that enable efficient execution of work processes and management by exception. Built-in audit trails, robust reporting and risk profiling enable ready preparedness for regulatory exams and position firms to better withstand the scrutiny of regulators.

CODE is fully configurable, scalable and extendable, to enable companies to cost-effectively build on the initial investment as their needs expand and evolve.

  • Regulatory Change Management
    Delivers actionable regulatory intelligence and enables firms to be aware of, comply with, and demonstrate compliance with all relevant regulatory changes.
  • Policies and Procedures Management
    Provides enterprise workflow, work-process and task management to enable comprehensive, end-to-end administration and oversight of all elements of the firm’s policies and procedures.
  • Consumer Complaints Management
    Enables the firm to systematically capture, track and efficiently manage the resolution of consumer complaints..
  • Regulatory Exam Management
    Provides the ability to effectively manage all tasks undertaken during the course of a regulatory examination.
  • Incident Management
    Enables the firm to capture, assign and track all incidents and installs an efficient process for undertaking remedial actions.