1RS has launched ERIC- Enterprise Risk & Compliance. ERIC is the perfect solution built for firms who want to reduce the cost of their risk management and compliance, and future proof their ability to react to and comply with all future regulatory changes.
ERIC is easy to implement, flexible to all methodologies and frameworks and will save you time, resource and money, whilst enabling more effective risk management and regulatory compliance.
With ERIC, you can link and manage your processes, risks, controls and map these to the regulatory rules, manage your compliance monitoring plan, perform testing, and link risk events, deficiencies and audit issues in one tool, supported by an interactive dashboard and bespoke reporting.
ERIC gives you the end to end auto updated view of regulatory risks in your firm, how they are managed, where to focus resource, and where you can make improvements and efficiencies. It is the perfect tool to also manage your CASS compliance and SM&CR.
Within Financial Services since 2017, the cost of risk and regulatory compliance has soared with firms more than doubling spend from 4% up to 10% of revenue. Firms are looking to digital processes and tools that leverage technology and online support models integrated in day-to-day operations to enable a more automated, cost-effective way of meeting compliance and regulatory reporting needs.
Tim Bailey, CEO of 1RS, said: “Having designed and built risk and compliance software at some of the world’s largest Financial Institutions, we recognised the gap in the market to provide a user friendly, fully integrated risk and compliance platform, that brings together all 3 Lines of Defence activity, at a fraction of the price of some of the current market offerings.
Firms face a particular range of challenges in satisfying the regulations, ensuring cost-effective risk management and compliance, whilst enabling the firm to drive revenue and operate their businesses. We believe ERIC will allow firms to improve their risk management and compliance, reduce time, resource, cost and prevent losses.”
In Q1 2019, 1RS plans to continually enhance the functionality of ERIC to enable AI optimization and real time risk management. ERIC functionality is also being expanded to be used as the risk management and compliance tool of choice across a wide range of industries.
1RS are risk and compliance SMEs providing financial services firms with pragmatic, cost-effective solutions to enterprise risk management and regulatory requirements.