The Keane Organization today introduced a new automated solution that
allows chief compliance officers of mutual funds to monitor and measure
internal compliance with critical policies and procedures. The Solution
for CCO Policies & Procedures leverages SCORE, Keane’s
proprietary risk management technology, to give chief compliance
officers the ability to automate the distribution, collection, and
evaluation of policies and procedures. This automation saves CCOs
countless hours of work and creates empirical compliance benchmarks that
allow areas of concern to quickly be identified and addressed.
Strict SEC guidelines require mutual funds to comply with numerous
policies and procedures, a task traditionally accomplished through
manual data collection and archiving in documents or spreadsheets. The
inefficiencies of this process consume many hours and prevent the
compliance process from creating meaningful business value, often
leaving companies exposed to unknown risks. However, by automating the
management of the policies and procedures process with Keane’s
SCORE technology, fund executives can aggregate compliance information
into a simple dashboard view that reflects real-time, quantitative
measurements compliance across an organization, division, or even a
group of external service providers.
“Creating an auditable trail with spreadsheets
and free-form documents is not just inefficient, it’s
ineffective,” says Dorothy Flynn, CEO of The
Keane Organization. “Chief compliance
officers unnecessarily spend weeks analyzing adherence to policies and
procedures, and still can’t use the
information to effectively manage the company’s
risk. To limit the risk of fines, reputational damage, and shareholder
unrest, funds are realizing that they must go beyond the ‘checking
the boxes’ type of compliance, which is often
just a drain on resources, to solutions that also feed information and
value to the business. Our SCORE technology really empowers the CCO by
allowing them to see a clear measure of compliance levels at granular or
aggregate levels, creating both high level snapshots and detailed
reports of individual performance accountability.”
Keane’s SCORE technology powers a customized
and automated engine for distributing policies and procedures and
receiving auditable verification from each responsible individual that
requirements have been fulfilled. Controls in the system force the
responsible employee, vendor, or business partner to prove adherence to
policies and procedures by attaching evidence of a completed requisite.
The solution allows management to prioritize areas where the company's
risk is greatest, to proactively implement risk mitigation on the most
serious business threats, and to compare risk management activities over
time.
ABOUT KEANE
The Keane Organization provides compliance and risk management solutions
that help companies mitigate regulatory, operational and financial
threats across the enterprise. Keane’s
solutions allow business leaders to measure, manage and monitor these
threats in a way that produces measurable return on investment. Whether
it involves regulators, investors, customer, employees or vendors, Keane’s
proprietary business methodology allows clients to systematically
identify risk, create specific action plans, and establish
accountability for results.
For more information about Keane, please contact Kristen Forbriger at
610-642-8253 or Kristen@GregoryFCA.com,
or visit us at www.KeaneBRMS.com.
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