Implement Governance, Risk and Compliance with Integrated Yet Modular GRACE
La Meer's GRACE Enterprise GRC is a cloud solution that is scalable and secure that you can use right away and grow to Enterprise Level at your own pace. GRACE can be deployed across Business Lines, Products, Departments, Business Processes, Regulations, Locations to be used from anywhere and anytime through its web-tablet-mobile delivery. It allows you to pick and choose modules you need immediately but add modules and users without disruption as you grow your enterprise foot print for Governance, Risk and compliance.
Easy to implement without much training, GRACE helps you manage Policies and Procedures, Risk Assessments, Audits, Internal Controls, Controls Monitoring, Regulations, Regulatory compliance monitoring, Regulatory change management, Risk Appetite statements, Risk Control Self Assessments, Cybersecurity and Data Privacy risk management, Vendor Risk Management, Key Risk Indicator management, Loss Event Management, Attestation and Training across the organization in a business as usual way to help you build a single source of truth for risks, issues, mitigation and controls. Real time Functional and Enterprise dashboards provide analytics, information and drill downs for management to be proactive about risk management
The large number of risks seen in the worldwide financial markets from economic, geo-political, climate risk, cybersecurity ransomware attacks, crypto currency failures, money laundering, fallout of COVID and work from home changes, , impact customer protection in big way.
Regulators worldwide are addressing them with regulatory risk alerts, increasing mandated oversight, detailed regulatory reporting, frequent and rigorous regulator examinations and heavy fines for firms that are non-compliant in protecting investors and clients. The number of regulations that apply to each area of the institution, volume of data to monitor, manage and report to regulators have become overwhelming for the risk and compliance management staff. Empowering them through integrated solutions has become an imperative to establishing proper oversight of risk and compliance obligations
Boards and Senior Management face serious challenges in keeping the businesses protected against risks of various kinds including operational, cyber security, vendor risk, compliance risk, market and interest rate risks and beyond that reputation loss and litigation risk.
Integrated Risk Management is the Organization's Need
Organizations need a solution that can help them cut across silos of business processes, business lines, product groups, departments and locations enabling a holistic and collaborative approach within the organization but also with outside entities like vendors, service providers and customers to help identify risks, issues and violations. The cost of mitigation from regulatory fines, reputation damage, legal costs and the business risk of clients leaving, is getting to be too large to be ignored.
Empowering the governance, risk and compliance staff with anytime anywhere mobile systems, that gathers information as the business function is executed, provides information to all levels in a way that is actionable, be it the departmental staff, the senior management or board from a single source of truth is the need of the hour.
How GRACE Empowers your organization
GRACE Cloud based Enterprise GRC is designed for financial institutions to have a simple to use, web based / tablet enabled / mobile Anywhere Anytime system for risk, governance and compliance monitoring. It helps create a visible, transparent process and integrated single source of truth for the organization to monitor risks as well as prove regulatory compliance.
GRACE can help your organization make the process manageable through its modular yet integrated approach to comprehensively address the needs of the Risk and Compliance Staff, Compliance Managers and IT Governance Managers, Heads of Risk and Compliance, Operational Risk Managers, Audit Leaders and the Board. Built on industry standards Basel, COSO and COBIT, GRACE can be implemented at your own pace and grown to enterprise level without costing large sums of money
Based on Basel II principles of Operational Risk, COSO principles of ERM, COBIT, ITIL and NIST framework, GRACE has been specially built for financial organizations to get the benefits of using best practices.
GRACE Enterprise GRC
Modular Implementation Leading up to Enterprise Risk Management
Manage Policies and Procedures
Build GRACE as the central repository of the latest policy and procedure documents, manage their review and release, track them against regulations, and keep track of all the drafts and comments versions
Centralized Policy and Procedures Management allows the organization to work with the single source of truth that addresses the latest regulatory requirements for operational groups and regulators and becomes the guideline for all business to follow.
