Financial institutions are subject to constantly changing rules and regulations across multiple jurisdictions including Basel III, The Dodd Frank Act, The Volcker Rule, FATCA and EMIR. It has become increasingly challenging for executives to:
Manage Regulatory Change
Manual and fragmented processes make it difficult for compliance to manage constantly changing and increasingly complex rules and regulations.
- It is difficult for legal and compliance divisions to determine the impact of regulatory change on internal compliance programs
- Manual processes do not provide sufficient oversight of the regulatory change process
- Sufficient audit trail is not maintained to demonstrate how the organization responded to regulatory change
It is not sustainable for organizations to continue inefficiently investing in more resources and fragmented compliance systems. Failure to implement a systematic approach to managing regulatory change results in greater compliance costs with increased legal and reputational risk.
Respond to Increased Oversight
Legal and compliance have had to respond to increased review from regulators, auditors and the board. Significant time is consumed by legal and compliance staff in retrieving historical compliance programs, researching historic rules and regulations and providing evidence of compliance.
"Reduce Risk and Protect your Organization"
Implement a systematic and automated approach to regulatory change.
TimeArc's unique point-in-time technology provides a systematic approach to managing regulatory change.
- Reports identify specific policy, procedures and controls that require review as a result of regulatory change, reducing compliance costs and the risk of non-compliance
- Reports provide compliance with a complete overview of the status of the regulatory change process
- TimeArc instantly provides evidence to regulators, auditors and the board of how the organization responded to regulatory changes
Reduce the burden of increased Regulatory and Audit Review
TimeArc significantly reduces the burden in responding to increased regulatory review. By selecting a date within the system, compliance can instantly view the internal policies and procedures and related rules and regulations that applied at that date from one platform.
- Create reports to demonstrate compliance to regulators, auditors and the board
- Instantly navigate historical compliance programs, rules and regulations in effect at any point-in-time
- Reduce time and costs in demonstrating compliance
- Provide Legal Counsel with a searchable audit trail of regulatory change implementation actions
TimeArc supports organizations in meeting the extensive compliance program documentation requirements of rules and regulations such as The Bank Secrecy Act, The Volcker Rule, EMIR and the regulation of securities under The Dodd Frank Act and EMIR.