GRC Overview Brochure - Wolters Kluwer Financial Services

OVERVIEW BROCHURE
GRC
When you have to be right
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In response to today’s demanding economic and regulatory climate, many
financial services firms are transforming operations to enhance performance while
driving down costs and flattening investment. Forward-looking organizations are
rethinking their business models with an eye on embedding strong governance, risk
management, and compliance (GRC) mandates.
Added pressure to reduce cost and drive efficiencies has also prompted many firms
to revisit risk and control oversight functions with an emphasis on identifying and
breaking down unnecessary silos and improving leverage.
This requires a more strategic look at oversight functions, such as compliance,
internal audit, SOX, or operational risk management, and creates a taxonomy and
common risk and control language to improve risk coverage, while maximizing the
leverage of information and resources.
Firms across the globe are implementing solutions like OneSumX GRC from
Wolters Kluwer Financial Services to obtain a single view of risk that is articulated
across the entire organization, providing a common language, approach, and
methodology for risk management. With a centralized platform for monitoring,
measuring, and managing risk, firms strengthen governance processes and facilitate
effective and inclusive risk reporting to management and the Board to help meet
global compliance within the organization’s risk management mandates.
This single view of risk allows the oversight functions to better leverage risk
information and rate issues using a common vision. With greater visibility and
control over risk across their business, organizations can gain a real competitive
advantage, enabling them to make business decisions in alignment with their
strategic objectives and risk tolerance.
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OneSumX GRC increases control over
risk and visibility through linkages
to the key functions of GRC: risk
management, compliance and policy
management, audit, regulatory
change management, and incident
management.
Risk management: Supports risk
management professionals with
documentation, workflow, assessment
and analysis in terms of business impact,
reporting, visualization and remediation
of risks. Supports business planners and
analysts with analysis of risk-adjusted
performance. The risk management
component is generalized and can be
applied to several risk management use
cases, such as IT risk management and
operational risk management; however,
it may collect data from specialized risk
analytics such as credit risk and market
risk management tools to provide a
consolidated view of ERM.
Compliance and policy management:
Supports compliance professionals with
the documentation, workflow, reporting
and visualization of controls objectives,
controls and associated risks, surveys and
self-assessments, attestation, testing, and
remediation. Includes a specialized form
of document management that enables
the policy life cycle from creation to
review, change and archiving of policies;
the mapping of policies to mandates
and business objectives in one direction,
and risks and controls in another; and
the distribution to and attestation by
employees and business partners.
Regulatory change management:
Supports the ability to respond to changes
in regulations. When a rule is changed
or a new one emerges, it enables a
business impact analysis and supports the
management of the changes to related
processes, controls, risk assessments, rule
books and policies.
Incident management: Is used to track
the occurrence and resolution of incidents,
completely documenting investigations
into legal matters and regulated activities.
These tools may also be used to manage
the resolution of significant audit findings
and risk and control failures.
Audit management: Supports internal
auditors in developing the long-range
audit plan, planning and executing
individual audits, scheduling audit-related
tasks, and managing work papers, time
management and reporting.
OneSumX GRC links compliance and risk functions improving the speed
and quality of compliance activities. Firms will have an enterprise-wide
view of compliance needs and controls.
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To provide a single view of risk, firms must have a complete view of their data.
OneSumX GRC is a unique solution that not only aggregates risk assessment
data for analysis and insight, but also automates risk discipline workflows so that
processes are synchronized and standardized.
It combines regulatory intelligence and
financial analytics with efficient policy,
procedure and process management
capabilities giving organizations the
increased transparency and control
they need.
Senior executives are provded with a
cross-silo view of risk through high-level
reports, interactive dashboards and multi-
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risk discipline support. OneSumX GRC
is leveraged to support decision making
and resource allocation. At the same
time OneSumX GRC can make it easy for
department managers and operational
units to enter the information that
drives those decisions, from simple risk
assessments to control attestations
and testing.
