Compliance map, aka “Regulatory Mapping” or “Compliance Mapping” or “Traceability” is the process of tying regulatory requirements to the enterprise risk and compliance taxonomy (Obligations, Policies, Procedures, Control Objectives/Expectations, Internal Controls, Risks, Issues). Regulators expect firms to have the expertise to understand their rules and maintain end-to-end traceability of the requirements with organizational change management.
Manual, disjointed, subjective and time-consuming
Enterprises have a unique challenge of manually identifying rules, laws, and standards applicable to their business and get a complete picture of their compliance risk. Financial Institutions rely on various teams of compliance professionals who painstakingly connect rules to the enterprise data subjectively. This approach is not only time consuming but also error prone.
ARIA powered Compliance Map, automatically creates an end-to-end traceability of external requirements with the enterprise compliance taxonomy (rules to control expectations, controls expectations to controls, controls to risks or tests) at granular levels. It allows financial institutions to easily visualize compliance with external rules, compliance weakness, identify risks and opportunities. The compliance map provides a complete view of the global compliance posture and facilitates external and internal reporting.
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