Compliance Officer

Driving a Culture of Compliance and Performance

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Compliance Role

Your compliance officer must be equipped to meet regulatory challenges head on. With every new rule change or legislative act, they will have to understand how it impacts your business, document new policies, and communicate these changes to the rest of your organization. In this ever changing regulatory environment, Compliance Officers have a challenging task before them — to enable a holistic coordinated approach to compliance while empowering the growth of the business and maximising opportunities.

Emerging Regulations

Some compliance officers spend one-third of their time keeping up with compliance & regulations. However Compliance Officers are also expected to enable a risk-based approach to compliance, while providing assurance and advice to the management and board to guide decision-making. The emphasis is increasingly on driving a pervasive culture of compliance across the organization and the escalating and shifting demands of today’s regulatory environment are unlikely to subside anytime soon. Regulation is only likely to continue to increase and get more complex and burdensome.

Shrinking and Static Staffing Levels

Compliance regulations are increasing at a faster pace and many organizations are not adding staff to meet their compliance needs; they are just asking compliance officers to do more work with fewer resources.  Automated reporting tools and analytics make it easier to aggregate and report various compliance metrics, including the status of compliance, emerging risks, and the effectiveness of policies and controls. Integration is another important element  for Compliance Officers, they need to be able to bring together and streamline compliance processes such as policy management, risk assessments, control monitoring and testing, regulatory change management and third-party compliance.

Red Flare can help streamline processes, enable your people can do more in less time, and reduce compliance spending for your organization

Measurable Outcomes

Reduce compliance violations, penalties, and the risks of reputational damage

Lower the cost of compliance programs by prioritizing high-risk areas, while also rationalizing controls and policies

Build confidence with the leadership team, board, and regulators by demonstrating a mature compliance posture

Reduce the effort involved in managing regulatory audits

Red Flare enables Compliance Officers and their teams to effectively juggle the compliance requirements of each business function, as well as the potential risks

Red Flare’s Solution Can Help

Gain a real-time, enterprise-wide view of compliance posture, risks, and mitigation efforts

  • Provide insights to the senior management and board on potential compliance risks, monitoring results, regulatory changes, and their impact on business performance.

  • Align compliance reporting to the risk appetite framework and risk management expectations

Adopt a risk-driven approach to compliance

  • Identify potential risks and control weaknesses; prioritize compliance efforts accordingly.

  • Gain visibility into the relationships across the compliance and risk universe, thereby improving synergies

Enable a culture of compliance by strengthening collaboration across the three lines of defense

  • Enhance accountability and responsibility for compliance by efficiently allocating tasks such as assessments, mitigation, monitoring, testing, and auditing

  • Enable accurate coverage of compliance risks and controls; minimize the duplication of effort

Implement a robust regulatory change management process

  • Proactively monitor regulatory changes, and understand their impact on the business

  • Provide actionable advice on the business changes needed across geographies, products, and services

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