Regulations and Regulatory Change Management
Financial organizations have a large number of regulations to adhere to. Regulations also change over time.
GRACE allows you to build your repository of regulations that affect your business,keeps track of regulatory change, identify impact and manage change across departments, business lines and locations on a project based approach
Project Owners and task owners can report on status of change management
Conduct Online Risk Assessments
Setup and Manage Assessment Calendars to ensure periodic assessments of business, IT, compliance and risk processes are undertaken to evaluate status of risks
Manage Standardized Assessment checklists to enable online risk assessments across departments, business lines, functions, IT, vendors, locations, branches to identify risks quickly and periodically
Use Standardized Risk Scoring using Basel classifications on findings and classify in a standardized way to understand level of risk to the organization.
Manage mitigation thru risk ownership, project definition and tasks and receive online status reports to track mitigation.
Risk Assessment dashboard helps monitor status of risk assessments, findings and risk mitigation
Conduct Controls Monitoring
GRACE can help set up and monitor Risk Control Self Assessment (RCSA) process through scheduling and ownership assignment for periodic monitoring of controls testing and reporting.
The control definitions and testing process can also be recorded in the system and assigned to different people for various periodic testing. Control testers can report online on the tests undertaken, issues seen if any and any supporting documents.
Issues raised can be escalated to relevant people and alerted to bring it to their attention. Review process can lead to resolution or issue recording for further action
Risk and Controls dashboards can quickly help identify the risks and controls in place and the level of risk they are to the organization and highlight control failures
Conduct Compliance Monitoring
As per the Compliance policies and procedures defined by the organization, compliance calendars and ongoing monitoring activities can be setup on GRACE and assigned to staff for periodic verification and reporting
Alerts can be set up for task owners owners on due dates to follow up and ensure that regulatory compliance activities to identify violations early.The tasks and assignments show up with on their My Portal and their calendar .
Through the online reporting task owners can report the results and issues into the system, send them for reviews, escalate them and ensure compliance violations and risks are notified for early action.
Methodical , ongoing compliance ensures timely monitoring all across the organization.
IT Risk Management
GRACE IT Risk management helps you manage keep track of key risks in your IT Infrastructure, Cyber security, Data Management, Software Release Cycles, Business Continuity, Disaster recovery and others and meets the mandates of GDPR, California Privacy Act and other privacy regulations.
It helps you manage IT Policies and Procedures, conduct periodic security, IT and vendor risk assessments online to monitor risks.
GRACE helps build inventory of IT assets and keep them updated along with incident reporting and management .
IT dashboards and Incident dashboards help you to stay on top of key data assets and their protection
Audits both internal and external are a big component of oversight of the organization.
Audit calendars, audit checklists can be managed online
Audit tasks can all be assigned and tracked on GRACE.
As Audits are conducted, the findings from the audits can be recorded and risk and issues entered and classified in a standardized way.The compilation of all findings can be had at all times along with their materiality and risks to the organizations
Audit Dashboards provide the organization a one place for tracking and managing audits, findings and risk management
Monitor Vendor and Third Party Risk
GRACE Helps create and manage Vendor Database of vendor locations, contact persons, SLAs and Contract documents
Conduct Vendor Risk Assessments,record findings and risks, manage and monitor their mitigation to generate a Vendor Risk Profile
Use a Periodic Monitoring Calendar to follow up with vendors on a periodic basis with online reporting to identify issues and record risks.
Look at risk trends with vendors and ensure that high risk vendor contracts are not renewed until the high risks are mitigated
Use Vendor Dashboard to monitor risks and issues
Key Risk Indicators (KRI) monitoring
GRACE helps you record Key risk indicators (KRIs) definitions across various business processes, departmental processes and functional areas
KRIs can be assigned to staff to report on a periodic basis from data that is measured by their individual groups, be it with respect to customer acquisition, customer complaints, regulatory violations, incidents and many others
KRI heat maps and trends show the areas of risk to the organization. KRI Reports on specific areas can highlight the changes that are seen over periods of time to bring insights and early warnings to different departmental and business processes.
