- Published: Monday, 07 April 2014 11:23
Implement TimeArc® for an Integrated Compliance Framework
Effective enterprise risk management requires an integrated approach to maintaining compliance programs. Despite significant investment in upgrading and implementing compliance systems, numerous studies indicate that executives currently use fragmented systems to maintain compliance and implement internal controls. In order to rectify this problem, significant investment and reconstruction of processes would be required.
TimeArc links can be created within policy documents, excel spreadsheets and internal control systems to implement a coherent approach to maintaining compliance programs and internal controls. The TimeArc platform is integrated with Microsoft Office so as compliance professionals can continue to draft and edit policies within Microsoft Word and Excel. Daily feeds of policy documentation is uploaded into TimeArc to provide reporting tools and complete audit trail. By creating TimeArc links between existing systems and policies, financial institutions can efficiently integrate fragmented systems whilst minimizing disruption to current processes and reducing costs.
- Reduce the costs of compliance by improving efficiency and integrating fragmented systems
- Reduce the risk of non compliance and related penalties
- Ensure risk strategies and compliance procedures are implemented consistently across the organization
- Demonstrate how compliance programs were enforced through linked internal control systems
- Demonstrate how the organization responded to changes in regulations