New offering allows firms to develop a complete view of compliance risk and assurance over time
Global conduct risk and compliance technology provider MCO announced today the launch of its new Governance and Oversight suite, Know Your Risk (KYR). KYR is a modular solution that enables firms to set regulatory priorities, identify policy and procedure gaps, and deliver proof of adherence with metrics and documentation.
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The acquisition of Governor software served as the genesis for KYR. Full integration with the MyComplianceOffice platform, including access to the same data sources as other MCO products, provides firms with a complete overview of their organization’s risk profile.
“Chief Compliance Officers need to be agile and forward looking to manage both their current portfolio of risk along with emerging threats. KYR provides compliance teams with an understanding of the gaps and overlaps in the firm’s policy and control framework, as well as the ability to prove assurance of compliance,” said Richard Pike, Managing Director at MCO. “KYR effectively empowers CCOs to better understand the relationship between the first line activities of the business and the oversight activities of compliance.”
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MCO’s KYR solution can be summarised as a ‘5A’ capability set:
- Awareness of regulatory change
- Alignment of policies and procedures to the firm’s regulatory obligations
- Assessment of regulatory obligations to the firm’s compliance burden
- Assurance of compliance to stakeholders with data from all lines of defence
- Accountability, allocation and mapping of roles and responsibilities across the firm
MCO CEO, Brian Fahey said “Financial services firms are dealing with changing regulations and increasing supervision across the globe. Compliance needs to easily understand the impact of regulatory developments to implement the right controls and prove assurance. The launch of KYR is the latest development in our mission to provide the most comprehensive compliance solution in the market.”
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