Financial Compliance
Issues
The Financial Services sector is under increasing pressure to continue to meet compliance requirements whilst minimising the impact on the pursuit of all legitimate business.
The various regulatory organizations provide frameworks for compliance, some very detailed such as money laundering, some at a high level.
In the UK, for example, the FSA have recently highlighted major deficiencies and have recommended more needs to be done in respect of improved control, visibility, consistency and effective joined up management.
On a practical level, the collation of dispersed information from different managers, divisions, subsidiaries and jurisdictions on varied products and services is still a major challenge for even the largest of organisations and consequently the continuing development of more robust, timely and complete information to underpin compliance decision-making remains critical.
Solution
Xpoint ®, a cohesive Web2.0 software environment, enables you to deploy robust compliance processes across the organisation to enable appropriate staff to both understand their role in the process and complete the appropriate activities. The underpinning architecture of xpoint ® makes it very configurable to meet any compliance based approach.
Typical examples of Financial Compliance processes that are defined at a high level but challenging to implement include:
- Politically Exposed Persons (PEP)
- Payment Card Industry Data Security Standards
- New Product Development
These are all examples of how xpoint ® can be deployed to support coherent compliance activities to managed structured or semi structured business processes.
Benefits
Xpoint ® enables compliance processes to be effectively deployed across the organisation and for progress/issues to be tracked . It also enables robust and transparent decision making with follow up actions tracked across the organisation. This results in the following benefits:
- All compliance activities are managed in one place (jurisdictional considerations allowing)
- Progress, direction and decisions within and across all initiatives are easier and transparent
- Achievements are brought alive by the enabling lifecycles, milestones become explicit
- Compliance requirements are easily cascaded and employee engagement radically enhanced
- Communication and knowledge sharing become viable and sustainable across the team
- Information flow is maximised and revisited/redundant communication is minimised
