Gap Analysis

To perform a gap analysis, you need the rule text and supporting authority in an easy to use format. You should be able to navigate all this information and understand of your current systems and processes and the impact of the rule on your operations. Until now, this has been a major challenge for everyone . But that is a thing of the past, as the Compliance Delivery Platform will transform the way a gap analysis is performed.

FEATURES

STRUCTURED GAP ANALYSIS

• Create as many Interpretations, Current States, Gaps & Remediations as needed.
• Elements are automatically linked to the section.
• Create a targeted interpretation of the rule based on the rule and the supporting authority.
• Determine the current state of your operations.
• Assess the gaps in your current operations.
• Develop remediation that brings your operations into compliance.

 

 

PILLAR LEVEL GAPS

Regulatory agencies expect that you develop gaps for the Pillars of Compliance. Pillars address the supporting systems for the rule requirements.

 

EVIDENCE

Documents can be linked to multiple segment(s) in the Gap Analysis. Eliminate difficult evidence searches and versioning nightmares. Our superior evidence management system helps track and demonstrate compliance and updating a document once updates of all the links

 

AUDIT TRAIL

Internal Audit and Agencies want to see how the project has evolved and it has always been a challenge. As your operations evolve or you make edits, the CDP’s Gap Analysis retains the history of every change, making the demonstration and tracking of changes a snap. With the CDP, Management, audit or regulators can view all the details.

 

TEAM COMMUNICATION

Team members can provide comments and seek guidance. Managers, 2nd line validation members and audit can conduct reviews 24/7 and provide feedback and directions. Senior/Executive management can also monitor the progress and provide feedback. Communicate project modifications, approvals or validations is both easy and automatically linked to the applicable section. Comments are displayed on the team member’ dashboards and by clicking on the message the user is taken directly to the section.

 

ROLE BASED ACCESS CONTROL

Assign team member’s roles and permissions at the section level. Roles for read-write, read-only or approver provides project and team member access control.

 

WORKFLOW

Meet regulator’s heightened expectations with a 3-line of defense validation workflow. Gap Analysis and the section RBAC inherently addresses this challenge and ensures the review and validation process is both efficient and effective.

 

EXPORT AND IMPORT DATA

You can download your gap analysis or business requirements to excel. Extract information from any of your systems and upload it to the Gap Analysis, or generate a report dynamically in the CDP and export it to Excel or PDF. Versatile open standard APIs provide additional flexibility to seamlessly transfer information.

 

NOTES

Team members can capture private notes linked at the section-paragraph level. This provides the ability to document your insights for ease of reference as the project evolves.

 

BOOKMARKING

Team members can highlight rule content with different colors to emphasize important points. It's all about time management and ease of use and this helps the team focus on the critical elements of the implementation.

BENEFITS

INFORMED ANALYSIS

4 Levels of navigation and a single view screen give you easy access to all the rule text, supporting authority and rule history powers your analysis of all the requirements. Eliminate time consuming searches through 00's or 000's of pages of text to identify and understand the requirements and expedite development of a compliant approach.

 

UNIFORM COMPLIANCE PROCESS

The CDP provides a consistent, uniform big-picture view of all the compliance projects in your organization. This helps eliminates teams working in silos, inconsistent processes and results gets everyone on the same page. This best in practice process save times, helps eliminate confusion and produces better results.

 

GAIN INSIGHT

Rules are long and difficult to read, gaining rule wide perspective can save time and improve results. For example, the Bank Secrecy Act - Anti-Money Laundering regulation provides a template which describes a basic blueprint of the systems and processes needed to satisfy the requirements. Specific business lines requirements are provided in the various parts that outline how the template should be modified and implemented for a specific line of business. With the CDP, management has the visibility over the entire rule and can direct the development of a standardized approach. It can then adopt modifications of the standard template for the individual business lines. Redundancies can be eliminated, and a more consistent easier to implement and operate process results.

 

FIRM-WIDE VISIBILITY AND CONTROL

Firm-wide visibility and control over the entire compliance program has been identified by the Big 4 Consulting firms as one of the biggest compliance challenges all firm have. With the simple dashboard, unparalleled navigation, tools covering the entire life-cycle like Gap Analysis & Business Requirements, Evidence management with Documents, 3-line of defense approval workflow and section level RBAC, this challenge is eliminated.The CDP offers firm-wide visibility and control over the entire compliance program.

 

FULL TRACEABILITY

Rules, gaps & business requirements are linked to the section and can be tracked across the entire program lifecycle. This eliminates the time, effort and confusion of end-to-end traceability for the many parts of a complex project.

 

EFFICIENT WORKFLOWS

Efficient workflows simplify the review process, communication of recommendations and responses & secure 24/7 access reduces travel.

 

ROBUST CHANGE MANAGEMENT

Impact to projects from rule & requirement changes are minimized and fully documented and easily traced.

 

CENTRALIZED EVIDENCE MANAGEMENT

The centralized repository makes analysis, revisions and approval of evidence simple and ensures you have access to all the evidence needed to effectively demonstrate compliance, ensures program success, a firm’s regulatory preparedness & minimizes risk.

 

SIMPLIFIED TEAM COMMUNICATION

Enables team members to seek direction, managers and reviews to provide direction and feedback to ensures proper issue resolution & response for the entire project.

 

RESOURCE ALLOCATION & MANAGEMENT

Is efficient and centralized. Saves time, effort, travel, maximizes resources, control and ensures superior results.

 

SECTION-ORIENTED APPROACH

Mirrors the agency’s review methods & conveys an understanding of agency priorities & requirements.

 

VALIDATION AND AUDIT PROCESSES

Are streamlined, reduce the time and cost and facilitates ongoing validation.

 

AGENCY FEEDBACK

Can be easily incorporated into the gap analysis & remediated. The effective document management & audit trail improves oversight and eliminates disputed results.