6 Sigma Operational Risk Compliance & Self-assessment
A digital RCSA solution helping insurance companies and banks to achieve
Operational Risk Compliance in a robust, automated, and effective way!
Globally banks, insurance companies and corporates have been expanding their Operational Risk functions to address gaps in the compliance functions and ensure adherence to ever-increasing and changing regulatory requirements.
The challenges are being addressed via a combination of setting up task forces, manual processes, and checklists, often requiring changes to legacy systems, and third-party solutions. The remaining challenge then revolves around how to monitor performance, conduct timely assessments, and provide
Without a comprehensive solution addressing these challenges, companies continue to be exposed to the risk and concerns for reputational damage, operational losses, and penalties for non-compliance. 6 Sigma RCSA can help by providing a comprehensive, automated solution which is highly adaptable to your specific requirements.
6 Sigma RCSA operational compliance management capabilities are employed to:
- Identify and understand your compliance obligations tailored to your organization.
- Perform all parts of the program’s assessments workflow on-line.
- Assess exposure of businesses with respect to operational risk against industry best practices.
- Use risk appetite and tolerance to identify your top risks.
- View and cross-reference central risk registers, internal policies, and legislation.
- Assign individual responsibility and accountability for your self-assessment plans.
- Monitor and drive completion of assessment plans and remedial actions on a timely basis.
- Capture supporting documentation to validate completion of an assessment.
- Provide real-time management dashboards, displays and reporting.
Using RCSA based technology, complete with Database and Storage capabilities, RCSA performance can be integrated and automated through an end-to-end process.
To learn more about the 6 Sigma RSCA Program, select the link below: