An ecosystem of complementary and comprehensive solutions and services to manage the intersection of governance, finance, risk and compliance—increasing organizational profitability, efficiency and growth.
Solutions that focus on traditional backward-looking, box-ticking, and process-oriented methods are no longer equipped to guide firms through the new era of GFRC. Similarly, niche systems that focus solely on specific areas in isolation cannot support firms to the full extent that is now required. Instead a more wide-ranging approach covering a greater variety of risk factors, advanced analytics, scenario analysis, and data mining to look for risks proactively and to provide strategic decision support to the business are all crucial.
In practice, it is not pragmatic – nor necessary – to merge these different department’s systems together completely into one consolidated GFRC system. Instead, it is more important to work with a vendor who can provide a broad array of technology, content and consulting services to implement customized GFRC solutions to all sizes and types of financial institution.
This aspect of OneSumX enables firms to have complete data transparency for financial risk, regulatory reporting, finance and performance management, taking multiple, disparate data sources into integrated centralized data architecture. Regulatory requirements and the financial risk imperative are driving the need for a consolidated view across all businesses and across all types of financial risk, including market, credit and liquidity risk. At the same time, demand for this information is expanding beyond the traditional domain of the chief risk officer. Increasingly, compliance officers and finance departments want access to this data, to drive their own analyses and support strategic business planning. By standardizing data sets and setting harmonized common vocabularies across different business processes, firms can begin to break down the silos, whether geographical, functional or defined by asset class.
OneSumX GRC increases transparency and control across the enterprise. Its modular components measure, monitor and manage compliance, operational, and enterprise risk. The platform is unique due to its depth of financial services content. With hundreds of experts across the globe monitoring the financial regulatory landscape, customers receive the latest content and functionality based on best practices and the unique, prescriptive requirements of the financial services industry. Featuring high-level reports, interactive dashboards and multirisk discipline support, OneSumX GRC fully supports decision making and resource allocation. Department managers and operational units enter the information that drives those decisions, from simple risk assessments to control attestations and testing while senior executives are provided with a cross-silo view of their risks.
This aspect of the OneSumX ecosystem incorporates features such as integrated AML and anti-fraud platforms, centralized case management and reporting systems and real-time transaction monitoring. Standardizing and consolidating behavioral monitoring on a single strategic platform can provide a holistic and integrated set of sophisticated capabilities to detect, investigate and resolve risks around customers and their transactions across different crimes, regulations, products, channels and geographies. The platform features an integrated real-time detection engine to deliver advanced integration, modeling, detection and resolution capabilities. OneSumX FCC introduces next generation real-time identification of fraudulent activity based upon a real-time cross-channel behavioral review across all of a customer’s accounts.
The Audit Management solution within OneSumX is designed to help companies manage a wide range of audit-related activities, data, and processes in a single, comprehensive framework. The solution provides the flexibility to support all types of audits, including internal audits, operational audits, IT audits, supplier audits, and quality audits. It also provides end-to-end functionalities for managing the complete audit lifecycle – from audit planning and scheduling, to the development of standard audit plans and checklists, to field data collection, to the development of audit reports and recommendations, to the review of audit recommendations by auditees and the Management, to the implementation of audit recommendations. Advanced capabilities such as built-in remediation workflows, time tracking, email-based notifications and alerts, risk assessment methodologies, and offline audit functionalities allow organizations to implement industry best practices for efficient audit execution, and ensure integration of the audit process with the risk and compliance management system.