MCO (MyComplianceOffice), a global conduct risk and compliance provider, has launched its new governance and oversight tool, Know Your Risk (KYR).
KYR is a modular solution that helps firms set regulatory priorities, identify policy and procedure gaps and deliver proof of adherence with metrics and documentation.
It claims the solution can be summarised as a 5A capability set: awareness of regulatory change, alignment of policies and procedures to a firm’s regulatory obligation, assessment of regulatory obligations to the firm’s compliance burden, assurance of compliance to stakeholders and accountability, allocation and mapping of roles and responsibilities.
MCO managing director Richard Pike said, “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.
“KYR effectively empowers CCOs to better understand the relationship between the first line activities of the business and the oversight activities of compliance.”
The RegTech company recently acquired fellow RegTech company Schwab Compliance Technologies. Schwab automates the monitoring of employee trading activity and administering of a firm’s code of ethics.
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