Sign Arizona Banking Permission Slip Computer

Industry sign banking arizona permission slip computer

the financial services sector is under constant regulatory scrutiny and regulation compliance to industry standards is crucial demonstrating compliance protects investors ensures the markets are fair efficient and transparent and improves consumer confidence in the financial system the financial conduct authority requires firms to have adequate risk management systems in place and frequently issues large fines for non-compliance a report by the australian securities and investments commission in 2018 found that customers had lost around 500 million dollars in the preceding three years due to breaches and major banks were taking an average of more than four and a half years to identify significant breaches further they reported that the major banks were taking an average of 150 days to notify the regulator after starting a breach investigation despite the corporations act requiring them to report such breaches within 10 days asic found that many of the delays in breach reporting and compensating consumers were due to the financial institutions inadequate systems procedures and governance processes companies have entire departments dedicated to ensuring that the business adheres to external regulations as well as internal business controls and rather than being merely advisors compliance departments are active risk managers identifying risks that an organization faces and implementing controls to mitigate against them however many organizations are performing risk management using spreadsheets and word documents a manual time consuming process prone to error and with very little visibility in this demonstration you'll see how ibm engineering lifecycle management or elm allows the business to easily capture and demonstrate the internal controls it has in place to measure and manage the risks that it faces as well as reporting and addressing breaches in a more timely fashion financial services inc is using the elm platform to help them implement a formal three lines of defense risk management model the elm platform is a web-based collaborative environment so compliance officers stakeholders and auditors can access and consume the compliance information easily with nothing more than a web browser there are no complex desktop clients to install so lower it costs and easy adoption everyone already knows how to use a web browser here we're looking at the team dashboard dashboards can be created for projects teams or individuals putting the most important project information front and center what's more the data presented is always up to date so no more spreadsheets the first step in adopting a three line of defense model is to conduct an initial risk assessment capturing the risks their potential size and impact along with any controls that have been put in place to mitigate them here that information is clearly visible on the team dashboard gaps in the model are easily identified such as these risks that have yet to be assigned to control lines of defense and responsibilities are captured clearly defined and articulated and again all of this data is live allowing clear visibility and easy navigation we'll return to our dashboard later but first let's take a look at the project data in a bit more detail starting with the business requirements document for the new risk management strategy this document details the reason and justification for a new compliance toolkit its expected benefits and scope along with some high level requirements and assumptions diagrams and sketches such as this context diagram can be authored directly in the document using the web browser so no more switching to powerpoint and no more copy and paste the elm platform acts as the single source of truth for the system of record the context diagram shows us that these high-level business requirements are satisfied by artifacts from a product services catalog or psc as well as controls in a control matrix breaches in a detailed breach log or risks in a risk register the psc consists of descriptions of those products and services along with some process flow maps and those offerings comply with various industry standards such as cass mifid2 and so on the control matrix mitigates against any risks identified in the products and services and those are maintained in a risk register any potential breaches of those controls are identified and maintained in the detailed breach log but these are not just simple pictures diagram artifacts themselves can be connected to other artifacts across the project for traceability and navigation in this case the graphical element for the controls matrix for example is connected to a controls matrix document which we'll see in a few minutes all of that data and traceability will be available as management information on dashboards each artifact in a document and that could be rich text a graphic table and so on is an independent atomic artifact allowing multiple users to all work on the same document at the same time documents go way beyond simple word processing each artifact in a document can be of a different type and each type can have its own set of attributes for example here business requirements have a priority whilst headings information items and diagrams don't improving the consistency of the data artifacts are also reusable and may appear in many different documents so no more copy and paste and the overhead that comes with it glossaries allow the team to fully define and reference terms like acronyms adding to the clarity of the document and helping new team members get up to speed more quickly documents may be filtered to show only artifacts that meet specific criteria and custom views allow instant access to any aspect of the document for example this view shows only business requirements along with artifacts from other documents that are connected to them traceability between documents and artifacts is