QUMAS Policies and Procedures Solution
For financial services firms, policies and procedures are the cornerstone of an effective compliance operation that span across the entire organization. In fact, the SEC estimates that a large percentage of compliance issues are related to documentation that is not current or easily accessible to employees. Yet many firms are saddled with legacy P&P systems that are fragmented, redundant and costly to manage.
Automate and Enforce Compliance Policies and Procedures Lifecycle Management
The QUMAS Policies and Procedures Solution enables your organization to deploy a single, all-encompassing P&P management solution that automates the creation, distribution, review and version control of policies and procedures across the enterprise. As the only fully-compliant software solution designed specifically for financial services firms, the Solution leverages the virtues of a patent-pending closed-loop system to efficiently address all lifecycle phases — Create, Edit, Review, Approve, Distribute and Retire — in a secure, structured and controlled environment.
Enhance Visibility and Accountability
The QUMAS P&P Solution provides full accountability as to who has read what, requiring users to apply their Electronic Signature and mark documents as Read and Understood. Version control is inherent, ensuring that all of your employees always have access to the latest P&Ps. Periodic reviews are also built into the system to guarantee that your P&Ps will be reviewed and updated in accordance with regulatory requirements such as the Investment Company Act 38a-1, MiFID and NASD rule 3013, without duplication or fragmentation. Because of the user-friendly interface, all of your documentation is available to users in an easily accessible manner, without a large training overhead. And, your organization will benefit significantly from a reduction in approval cycles, ongoing maintenance and the cost of compliance.
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Key aspects of the solution include:
- Regulatory content management system - ensures enterprise-wide consistency and compliance with a single, controlled repository.
- Point-in-time reporting - assures you have a proactive and robust regulatory defense and can isolate problems to specific individuals. Quickly produce on-demand reports on what policies and procedures were in effect on any date in history.
- Browser-based collaborative review and authoring solution - ensures a secure, structured and controlled environment for multiple and remote collaboration.
- Document loading - import and export large collections of documents and/or file folders on an ongoing basis while leverage your existing systems with minimal complexity and training.
Advanced Functionality:
- Workflow & configuration management - point and click interface to workflow design and configuration allows users to map their unique business processes to the system without customization.
- Automated notification & distribution - enables effective distribution and rapid notification of document changes and approvals.
- Sophisticated Role-based Access Control - protect against unauthorized access while the system supports user-defined permission levels for content segregation. Creation of hiearchies, virtual views and content classification entities allow different users in different roles to see only the content that they have permission to access.
- Comprehensive, independent audit trail - captures more than 270 auditable events, allowing export or on-demand printing for regulatory review.
- Hard copy management - ensures full control of documents exiting the system and retention status.
- Full Web services-based software development kit for custom interfaces and actions.
Benefits
- Provides effective and proactive regulatory defense
- Mitigates risk of fines and damage to brand and reputation
- Reduces reliance on expensive and time-consuming outside consultants
- Allows your organization to efficiently manage and standardize creation and delivery of P&P document management
- Reduce the per-document creation expense
- Expedites review cycles by eliminating the time a typical worker spends simply looking for information (estimated at 20 to 30 percent of the work day by AMR Research)
- Enables you to adapt quickly to regulator or internal changes with flexible configuration capabilities
- Reduces IT costs with flexible, configurable system complete with test scripts to accelerate deployments
- Enhances maturity of P&P and document lifecycle processes to mitigate the risk of future compliance mandates, shifting business priorities and industry consolidation