KUALA LUMPUR, June 16 (Bernama) -- MyComplianceOffice (MCO) has announced the launch of Role Monitoring and Assurance (RMA), the latest addition to its award-winning Know Your Employee suite.
According to a statement, RMA allows firms to capture relevant employee functions, responsibilities, and activities in compliance with role assurance regimes.
Role assurance regimes and regulatory guidelines on individual accountability are part of a global trend to support a change in culture, and they apply to senior executive management and directors subject to regulatory approval.
RMA supports financial firms by making it easier for them to comply with SMCR (Senior Managers and Certification Regime) in the UK, IAC guidelines (Individual Accountability and Conduct) in Singapore, among other individual accountability regimes and role assurance regulations.
MCO Chief Executive Officer, Brian Fahey said: “We designed the Role Monitoring and Assurance module to work alongside all products the MCO Conduct Risk suite, taking full advantage of the robust MyComplianceOffice platform and its breadth of compliance management functions.
“The integrated nature of our solutions not only cut the cost of compliance processes but also improve effectiveness, to make them quicker and more reliable."
As part of its Know Your Employee (KYE) solution, RMA works with other products to provide compliance managers with data collection and facilitates workflow, communications, alerts, approval, reporting, and record-keeping.
The KYE solution has all the tools to address the many areas of employee compliance, allowing firms to implement modules individually or combined, including Personal Account Dealing, Gifts and Entertainment, Outside Business Activities and Authorisations.
-- BERNAMA
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