MCO launches Know Your Risk solution 01 July 2022Ireland Reporter: Rebecca Delaney
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Conduct risk and compliance technology provider MyComplianceOffice (MCO) has launched Know Your Risk (KYR), a government and oversight suite of modular solutions allowing firms to set regulatory priorities, identify policy and procedure gaps, and deliver proof of compliance.
The KYR solution has a “5A” capability set consisting of awareness of regulatory change, alignment of policies and procedures to the firm’s regulatory requirements, and assessment of regulatory obligations to the firm’s compliance burden.
In addition, MCO’s solution provides assurance of compliance to stakeholders with data and metrics, as well as accountability, allocation and mapping of roles and responsibilities across an organisation.
KYR is based on the acquisition of governor software, which has been fully integrated with the MCO platform to facilitate access to the same data sources as other MCO products.
Commenting on the new solution, CEO Brian Fahey says: “Financial services firms are dealing with changing regulations and increasing supervision across the globe. Compliance needs to easily understand the impact of regulatory developments to implement the right controls and prove assurance. The launch of KYR is the latest development in our mission to provide the most comprehensive compliance solution in the market.”
Richard Pike, managing director at MCO, adds: “Chief compliance officers need to be agile and forward-looking to manage both their current portfolio of risk along with emerging threats. KYR provides compliance teams with an understanding of the gaps and overlaps in the firm’s policy and control framework, as well as the ability to prove assurance of compliance.”
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