Exceptions Management/Investigations/Issues Tracking
Financial institutions face increasing pressures to meet regulatory requirements and are subject to heavy fines by the SEC, NASD, NYSE, FSA and courts. Issues such as competing with clients, market manipulation, and nonconformance with reporting rules and trading practices are strictly regulated. Today, most financial services firms have no clear way of proactively identifying issues and recording the resolution and steps taken to fix them. While some firms may rely on a surveillance system, these point solutions do not extend to issue remediation or to the final steps of approving closure of the issue to the satisfaction of all responsible parties or communicating resolution to senior management and regulators. The challenge is compounded by the fact that issues are coming from disparate business areas in different formats and with no clear frequency or prioritization structure. This type of scenario places undue burdens on other control functions such as Internal Audit.
Leveraging its closed-loop approach to compliance, the QUMAS solution brings a well-defined and consistent approach to issues management that is consistent with industry "best practices." Integration with other compliance risk management processes makes it easy to automate and enforce workflow processes in order to establish clear accountability and ensure repeatability.
Benefits
- Captures exception details from diverse sources including multiple Business Lines, Regulatory and Audit groups.
- Standardizes the classification, reporting and presentation of incoming data.
- Facilitates the ability to create standardized investigative reports and action plans that can be tracked and used systemically with regulators as appropriate.
- Enhances ability to proactively oversee current status, prioritize and make risk-based decisions on open issues on a daily basis.
- Achieve controlled and auditable content management, self-assessment monitoring, exception handling, and, risk-driven decision-support for executive management.
- Provides preconfigured forms-based approach to view incidents by department, by closure, by severity or any cross-correlation of various variables.
- Enforces the collection and consumption of Policies & Procedures/Rules & Regulations.
- Integration with Crystal Reports allows events in the Audit Trail to be fed into additional internal reports and easily routed across the organization.
- Support for surveillance tracking systems and other algorithmic systems that identify events.
- Allows financial services firms to deal more effectively with governance, process, and relevant data-management issues.