Regulatory Solutions

• Internal Audit
• Sarbanes-Oxley Compliance
• Financial Services Authority Broker Compliance
• Risk Based Capital Management
• Vendor Assessment

Internal Audit

The worlds of Risk, Compliance and Audit are converging. Internal auditors, external auditors, risk and compliance professionals face increased workloads and intense pressures due to a myriad of regulations and oversight requirements from a variety of bodies – including their own Board of Directors and Audit Committee.  The need to conduct more comprehensive audits and provide more credible and defensible reports more frequently means that such labor-intensive yet mandatory governance, compliance and reporting activities are here to stay.

If you take a step back, however, you will see that each of these disciplines is essentially dealing with the same issues and activities but from a somewhat different perspective.  And given the demand for more rather than less, the need to simplify and integrate governance, risk and compliance management processes has become critical.  Efficient and cost-effective solutions are needed to meet this growing demand.

At Keane Business Risk Management Solutions we understand the need to centralize audit functions and integrate governance, risk and compliance processes across the enterprise.  Our technology platform, Keane SCORE, seamlessly facilitates these activities by eliminating duplication, encouraging collaboration and sharing information to deliver more comprehensive and insightful audits, reporting and benchmarking to close the loop between risk, compliance and audit disciplines. 

• Centralized and integrated third party views of risk-related activities
• Streamlined audit planning, execution and management
• Cost-effective solutions for labor-intensive but mandatory activities
• Automated and seamless issues tracking for risks and controls

Sarbanes-Oxley Compliance

The Sarbanes-Oxley Act of 2002 is one of the biggest drivers of Enterprise Risk Management today.  And while some of the deadlines for compliance have come and gone, the reports of deficiencies continue.  That’s because the myriad of policies and processes to be implemented and monitored is daunting and the technology-based solutions lacking.  And, it’s not a one-time audit event – it’s cultural and cyclical.

Keane’s Business Risk Management Solutions can solve these problems quickly and easily by:

• Streamlining, integrating and automating most business processes
• Conforming to COSO process framework
• Providing automated active control mechanisms
• Establishing accountability, objectivity and benchmarking
• Automating compliance audits and reporting

Financial Services Authority Broker Compliance

Keane SCORE for FSA Broker Compliance is the only solution designed exclusively for UK Brokers to meet Financial Services Authority (FSA) and Lloyd’s Compliance Requirements – and prove it!

The global Insurance market’s regulatory authorities are increasing the burden on firms to demonstrate robust risk and compliance management systems and practices. The FSA is looking for much more than a simple “tick box” approach.  Their perspective:  Too many firms are practicing risk management for regulatory reasons rather than business reasons and the FSA is more interested in the latter. 

Successful risk management programs require regular self-assessment, embedding risk management approaches at many levels of the organization and across the entire enterprise while measuring results and progress over time – a formidable challenge, not to mention the expense! Unless these processes are highly streamlined and automated the costs can be overwhelming.      

At Keane Business Risk Management Solutions we understand risk and compliance as well as how to implement the right framework along with the right technology to drive it – cost-effectively.  Our proprietary, web-based technology platform, Keane SCORE, provides the framework to measure, manage and monitor the processes – all while creating an audit trail and repository to deliver comprehensive compliance reporting and validation.  With Web accessibility there are no IT costs, or technology integration headaches. Implementation is very simple as an ‘out of the box’ tool.

More importantly, Keane SCORE for FSA Broker Compliance has been designed exclusively for brokers to meet FSA risk management and compliance requirements covering:

• Client Asset Sourcebook
• Management, Governance & Culture
• Customers, Products & Markets
• Operational
• Prudential

Keane SCORE for FSA Broker Compliance delivers comprehensive content without being overwhelming at the same time as addressing all the key areas of interest to the FSA.  We also offer fully customizable solutions to further tailor the technology to your needs – and you will still be up and running in no time at all. 

Risk-Based Capital Management

Solutions for compliance with Individual Capital Adequacy Standards (ICAS), Individual Capital Allocations (ICA) and broad Risk-Based Capital regulations (Solvency II etc.)

The global Insurance market’s regulatory authorities are increasing the burden on Insurers to demonstrate adequate allocations of Capital to the range of risks they face in their business operations. Risk-Based Capital regulations such as ICAS and ICA are already well entrenched in the UK market and the EU initiative, Solvency II, will be enacted in late 2007.  The NAIC is also expected to adopt similar regulations for the US.  

These regulations require a high degree of information gathering and assessment as well as a mechanism with which compliers can consistently and transparently demonstrate compliance. Unless these processes are highly streamlined and automated the costs can be staggering.      

At Keane Business Risk Management Solutions we understand risk and how to apply a risk-based approach to any issue, process or business.  Our technology platform, Keane SCORE, provides unique functionality that aligns capital to risk for automated and ‘up to the minute’ assessment of capital allocations:

• Repeatable, auditable processes for allocating capital to risk(s)
• Continuous updates of capital allocations using up-to-the-minute risk evaluations
• A risk-based approach embedded in core business processes
• Tools to gather, assimilate, calculate and report on capital allocations
• The means to prove regulatory compliance

Vendor Assessment

Assessing third party vendors - where do you begin and how do you manage such a process comprehensively, simply and with auditable results on a regular basis?  Whether to comply with SEC 206.4 requirements on assessment of third party service providers or implement a program that is just plain good business practice, ensuring information and transactions are secure, protected and controlled is vital. So, how do you conduct a comprehensive assessment of outsourced operations?  What standard methods should be applied and how do you update your assessment on a regular basis without bogging down your staff?

Keane BRMS has developed a SCORE application that will do just that - simply and cost-effectively with auditable results.   Click here to let us know you are interested in hearing more about Keane’s Business Risk Management Solutions for third party vendor assessment.