Posted on: April 20, 2022
It’s Time for a New Model of Compliance Because a Resilient Organization is a Compliant One
And just like that, the first milestone on the Bank of England, Prudential Regulation Authority (PRA), and Financial Conduct Authority (FCA) operational resilience regulatory timeline came and went. By March 31, 2022 firms needed to identify their important business services, map dependencies, and set impact tolerances. While the next milestone isn’t until March 31, 2025, much needs to happen over the next three years. And what we’re seeing is that resiliency is not just a checkbox exercise – resiliency is a journey built on best practices, but firms still need to comply with frameworks, standards, and obligations because a resilient organization is a compliant one.
The Old Model of Compliance
The big “C” in GRC (Governance, Risk, and Compliance), the end-to-end policy management, the standalone compliance solution – otherwise known as the old model of compliance – is not integrated into operational resilience. Without integrated compliance capabilities, it can be challenging for risk and resilience professionals to meet the rapidly evolving standards and landscape, view their organization through a single pane of glass, and build a more risk-aware culture through effective enterprise engagement.
Compliance Capabilities Integrated Into the Framework of Operational Resilience
Fusion’s recently launched compliance capabilities allow customers to connect everything they’re doing in Fusion, from operational resilience to risk management to the standards, frameworks, and objectives driving those activities.
- Engage your business along your resilience journey
- Better engage the organization with streamlined evidence gathering and reporting; increase visibility while more efficiently identifying and remediating gaps.
- Build a connected view of your organization
- View your organization through a single pane of glass by connecting the dots between important business services and the activities required to deliver them, visualizing dependencies, and mapping controls to objectives.
- Demonstrate your commitment to protecting your customers
- Identify critical regulations and standards, populate control frameworks, and demonstrate control efficacy and program effectiveness while integrating with other operational insights to drive real-time compliant decisions and activity.
Get Started with Fusion’s Compliance Capabilities
Are you leading your firm’s resilience initiative?
Do you struggle to keep up with the rapidly evolving regulatory landscape?
Do you want to demonstrate your ability to meet obligations and comply across frameworks?
Reach out to your Account Manager to learn more about this new integration!