SmartComply
Our regulatory compliance solution
Modernization of the compliance function
The business environment constantly faces new compliance risks, challenging the capacity of compliance functions to effectively identify, assess and mitigate risks related to new regulations or procedures. In this context, certain compliance milestones must be strengthened and enhanced. Here’s how SmartComply can help:
COMPLIANCE FRAMEWORK
Build an extensive compliance risk catalogue.
Structure the compliance framework to align regulatory requirements, with compliance risks and internal controls.
Design and evaluate prioritized compliance risk exposures.
Set up a methodology to assess inherent and residual risk exposure enabling for the elaboration of a risk-based compliance monitoring program.
Align risks, controls, and efforts.
Design a compliance risk assessment and monitoring program and prioritize control execution in light of compliance risk assessment results.
ENHANCE SCOPE AND REPORTING
Ensure complete documentation of the compliance function’s monitoring scope.
Build a compliance risk catalogue addressing the financial industry participant’s entire range of activities.
Address key results and findings.
Report on compliance risk exposure and the execution of the compliance monitoring program to top management.
Manage several group entities.
Build up aggregation functionalities to maintain a consolidated view for group oversight and follow-up.
DRIVE EFFECTIVENESS AND REVEAL DEFICIENCIES
Capture and embed operational events and promptly and adjust compliance risk assessment accordingly.
Assess the impact of these events on the compliance risk profile.
Evaluate the effectiveness of the internal control framework in mitigating identified compliance risks.
Collect, monitor, and follow-up on internal control deficiencies.
Provide a framework allowing for the management of issued compliance recommendations.
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SmartComply
Our digital compliance solution
A digital solution, hosted in a secure environment and remotely accessible, allows clients (particularly compliance and/or risk control functions) to better track their risk profile (primarily compliance and regulatory risks) and monitoring program, as well as internal control deficiencies. It also offers automated reporting and aggregation capacities, facilitating communication with different stakeholders (i.e., management body).
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Our proposed solution: Compliance risk assessment and monitoring program
Advantages of utilizing SmartComply
1. Structured repository and group management
- Access to Deloitte Luxembourg’s compliance risk catalogues
- Structured channel to identify and manage compliance risks and monitoring activities
- Presence of a compliance framework that is remotely accessible
- Customizable assessment methodology
- Dynamic access allowing users to easily switch among geographical and legal entities
- Ability to maintain several locations and propose a consolidated view for group management purposes
2. Access management and consistency
- Application developed using latest technologies (SQL, React, RabbitMQ)
- Centrally managed access to the platform with different levels of access available
- Integrated processes allowing a direct link between both risk assessment and monitoring activities
- Alignment of compliance risk and control scope • Embedment of the solution in a secured environment (DBoard)
3. Planning
- Dynamic planning with a real-time view of the delivering capacities of the function
- Individual and/or consolidated view of planning of control activities
4. Formalization of controls and follow-up of recommendations
- Dedicated workspace allowing for the formalization of control activities
- Possibility of issuing compliance observations
- Dedicated workspace for following up of compliance observations
5. Management of compliance incidents
- Dynamic log to capture and manage compliance incidents
6. Visualization and reporting capacities
- Automated reporting and data aggregation capabilities
- Dashboarding capabilities through dynamic heatmaps and graphs
Technical and security environment
SmartComply is hosted by DBoard infrastructure
