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Ensuring Compliance In Financial Services
In response to a number of major corporate and accounting scandals that resulted in a decline of public trust in accounting and reporting practices, most western countries during the last five years have mandated the adoption of enhanced standards. Sarbanes-Oxley Act (SOA, also known as SOX or Sarbox) in the US requires more documented control of transactions in order to prevent fraudulent behaviours or negligence. The ability to prove one?s honesty through exhaustive records and validated, available documentation is made a legal requirement.
From now on, upper management takes individual responsibility for the accuracy and completeness of corporate financial reports, internal audits, and is compelled to have these controls and audits documented. In particular Bâle II, requires that:
- All incidents and issues are recorded, audit trailed and aggregated;
- Banking activities are drilled down by process;
- Interna land external operational risks are identified and associated potential loss assessed;
- Performance indicators defined in order to follow up on risk level;
- Action plans set up to lower risk level.
Ennov provides an easy to use solution for handling these requirements. Financial services companies need to map their business and product offerings. They are required to go further into details about the design of their daily business processes and procedures. Once defined, these processes must be controlled and all incidents reported, associated risks assessed and action plans documented to reduce recurrence . Based on data collected, real time performance indicators will give managers the whole picture, so as to master both daily operations and risk level.
Ennov5 allows you to set up in a few weeks a complete management system for regulatory documents (flowcharts, procedures, ...), business activity monitoring documents (dashboards) and internal documents (conventions, plans, recommendations, ...). Before publication, documents are validated. Employees can easily access up-to-date information. Ennov5 allows you to computerize all key processes giving a perfect guarantee that daily operations will be performed according to defined procedures: changes are controlled, business practices secured and risks reduced. People in charge are automatically notified by e-mail, upon logging into the system they access a complete listing of tasks to be performed with special reminders on deadlines. Ennov5 can be used to supervise internal audits in the same way. It will keep track of all controls performed, issues detected and actions taken.
As OFI did, major dynamic financial services companies have already taken this great leap forward. Join them.