Governance Assurance System

Client Domain: Software Services Provider
Location: UK
Industry: Banking and Finance

The idea of developing such a system was the result of long discussions on the customer side focusing on the various challenges and demands faced by industry sectors and in particular those that gave rise to a greater financial burden or Increased resources. The client's research team focused on the basic realizations with the aim of developing a unique system to solve each problem they encountered.

Mindfire Solutions was approached to develop the system. The Mindfire SharePoint team developed a high-quality product along the architecture and proposed specifications. At the time of delivery, the customer was delighted to receive a robust, scalable and easy-to-use system within the timeframe they wanted.

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Expertise

Banking and Finance
eCommerce

Verticals

Apparel

Technologies Used

MOSS 2007
VS 2005
SQL 2008
.NET 2.0

Client Requirements

Develop a system which can calculate risks and impact faced by the organisations.
Use of pre installed governance package for calculation of risks and impact faced in this system.
Client side should be focussing on various challenges and demands faced by sectors of the industry.

Challenges Faced

Gathering all risks and impact from the system
Developing single system to tackle all these risks and problem.
It can lead to increased financial burden.

Business Situation

The need to develop a Governance Assurance System awoke after our client encountered challenges from certain industry sectors that resulted in a greater financial burden. They were constantly facing problems and decided to develop a unique system to solve them. There was no such system in place that could handle the issues mentioned below:

Lack of Good Governance, compliance and AML procedures.
Limited current yields and recent developments encouraged diversification.
Limited current yields and recent developments encouraged diversification.
Compliance processes were based on legislative and regulatory interpretation and, therefore, were similar in nature and scope between institutions.
Regulated parties could not interact and demonstrate their compliance with regulators quickly and cost-effectively for their own benefit.
Nor were the regulated parties able to interact quickly and economically for the benefit of their customers.
The choice of third parties was based on the consideration of Compliance, which was difficult for another deserving party with good merit and interest.

To solve these problems, the client created the idea of developing a unique system that would be able to provide Risk and Impact assessments of:

Customers
Entities
Policies and procedural force
Key people, employees and MLRO / MLCO probity, competence and CPD
Global business risk that integrates all individual assessments and system functionality

How the System Works?

The ValueCoders SharePoint development team was able to offer the customer a perfect system. They developed a SharePoint site and a number of modules that helped the client achieve the features listed below:

Documentation
Linkage and correlation of relationships
Generation of tasks
Evaluation status
Amount / Risk vs. Quality / Risk Management
Automatic classification of risks
Automatic risk-based review planning
Responsibility and Relationship Mapping
Task reports click function

Results

ValueCoders’s SharePoint development team was able to successfully deliver our client with a perfect system. They developed a SharePoint website and certain number of features which helped our client in achieving the below mentioned features:

Documentation
Mapping Linking and Relationship
Generation of Task
Assessment of Status
Quantity or Risk vs Quality or Risk Management
Automated Risk Classification
Automated Risk based Review Scheduling
Responsibility Reporting and Relationship Mapping
Task Reporting Click using Functionality

Future Relationship

ValueCoders successfully executed the Governance Assurance SharePoint System development well within the time frame. The client achieved its target of making an user friendly Governance Assurance SharePoint System and adding custom functions for better customer experience.

It was a learning experience for ValueCoders to work on this development project that has helped the client and brought in repeat business as well. We ensured that the client and the development team were on the same page by frequent collaboration and regularly making use of project reporting tools. Agile methodologies were used throughout the time to discuss, improve and implement solutions before the final delivery of the application.

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