Societe Generale has deployed compliance risk assessment and management solution from MetricStream, to streamline and simplify compliance by integrating risk assessments across countries, functions and processes, using a single platform.
MetricStream said that the first phase of the deployment has been installed in France and the UK for the corporate and investment banking division and is looking for the second phase.
The solution will enable Societe Generale to conduct risk assessments and mitigation based on configurable methodologies and algorithms based on risk impact and likelihood.
MetricStream claimed that it has provided Societe Generale with a complete end-to-end workflow automation system for the compliance risk management process, along with capabilities such as integration of regulatory content with the compliance workflow. The bank’s complete risk and regulatory requirements can now be managed through a single, central platform.
The capabilities of the solution include compliance risk dashboards that use risk heat maps and color-coded charts to provide increased visibility into the bank’s risk profile across the enterprise.
Automatic notifications will be sent to appropriate personnel for investigative task assignment and remedial action, according to the action plans that will be triggered from the risk assessment process.
Compliance risk reports will allow for comprehensive tracking and reporting of compliance status, compliance/business action plans and changes in risk rating over a specific period of time.
Alerts and notifications that are generated using emails and task assignments, allows managers to proactively track compliance regulations, track issues and apply corrective measures.
Chris Davis, head of compliance at Societe Generale, said: “We believe we are the first global bank to conceive and implement an enterprise-wide Compliance Risk Assessment and Management platform- it is a model in technology advancement that will potentially be a benchmark in the industry for how complex compliance challenges can be managed effectively.”
Shankar Bhaskaran, VP-international at MetricStream, said: “Our solutions contain a unique built-in architecture with content-based intelligence to provide relevant regulatory information and initiate appropriate actions. More importantly, MetricStream can ensure consistent compliance across business units, processes and locations in the complex multi-country, multi-regulatory environment that global banks operate in.”