OneSumX GRC:
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Enables employees to raise issues or
identify risks for discussion and report
on monitoring and performance of
controls
Provides visibility into past
assessments, issue resolution and
historical trends, so managers can
accurately assess the likelihood of an
event and its potential impact
Streamlines the assessment process
and standardizes terminology, scoring
and weighting systems
Eliminates redundancies among risk
disciplines, enabling business lines to
describe risks in similar ways
Centralizes the library of information,
regulations, policies and procedures
for a single source of truth
Creates complete views of risk data
at all levels—enterprise, operational
and compliance
Many firms looking to purchase GRC
technology will not immediately
implement a full GRC program. These
firms will prioritize and implement the
most relevant and needed components
at the time and then adopt additional
elements as their GRC program matures.
OneSumX GRC has full end-to-end
functionality for governance, risk and
compliance needs, but is modular so firms
can license and implement only those that
are needed. The full suite of OneSumX
GRC offerings provides a roadmap for
organizations as they continue to develop
a robust GRC infrastructure.
The depth of financial services content
makes OneSumX GRC unique. With
hundreds of experts across the globe
monitoring the financial regulatory
landscape, organizations receive the latest
content and functionality based on best
practices and the unique, prescriptive
requirements of the financial services
industry.
OneSumX GRC addresses
today’s challenges:
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Complaint Handling
Compliance Program
Management
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Conduct Risk
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Employee Compliance
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Enterprise Risk
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Financial Crime Governance
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Operational Risk
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Policies & Procedures
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Regulatory Change
Management
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Regulatory Intelligence
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Internal Audit
Fosters intelligent decision making
with accurate, timely and relevant
risk assessment and analysis
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OneSumX GRC combines proven technology, regulatory content and the deep expertise
of Wolters Kluwer Financial Services. It is a robust GRC set of solutions helping firms to
efficiently measure, monitor and manage compliance, operational and enterprise risk. It
provides a single view of risk and the full governance suite includes a regulatory library
for regulatory content, policy and procedure management, risk and control management
testing and a streamlined method for managing the internal audit process.
With OneSumX GRC, firms receive more than software. They acquire access to a global
consulting practice and regulatory content based on the deep-rooted financial services
expertise of Wolters Kluwer. When financial organizations are reviewing their GRC choices,
many place OneSumX GRC by Wolters Kluwer Financial Services at the top of the list for the
following reasons:
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Experience: Focused soley on supporting financial service firms across the globe
Speed to Deployment: Best practices to streamline the implementation process
and meet highly aggressive deployment schedules
Regulatory Support: Ongoing support and expertise to address increasingly
complex regulatory requirements
Unique Data Model: Through a single data repository, immediately see all
related activities and information related to each specific regulation and
each applicable business line
Scalability: Deploy additional functionality as necessary, based on future needs
Open Standards: Unparalleled ability to integrate with third-party providers
and existing systems
Proven Ability to Deliver: A successful track record meeting all commitments and
obligations on time and within budget
Wolters Kluwer Financial Services delivers GRC
solutions, content and expertise to financial
institutions worldwide. We provide regulatory
control, operational savings and improved decision
making insights that will ultimately provide stronger
performance and improved margins.
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ABOUT WOLTERS KLUWER FINANCIAL SERVICES
Wolters Kluwer Financial Services provides more than 15,000
customers worldwide with risk management, compliance,
finance and audit solutions that help them successfully navigate
regulatory complexity, optimize risk and financial performance,
and manage data to support critical decisions. With more than 30
offices in 20 countries, our prominent brands include: AppOne®,
AuthenticWeb™, Bankers Systems®, Capital Changes, CASH
Suite™, GainsKeeper®, NILS®, TeamMate®, Uniform Forms™, VMP®
Mortgage Solutions and Wiz®. Wolters Kluwer Financial Services
Please visit WoltersKluwerFS.com for more information.
When you have to be right
is part of Wolters Kluwer, which had 2013 annual revenues of
€3.6 billion ($4.7 billion), employs 19,000 employees worldwide,
and maintains operations in over 40 countries across Europe,
North America, Asia Pacific, and Latin America. Wolters Kluwer is
headquartered in Alphen aan den Rijn, the Netherlands. Its shares
are quoted on Euronext Amsterdam (WKL) and are included in the
AEX and Euronext 100 indices.
© 2014 Wolters Kluwer Financial Services, Inc. All Rights Reserved.

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