Governance Assurance System

Key Challenges

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

When they hired ValueCoders, we had to address to the following tasks:

• 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.

While developing, we faced various challenges including the following ones:

• 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

Our professional SharePoint developers at ValueCoders had overcome these challenges with their innovative ideas and technical expertise.