1RS has used its experience of building, running and managing multiple businesses and functional areas to create a comprehensive , effective database of the most common risks faced by each key business process or function. These are mapped to industry best practice controls, but also to the relevant regulation.
With 1RS standard risk and control libraries you are uniquely placed to know you are in control of your processes, and to demonstrate you are!
Our 1RS risks and controls are continually updated to take into account changes in regulations, external events, or issues faced by your competitors.
Tim Bailey, CEO of 1RS commented ” We believe we are one of very few providers who can instantly improve your risk and control data, map your risks and controls to the regulations, and by using our cutting edge Risk and Compliance software ERIC and our expert support, 1RS are the only provider with the entire solution. We are flexible, cost effective and can suit any regulated industry”.
Some further benefits of a standard risk and control library:
- Assists the businesses and functions in identifying and understanding the key risks to their processes and in identifying the key controls to mitigate
- Quickly and effectively significantly improves the accuracy, completeness and quality of the RCSA process, and the quality of the risk and control descriptions– which will improve clarity of understanding, inform the risk and control assessments and therefore inform management decision making
- Efficiently integrates the risks and controls related to both ‘Business As Usual’ process operations as well as risks and controls associated with regulatory programmes (e.g. MIFID, CASS), thereby providing one common framework
- Individual risks and controls in the library can be simply linked to the relevant regulatory obligation- in order to demonstrate compliance
- Shared key controls (e.g. a control performed that mitigates more than 1 risk, or a risk in more than 1 process) can be easily identified and the consistent effectiveness of the key control recognised.
- Significantly reduces time taken by Risk and Compliance in creation of the RCSAs and control activities
Contact 1RS for more information