GRACE provides reminders and alerts for due dates of submissions as well as pending reports to ensure the KRI monitoring process is adhered to.
Loss Event Management
GRACE can help you record all the loss events that occur whether it be ID theft, portfolio losses , credit losses, or legal events.
Standardized Basel loss classifications can be used to categories the losses. Loss event can be classified based on loss categories, insurance coverage, write off amounts and and other measures.
Loss Owners can manage the process of loss recovery and report on their actions
Loss event dashboard can help monitor losses through various trend analysis charts drilling down to detail data across department, business lines, business processes to provide comprehensive analysis and monitoring.
Standardized Risk Classification and Management
GRACE offers standardized risk classification based on Basel to identify their impact to the organization as well as standardized risk mitigation management across the system.
Risks Owners have the responsibility to create projects and tasks for risk mitigation and providing status reports. Task owners , Project Owners report on the task, project status including costs to ensure projects,tasks are on track.
Risk Dashboards offer real time information slice and dice information on departments, regulations, operational risk, locations, business lines, owners,status etc . with deep drill down on current risk grade,project status and costs, task status for early action, reducing mitigation costs, reputation damage and legal risks.
Centralized Issues Management
GRACE provides a common issue reporting across all functions to capture issues as they arise.
Issues will come up in the issues queue and can be assigned and managed in a standardized way across the functions.
Issue management process includes notes and case management including reviews, escalation and follow up alerts workflows to enable proactive issue management
Issues Dashboard can be used by management to monitor issues and view trends
Slice and dice of issues by business process, location, business lines, severity, ageing, frequency can give early warning insights
Manage Online Attestation
GRACE offers ability to flexibly set up attestation templates for various areas of compliance.
By enabling the staff to attest them online, it allows them to quickly made aware of the latest organizational practices, policies and Procedures
Periodic Attestation and reminders sent to staff, helps them stay on top of changes.
Attestation dashboards help manage and monitor that everyone in the organization has read and agreed to the processes
Manage Online Training
GRACE offers ability to set up and manage customized training material for the organization that can be rendered online.
This allows organizations to set up training calendars, render training and monitor that all their staff has been able to receive training on the latest procedures that they should be following
Training dashboards help the organization see what trainings are needed by which level of staff. It can also allows fine tuned training to offer different / enhanced training as and when the needs arise
Centralized User Rights Management and Master Data Administration
GRACE offers standardized user management to add and manage users, grant them rights to their specific function and removal of their access rights when they leave. It provides user password resets, enabling, disabling users and changing of rights as and when needed.
GRACE provides functions for management of master data to allow the system to be configured by the administrators. These include departments, business line, location etc.
Access to such functions are also controlled by the access rights
Audit trails of all changes will be available to ensure that master data changes can be traced
Manage Using Dashboards
GRACE helps you record Key risk indicators (KRIs) definitions across various business processes, departmental processes and functional areas
GRACE offers powerful analytics through specialized Dashboards on each topic in the organization, be it compliance,attestation,training,risk assessments, audits, controls monitoring, loss events etc that can be used by individual departments
GRACE also offers the integrated dashboard that can help meet senior management needs to monitor across departments, business lines, locations, regulations and other aspects to view and provide oversight across the entire organization.
Analytics, charts, trends, provide easy usable information for analysis along with deep drill down of data allowing information to be gathered at source and be available in actionable form for senior management and boards
GRACE provides easy integrations with various source systems and industry vendors to bring the data for compliance monitoring with automated red-flagging to make it easier
Web based / Tablet enabled / Mobile for Anytime Anywhere Access
Visibility and Transparency to Risks
Staff and Senior Management can have a visible real time dashboard of risks in governance, risk management and compliance.
