Categoric - Solutions for automation of Governance, Risk, Compliance and Operations

The Board are uncomfortably aware that with the proliferation of rules, regulations and law suits around compliance they could be personally and professionally penalised for any deficiencies found in their businesses’ controls. They need to ensure that they protect themselves and the business by putting suitable systems in place to deliver robust and compliant processes and controls which are able to meet external scrutiny.

• Understand what the major compliance risks facing their organisation are and instruct management to put controls in place to manage these.
• Be more pro-active in seeking information essential to understanding the risks to their businesses and to ask the hard questions about these issues.
• Be briefed by the chief compliance officer regularly on the compliance threats to their organisations and the corrective steps being taken to address those risks.
• Instruct senior management to take corrective action as soon as possible if serious deficiencies are detected.

They are reliant on the various embedded systems and structures within their organisation to ensure that their directives are carried out and to update and feedback the progress so they are not penalised. These structures and systems may or may not be suitable for the fast and fluid “modern” approach to compliance characterised by devolved business process ownership and preventative rather than corrective activity.

For the Board the Categoric solution includes:

• “On demand” report summaries for key governance metrics that flag any exceptions that occur and log the related actions and owners.
• automatically taken to best manage these exceptions.
• A clear audit trail to facilitate independent examination and verification of control.
• Easy “ownership” and use by non-technical personnel of a tool that allowed them to fix and correct issues as and when they come up.
• A solution that flows across organizational and technological boundaries within the business and which delivers a flexible answer to current and future compliance and governance needs