Risk & Compliance Software For Banking Institutions
ViClarity Banking Industry
Over the last decade and since the global financial crisis the banking industry has seen an unprecedented surge in regulatory requirements, This increase has forced a greater focus on the way organizations manage their risk and compliance activities. Many organizations are using manual based processes such as Excel Spreadsheets to manage risk and compliance, which proves time consuming, difficult to manage and high in resource levels.
ViClarity's Risk & Compliance solutions for the banking industry automates the collection and collation of risk & compliance data. The solution comes with a full and constantly updated risk and control library mapped directly back to areas highlighted by the regulators. ViClarity have a large database of regulatory templates available but best of all, the solution can take any internal spreadsheets used by banks and build them into an automated system. This leads to reduced cost, increased transparency & accountability while providing higher efficiency across the whole organization.
Enterprise Risk Management
From assessing individual risks to monitoring key risk indicators (KRI's) and controls, ViClarity brings all of your ERM information together. ViClarity automates your processes to enable officers to spend less time chasing information and more time analyzing the performance of the risk and compliance controls in your organization.
Enterprise Risk Management Solution Features:
- Risk & Control Library – Choose from ViClarity’s large range of sample risks and controls which are updated on an ongoing basis.
- Report – Provide your stakeholders with the latest information on your organizations top risks. Our system has interactive dashboards and heatmaps so you can review and drive business decisions.
- Automated Risk Data Collection & Collation – Risk owners input there risk & control data and this information is available for management to view and report on organization wide.
The ViClarity solution comes with pre-populated templates to enable banks to identify, assess, manage and report on regulatory compliance obligations from regulatory bodies such as the SEC, OCC and State regulatiors. View compliance in realtime on ViClarity's color coded live dashboard which allows you to track trends and movement over time.
Compliance Solution Features
- Regulatory Templates – Choose from our large suite of regulatory templates which cover state and federal compliance laws. These templates can be modified to suit each individual organization.
- Real Time Compliance – Analyze compliance in real time on ViClarity’s live dashboards allowing for real time identification of non-compliance. Trackable actions can be assigned and managed through the system.
- Satisfy The Regulators – Prove compliance to regulators and present compliance reports to the board with one click, highly configurable reports and dashboards.
Third-party risk is a hot topic for regulators. When a bank outsources an activity to an outside vendor it can introduce new and/or increased risk to the organization. Vendor Management is all about identifying, assessing, measuring, monitoring and controlling those risks. ViClarity's Vendor Management solution enables you to have all your vendors, contracts and reviews in
one central place eliminating duplicate spreadsheets and minimizing the manual effort involved in collating a vendor's information.
Vendor Management Solution Features
- Automated Vendor Tasks – Spend less time reviewing answers vendors fill in on spreadsheets by automating the process on ViClarity. The system will flag areas of concern saving you time trying to find them on spreadsheets.
- Higher Compliance – Ensure higher compliance rates by mapping vendor controls and assessments to regulations and internal policies.
- Vendor Classification – Identify your most critical vendors and their associated risks through our intuitive and third party risk assessments.
ViClarity's end to end Cybersecurity assessment tool enables organizations to Identify, Analyze and Prevent cybersecurity breaches in their businesses. The tool is pre-populated with the full suite of either the FFIEC or NIST controls which can be easily configured to suit your Credit Union. The results of assessments against the mitigation controls are shown on a grid view dashboard where areas of concern can be easily identified, actions can be created and tracked and reports generated.
Cybersecurity Solution Features
- Cyber Risk & Control Library – Choose from ViClarity’s large range of sample risks and controls mapped to the FFIEC and NIST frameworks.
- Analyse and Resolve – The solution allows you to identify and detect your cyber risks so you can analyse them in full and assign actions to resolve any issues.
- Ongoing Prevention – Identify your cybersecurity maturity levels and monitor mitigation controls against threats on an ongoing basis
Strategic Plan Management
Achieving the goals & objectives set out in an organizations Strategic Plan is vitally important to the success of that organization. It is often the case that strategy documents and plans are formulated but are left to gather dust in a folder.
ViClarity's Strategic Plan module gives the executive team a management dashboard view that allow them to track and monitor performance against strategic plans over their life span. Each individual Key Performance Indicator (KPI) is tracked and monitored over time so under performance can be quickly identified and actions created. The solution ensures that the organization reaches the goals and objectives set out in strategic plans.
Strategic Plan Management Solution Features
- Live Performance Metrics -A single dashboard that ‘red lights’ under performance and gives a total view of performance against the objectives or criterion set.
- Culture Of Accountability - Drives real accountability by requiring individuals to comment and make commitment on performance and/or corrective actions required.
- Issue Identification - Real-time view of performance across all areas and early identification of under performance.
Policy Management & Staff Sign Off
The ViClarity solution incorporates a full document management section which allows managers to upload documents & policies to the system and present them back to end users. Policies can be edited and uploaded through the system and it has a full version control ensuring everyone is aware of the latest version of the policy.
Using this module, management can ensure staff are presented with the correct version of the document at all times. Staff can sign off that they have read and understand the policy and test questions can be set up to evidence that the user has read the new policy.
Policy Management Solution Features
- Document Storage - Store an unlimited number of files and versions of policies on the ViClarity platform.
- Policy Sign Off - Send out email notifications to the relevant staff members to remind them to review new policies. Get live analysis of who has or hasn't reviewed policies.
- Multi User Access Levels - Pick and choose which employees can review policies by department, job role, location etc.