Risk reporting becomes Online and Real time
With an integrated web based access anytime anywhere, there is no need for risk reports to be generated in various departments to present to senior management. All that effort, costs and time can be saved.
Standardization in Risk Management
Across the organization Standardization in the Risk Identification, Classification to Mitigation can be achieved by using a single system
Regulatory examinations can be handled with confidence
Information gathering and report creation for regulatory audits is a very costly operation for all organizations. The GRACE system becomes the proof of good risk management practice in the organization and save enormous amount of money in this data gathering and report creation process.
By making risks visible and with the ability to drill down to the status of mitigation, accountability for risk management can be established and monitored
Culture of Risk and Compliance gets Institutionalized
With a business as usual process through the GRACE system, Culture of Risk and Compliance Management becomes institutionalized across the organization.
Early awareness of Risk Trends
Trends of risk in various business processes, departments, lines of business can be very quickly identified with visual analytics , dashboards and drill downs
Organization Ownership of Data
Organizations suffer when key risk and compliance staff leaves. The information is scattered if maintained solely by individuals and are lying on disks in various forms. GRACE becomes the single central repository of documents, data and processes enabling continuity even when key people leave the organization
Modular Yet Integrated By Design enables easy implementation
The comprehensive functionality of GRACE is modular but integrated by design. It allows for implementation at modular level to build up the enterprise wide implementation with ease
No spend on Integration of Spot Solutions
Organizations buy spot solutions and face tough challenges to integrate them to create a common information base. Integration proves to be costly operation because of multiple technologies, time, effort spent and resources needed. Sometimes after all the money is spent it, still does not still meet the user needs. GRACE, by being already integrated reduces the unwanted spend, at the same time providing the information users need.
Easy to Integrate and Customize
GRACE offers easy integration with organizational source systems to enhance the functionality and extend it at low costs. This is a great benefit for end users who can bring in all the relevant data into a single system through automated process allowing them to focus on risk management and compliance instead of data gathering
Single Source of Truth for the Organization
Will all documents, data, reviews, audit trails, analytics and easy to use queries and reports, GRACE becomes the central repository of the Single Source of Truth for the organization and avoids duplication and inefficiencies from trying to find out the latest information.
Enormous Cost Savings
Enormous costs savings in unwanted labor for audits and examinations, avoid regulatory fines, legal costs, reputation risks and empowers the organization in managing risks.
Complete Source of information : https://www.klgates.com/SEC-Proposes-Cybersecurity-Risk-Management-Rules-for-Investment-Advisers-and-Funds-3-9-2022. All Language quoted and attributed to the article On 9 February 2022, the U.S....
All information Quoted from the article https://us.eversheds-sutherland.com/NewsCommentary/Press-Releases/249220/Annual-Eversheds-Sutherland-Analysis-of-FINRA-Disciplinary-Actions-Shows-Huge-Surge-in-Financial-Sanctions?utm_source=vuture&utm_medium=email&utm_campaign=vuture-emails March 8, 2022 Eversheds Sutherland has completed its annual study of the disciplinary actions reported...
https://www.occ.gov/publications-and-resources/publications/semiannual-risk-perspective/files/pub-semiannual-risk-perspective-fall-2021.pdf All information here is quoted from the article. Please refer to it from the complete article The OCC is...
Key Highlights from the OCC’s Risk Alert on Dec 12th 2021 https://www.occ.gov/publications-and-resources/publications/semiannual-risk-perspective/files/pub-semiannual-risk-perspective-fall-2021.pdf All information quoted here is from the OCC...
https://www.sec.gov/files/exams-registered-investment-company-risk-alert.pdf SEC Risk Alert of October 26, 2021 Observations from Examinations in the Registered Investment Company Initiatives* All notes below...
https://www.linkedin.com/posts/la-meer-associates_empower-your-organization-to-comply-activity-6727625980141281280-9sl4 Please join us for a webinar on “Empower Your Organization to Comply” on Nov 12th 2020 at 11 am...