Government and Risk Compliance Service

The vendor is required to provide that government and risk compliance service to improve the efficiency of the current management processes used by the corporate compliance program for short-term daily operational needs and long-term strategic initiatives.
-The solution(s) being sought after could be a process recommendation and/or tool recommendation
-Agency Corporate Compliance Program is in the process of presenting a strategic opportunity to enhance the governance, risk and compliance management solution.
-Aligning with the current market trends and addressing the current challenges
-Current Challenges:
•Increase in regulatory requirements that could result in potential fines.
•Fragmented systems and processes for managing governance, risk, and compliance.
•manual processes resulting in delays and errors.
•Growing emphasis on integrated risk management and compliance due to regulatory pressures and global standards
-Goals and Benefits:
•Improved Risk Management:
oAutomated audit work-flows set-up will help in completion of audits within timeline.
oResolve current technical challenges of limited workflow availability and setting new workflows.
oAudit History repository will help in better Risk Management.
oTimeline management will be improved by analysis trends and predictions.
•Compliance Improvements:
oAutomate tracking of regulatory changes and ensure policies are up to date.
oCompliance data well organized and documented.
oPrevent and reduce compliance warnings, potential fines, and penalties.
•Operation Efficiency:
oMultiple personnel assessments with reduced manual errors.
oStreamlined and automated processes will save time and prevent manual workload.
oAutomated email reminders and escalations.
oHistorical assessment records readily accessible saving time.
oCentralized solution will lower operational costs through improved efficiency.
•Better Governance:
oBetter alignment with corporate strategies.
oEnhanced reporting and accessibility increase transparency and stakeholder confidence.
oImproved trust and reputation leading to opportunities.
-System shall be able to track Enforcement Action items according to the standard/Requirement
-System shall allow to view Status of audit records for each standard/regulation
-System shall have automated workflows set for periodic revisions, reviews, and updates
-System shall have reporting and dashboard functionality for identifying Risk factors and internal controls by drilling into the history
-System shall have ability to generate reports by standards that can drill into Non-compliance and violation tracking report.