created and maintained directly in the platform and is both navigable and reportable giving a level of transparency that is simply impossible in spreadsheets and word documents each of these high-level requirements is satisfied by either the product and services catalog the controls matrix the detailed breach log or the risk register let's navigate into the product and services catalog by following one of those links the product and services catalog details the company's offerings and is highly structured we can collapse or expand that structure entirely or individually offerings have a description and an accompanying process flow map and again this could be authored directly in the elm platform such as this one or if you have existing flows those can be imported these first three diagrams were authored here in the elm platform the loyalty iso product here has an imported jpeg image and the credit card product has a visio diagram imported and rendered here in this document just as in the business requirements document the artifacts in this catalog are all of specific types which have their own sets of attributes to capture artifact-specific information products for example are categorized by the type of client they target and the legal agreements that affect them attributes can be text but also true or false enumerated types and so on reducing typographical errors and improving consistency and reporting as we saw in the context diagram products and services comply with regulations in industry standards here we can see rich hover the ability to see the detail of any linked artifact such as this regulation without the need to actually navigate to or open the other document it's a huge time saver in this case it's a cass regulation but this could be volker method 2 basil iii and so on as we also saw in the context diagram risks in these products and services are mitigated by controls in a controls matrix let's navigate to one of those controls and take a look the controls matrix captures and maintains a record of the controls that mitigate risks in the products and services in our demo data we only have a few but as the list grows we can group and organize them using the heading structures we saw previously in this view we can see the risks that are being mitigated on the left on the right the affected offerings and in the center the controls this kind of information is traditionally maintained in separate spreadsheets with manually created cross references difficult to maintain difficult to roll up across different business units and impossible to consume effectively here we can see where the lines of defense were captured those same lines of defense we saw earlier on the dashboards we can switch between different aspects of all of this linked information with a single click any changes that are made are automatically recorded for an audit trail and that history may be viewed for a single artifact or for the document as a whole comments and conversations like these are traditionally had through email which are easily lost here they're captured and recorded in context against a specific artifact and also form part of the audit trail formal reviews may also be conducted directly here in the web client and the results are immediately available so no more distributing collecting and collating documents any identified breach of a control is maintained in the detailed breach log which we'll see in a moment here in the control matrix we can see any identified breaches from that log we can see the control being breached the risk that the control mitigates and the products that may be affected let's open a breach artifacts such as breaches and risks can have an associated workflow artifacts have states such as new under analysis closed and so on in this case we're looking at a newly raised breach transitions between states can be guarded by reviews approvals or other preconditions for example if we try to move this breach into an analysis state the platform won't allow that until we've assigned a breach manager a breach captures key information such as which control failed and which product is affected other information about the breach can be captured in custom fields and those might be specific to how the business reports its breach data a formal review and approval process can all be enacted directly in the platform again any changes made are automatically recorded for an audit trail when a breach is discovered the originator indicates which control has been breached and which product the breach was found in the platform can then create views like these allowing the team to instantly see the potential impact of the breach by showing a complete traceability picture including the risk that the control was mitigating the regulation that the product complies with and any other potentially affected offerings what's more these views are dynamic breaches shown here are color coded according to their current status clicking on a breach shows the full traceability path for that breach analysis views like these can start from any point for example this view shows all of the regulations that have associated risks when a regulation changes compliance officers can understand the impact of that change in minutes instead of months and these are not just pretty pictures all of this is live data the team can easily navigate to any of these artifacts directly from this view for deeper analysis now let's return to our dashboard metrics and kpis for project data such as products risks and breaches are all available at a glance here we can see metrics such as the number of breaches by status and the number of breaches that have no target closure date or no assigned manager and of course we can navigate into those breaches directly from this dashboard the ibm engineering lifecycle management platform allows the business to easily capture manage and report on risk management delivering an unprecedented level of collaboration and transparency