MyComplianceOffice launches Know Your Risk solution for financial services firms

KUALA LUMPUR, June 29 (Bernama) -- Global conduct risk and compliance technology provider MCO (MyComplianceOffice), has announced the launch of its new Governance and Oversight suite, Know Your Risk (KYR).

“Chief Compliance Officers need to be agile and forward looking to manage both their current portfolio of risk along with emerging threats,” said Richard Pike, Managing Director at MCO.

“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.

“KYR effectively empowers CCOs to better understand the relationship between the first line activities of the business and the oversight activities of compliance.”

Meanwhile, MCO CEO, Brian Fahey said: “The launch of KYR is the latest development in our mission to provide the most comprehensive compliance solution in the market.”

According to a statement, 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.

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 organisation’s risk profile.

MCO's KYR solution can be summarised as a ‘5A’ capability set: namely, 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; and, Accountability, allocation and mapping of roles and responsibilities across the firm.

-- BERNAMA