TONBELLER introduces Siron®Risk and Compliance Cockpit
The new solution gives financial institutes and other organizations an overview of all measures for the fight against financial crime.
Bensheim, Frankfurt am Main, 6th October 2011, TONBELLER AG introduces the latest solution of its Siron®Compliance Solutions portfolio. Siron®Risk and Compliance Cockpit provides financial institutions and other organizations with a complete overview of the status and the effectiveness of their activities in the fight against financial crime - company-wide including all departments and branches. The solution delivers daily updated data of the compliance activities and the status of the risk management of the organization resulting from the risk assessment and the Siron®Compliance solutions for anti-money laundering, fraud detection, market abuse and the status of the respective case management.
Siron®RCC supports compliance managers with the planning, execution and controlling of activities to fight financial crime. The solutions allows a determination of the current status, shows need for action, gives the users the possibility to determine specific key performance indicators (KPIs) as well as their controlling and shows the effectiveness of the measures. The constant monitoring of the key performance indicators provides a daily updated status of the compliance activities. This shows gaps, risks and weaknesses of the internal activities and controlling mechanisms very early and provides a basis for a proactive management and governance. The solution gives financial institutes the possibility to adopt their risk analysis, their research systems and to response with flexibility according to the respective risk situation. This approach eases the daily work, reducing workload and cost and shows a need for action to the responsible management.
Siron®RCC delivers daily updated compliance information to an integrated cockpit system. According to the role and responsibility or corresponding to the country or subsidiary of the user the systems shows individual information with different levels of detail. The cockpit displays typical compliance-relevant information that are automatically transformed into controlling-relevant KPIs. Sophisticated filtering functions for a detailed analysis and an easy access via all web browsers complete Siron®RCC.
Rising Demands – increasing Complexity
Information that is relevant and important for compliance managers is often widely distributed among different departments (anti-money laundering, fraud, internal auditing, market manipulation and insider trading), different branches or different countries. A centralized view on all compliance-relevant information or a reporting among different countries or branches therefore is difficult to create, requires a lot of manual work and is highly time and cost-intensive.
In addition to that, today there is fast rising complexity and dynamic regarding laws, rules and regulations and the time and cost pressure to fulfill external and internal compliance requirements. These fast changing requirements pose the compliance managers in financial institutes and other organizations to enormous challenges. Moreover beside launching, implementing und controlling of the compliance initiatives, compliance managers are responsible for a comprehensive reporting. This has to reflect the current status of all activities both from an operational (technical) and organizational as well as from a content standpoint.
Planning, Controlling and Measures.
Against this background TONBELLER has developed Siron®RCC which consolidates and visualizes all information that is necessary to fulfill these tasks in one management cockpit. Siron®RCC presents all relevant data coming from the TONBELLER solutions Siron®RAS , Siron®KYC, Siron®AML, Siron®Profile, Siron®Embargo, Siron®MM and Siron®FD, visualizes the status of the system, correlates the information in key performance and measurement indicators and identifies need for action on management level. Through the interaction with the risk analysis it creates a risk map thus an overview of all risks, risk categories, customer groups and products divided by branches, countries or departments.
Together with auditors and compliance specialists TONBELLER has developed performance and measurement indicators that are implemented by default with Siron®RCC. These indicators are calculated automatically on basis of the data coming from the risk analysis and the research systems and are displayed in highly innovative and ergonomically designed cockpit. As a result action-relevant information becomes visible at a glance.
With the help of the cockpit, compliance managers can very early identify gaps and weaknesses within the internal systems, analyze them and solve these issues on demand. The approach of Siron®RCC brings in full transparency, eliminates the need of manual consolidation of data, provides high efficiency and lowers the cost. This represents an ideal basis for systematic performance review, a strategical realignment of the compliance program including the adjustment of the risk analysis and the associated measurements.
Fast, reliable and secure
Siron®RCC is based on an integrated security concept. The raw data coming from the risk assessment and the research systems of the various mandates are correlated and condensed into meaningful information and indicators that are important for the rating of the current risk situation. Sensitive information e.g. data associated to clients stay on their system of origin, only accumulated information is transferred and then visualized in various pre-defined cockpit templates. The fast and easy access on the risk and compliance cockpit is realized via Inter- or Intranet.
Overview and Details
An implemented roles and right system provides business users access to their individual, role-based compliance information within the cockpit.
The possibility to navigate the systems makes sure that all information is available with the requested detail level. The sophisticated filtering functionality provided by Siron®RCC is the basis for detailed analysis of the respective performance indicators and compliance information. This allows a detailed analysis per country, customer category, client, risk category and risk factor and their developments over the time.
This makes the analysis of the operative and technical status of the Siron® research and risk assessment systems, the performance monitoring of the whole compliance organization, the effectiveness of the compliance measurements and the validation of research scenarios quick and easy. Due to Siron®RCC a central point of information is created that represents an easy to understand starting point for all your compliance-related decisions.
Torsten Mayer, Managing Director of TONBELLER AG explains: “The Goal and demand for Siron®RCC is to provide compliance management with information and key data that the customer requires to identify risk and its changes at a very early stage to initiate adequate actions to fight financial crime. Today, for many financial institutes and organizations, a daily updated overview on the global compliance initiatives as well as ad-hoc reports are often associated with a lot of time, effort and manual work. TONBELLER provides the responsible managers with a highly effective solution that not only supports them with their everyday tasks, but also helps them when planning strategy and concrete measurements. Speaking with our international clients about their pilot projects we clearly see the advantages and the enormous reduction of workload that this cockpit system provides.”
TONBELLER is an international software and consulting company that supports over 1000 clients in 50 countries. In close cooperation with its global partner network TONBELLER meets regional needs regarding know-how and customer expectations. TONBELLERs cross-platform solutions consist of specialized consulting, applications for the fight against financial crime, and tools to manage complex and dynamic decision processes. Sustainability in leadership and software development is an integral part of the company culture, founds the basis for a long-term customer relationship and protects investments. TONBELLER solutions help to manage complex and dynamic data, minimize risk and comply with legal requirements. Through innovative technology and consulting, TONBELLER over 100 highly qualified and specialized employees secure productive deployment and operation of the solutions. TONBELLER is located in Bensheim, Germany. For further information, visit www.tonbeller.com
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