Financial Services Solutions
The Financial Services industry is under intense pressure across the globe. The recent collapse of world markets and tightening of regulatory requirements has resulted in unprecedented burdens on one of the most regulated industries in the world. In addition to current market challenges, increased global competition, changing market demands, and technological developments drive the need for effective enterprise compliance and governance.
New Regulations and Challenges
Financial services companies have come under a barrage of regulations such as the Sarbanes-Oxley Act in the US, Canadian Bill 198, and Turnbull in the UK. The Sarbanes-Oxley Act is only one in a long series of government rules that have a direct impact on the IT and governance decisions made in financial services companies.
Over the last several decades, companies managed their financial, quality, health & safety, environmental, and other compliance requirements through traditional hard copy means or via a collection of disparate systems (point solutions). Even with the deployment of globalized ERP solutions, the specific compliance areas are still often managed in silos, divided along organizational or domain lines. In addition, the management of risk and corporate governance within organizations has often been managed separately from the traditional compliance areas.
Due to several market and regulatory factors, most companies will have to develop strategies and systems to accomplish more efficient compliance management throughout the enterprise in order to maintain profitability and market share while reducing risk. Technology innovation and a merging of governance, risk, and compliance (GRC) regulatory philosophies now allow companies to achieve business improvement through the integration of all their GRC requirements throughout the enterprise.
To enhance their competitive advantage in this changed environment, one of the strategies financial services companies are increasingly embracing is the use of new technologies, such as Xybion’s software solutions, to streamline internal processes and deliver maximum value to their clients. At present, most companies manage their internal controls documentation and evaluations (audits, testing, design effectiveness evaluations) in an ad-hoc, highly manual manner, using spreadsheets, documents, legacy software or a combination. Progressive companies realize that these methods are no longer acceptable in today’s highly competitive market.
The Foundation of Financial Industry Success
Xybion’s software solution, CQRM XD, addresses important compliance challenges. Chief financial officers are using CQRM XD to automate their processes in the governance, risk, compliance and quality zones. CQRM XD facilitates the implementation of disclosure and financial information operations while optimizing the activities related to them.