Banks and financial institutions face an increasingly complex world with greater regulatory scrutiny, demands for clarity on governance approaches, assurance of consumer protection,  and capital adequacy. Add to this a requirement for robust internal audit practices and the operational risk requirements of standards such as Basel II and the governance, risk management and compliance (GRC) requirements for this industry are probably more complex than any other.

As many of these requirements span the enterprise and different disciplines overlap, a siloized approach is not just inefficient but potentially disastrous, missing on the interrelation of policies and practices across the institution.

Financial companies of all sizes are therefore rejecting point-based solutions and desktop applications in favour of an integrated approach to managing governance risk and compliance, which eliminates duplication of effort and provides management with a view of all the institution’s regulatory and risk exposures, while enabling audit, risk management and compliance staff to identify issues and deficiencies and design and execute remediation activities.

BPS Resolver’s GRC Suite is used by financial institutions ranging from multinationals and central banks to community-based banking for:

• Risk identification and assessment
• Control evaluation
• Internal audit
• Compliance with internal control over financial reporting (ICFR) regulations such as Sarbanes-Oxley and Canada NI 52-109 /Bill 198
• Legislative compliance management
• Payment Card Industry (PCI) data security standards
• Dodd-Frank legislation compliance
• Enterprise and operational risk management

These customers benefit from:

• Robust enterprise-level internal audit functionality including workpaper management and resource planning
• Access to aggregated regulatory requirements for specific areas of business
• Risk-based scoping approach to ICFR compliance
• Group based and individual risk assessments including surveys and workshops
• Customized reporting for different roles and responsibilities
• Advanced workflow management to ensure governance risk and compliance activities are managed throughout the year.

For over a decade, BPS Resolver has worked with financial institutions from Wall Street firms to Main Street regional banks. For more information on our solutions and experiences or to ask any question please contact us.