The Challenge

ITC’s legacy compliance management system relied on manual processes, including paper-based record-keeping and manual audits. This involved manually tracking compliance requirements, manually maintaining records, and conducting manual audits to ensure compliance with regulations. The system was prone to errors and inconsistencies and required a significant amount of maintenance and upgrades, leading to higher costs over time. Moreover, their existing system was not able to handle large amounts of data or support a growing number of users, making it difficult to scale compliance management efforts. It did not integrate well with other systems, making it difficult to share data and collaborate with other teams. Another drawback was the lack of automation capabilities, making it difficult to track and manage compliance activities, leading to the risk of errors and missed deadlines and hence additional management overhead to avoid this. It also lacked the ability to generate detailed reports, making it difficult to track compliance progress and identify areas for improvement.

The Solution

ITC approached TEKenable with the need for a solution that can help them manage and maintain compliance with various regulations and industry standards. They needed a solution which could ensure data security and privacy, meet audit and reporting requirements, and maintain compliance with laws and regulations such as GDPR. They were facing challenges in managing compliance, such as manual processes, lack of visibility into compliance status, or difficulty in keeping up with changing regulations. They needed a solution which helped them easily track and document compliance efforts and demonstrate compliance to auditors and regulators.

TEKenable provided ITC with a compliance management tool which plugs into the Dynamics 365 Customer Service baseline solution and serves as a process workflow, documentation and repository for the execution and tracking of compliance management. This tool provides real-time monitoring and reporting capabilities that keep ITC informed of any potential compliance issues. Moreover, it provides automated workflow and documentation management, making it easy to stay on top of compliance tasks and ensure that all necessary documentation is readily available.

Key Features

• Automated monitoring and reporting: This solution provided ITC with the ability to automatically monitor compliance with regulatory requirements and generate reports to document compliance status.
• Risk assessment and management: The solution includes tools for identifying and assessing compliance risks, as well as for managing and mitigating those risks.
• Policy management: The solution provides a centralized location for storing and managing organizational policies and procedures data related to compliance.
• Auditing and investigation: The solution has the capability to conduct audits and investigations to identify compliance violations and determine corrective actions.
• Workflow and collaboration: The solution facilitates collaboration and workflow management among compliance teams and other stakeholders.
• Data security: The solution includes robust data security features to protect sensitive compliance-related information.
• Integrations: The solution is able to integrate with other systems and platforms, such as ERP, CRM, and HR systems, to ensure comprehensive compliance management.
• Scalability: The solution is scalable and is able to accommodate the changing compliance requirements of ITC as it grows.

Moreover, this Compliance Management Solution manages the capture and tracking of:

• Complaints
• Potential Conflicts of Interest
• GDPR Subject Access Requests
• GDPR Data Breach
• Errors made while processing financial transactions
• Legal Proceedings
• Higher Risk Product Transactions (additional diligence required)
• Gifts and Hospitality
• Fitness and Probity

The Outcome

The new solution helped ITC automate the compliance process, reducing the time and effort required to ensure compliance with various regulations. By automating compliance processes and providing real-time monitoring, this solution helped ITC identify and mitigate risks that could lead to non-compliance. The solution provides a centralized platform for compliance-related communication between different departments, making it easier for employees to stay informed about compliance requirements. Moreover, it provides ITC with detailed reporting on compliance status, allowing ITC to identify areas that need improvement and track progress over time.