Compliance Map Product Overview
Establishing comprehensive and continuous linkages between external requirements and the internal control framework creates traceability at granular levels.
What is Compliance Mapping?
- Provide a complete view of the global compliance posture of my organization
- Attest to the board and regulators with our evidence of compliance
- Demonstrate efficacy of our compliance framework
- Allow simple visualization of compliance strength with external rules, regulations, & laws
- Maintain traceability of compliance artifacts in real-time and reduce compliance risks
- Assess design efficacy of the internal policies, standards, and procedures environment
- Improve the effectiveness of the enterprise taxonomy by harmonizing compliance artifacts
- Provide a complete view of the global compliance posture of my organization
WATCH OUR COMPLIANCE MAP PRODUCT OVERVIEW VIDEO HERE
4CRisk.ai’s AI-powered Compliance Map product allows risk and compliance professionals to assess the design efficacy of their programs by mapping regulatory requirements and standards to their internal artifacts such as their policies, procedures, risks, controls or contracts to identify gaps within minutes. The product then provides risk, policy, control or contract language to address compliance gaps.
YOUR PROGRAM PROCESS
Summary: Complete a Compliance mapping process, which is typically highly manual, resource-intensive or high-level to compare your obligations, such as Regulatory Requirements or Master contracts, to corresponding internal documents, such as policies, controls or contracts, to see where gaps exist.
Your team does these tasks... manually
- Review policies, controls contracts, and other compliance documents against obligations
- Perform a Compliance Map Assessment by matching rulebook(s) (regulations, rules, and laws), at the section level, to applicable governance artifacts (policies, procedures, contracts and controls) in your organization
- Create traceability mappings to show coverage of requirements to multiple corresponding elements i.e. Regs to Policies to Controls
- Subjectively rate the risk based on the level of coverage from one gold-source obligation to internal documents
- Create documents that show strong, partial, minimal or unmapped compliance.
4CRISK AI VALUE
Summary: 4CRisk can do this 40 X faster by generating a Compliance Gap Assessment in minutes, by comparing your external obligations (i.e. regulatory or third-party obligations), to your internal documents, such as in-house policies, procedures, risks, controls to standard contracts or frameworks.
Our product helps your team with AI that can:
- Quickly upload policies, contracts, and other compliance documents to be parsed for traceability in a Compliance Gap Assessment
- Generate a Compliance Gap Assessment on two sets of documents to highlight any discrepancies, in minutes
- Capture & summarize weaknesses and duplicates between the documents with visually engaging Sankey diagrams, where lines connecting them indicate the type of match: green for strong, yellow for partial, and red for minimal
- Generate a more robust Traceability Map to show coverage of requirements to multiple corresponding elements i.e. Regs to Policies to Controls
- Provide a summary in exportable (PDF and Excel), tabular format showing strong, partial, minimal, or unmapped compliance.
YOUR PROGRAM PROCESS
Summary: Review the Compliance Map(s) with SMEs from various groups such as legal, risk, compliance, third-party management and information security to agree where gaps exist.
Your team does these tasks... manually
- Review, discuss and approve compliance gap assessment to agree coverage of requirements in compliance artifacts i.e. Regs to Policies to Controls
- Review and revise your compliance gap assessment based on jurisdiction, nature, and scope as well as systems, processes, products, contracts, policies, procedures, and controls
- Subjectively rate the risk based on the coverage from one gold source mapping to specific internal documents
- Review, edit and accept your compliance mappings based on jurisdiction, nature, and scope as well as systems, processes, products, contracts, policies, procedures, and controls.
4CRISK AI VALUE
Summary: 4CRisk can do this 2 X faster by presenting maps with pre-sorted and information, that your teams can easily review and discuss, and confirm. Teams can make edits using their subjective judgement.
Our product helps your team with AI that can:
- Start the manual review with a significant portion of mapping completed by AI
- Search and use the rules filter Traceability Maps in the Sankey diagram to show only coverage based on certain rules
- Review three tabs: 'Mapped Statements' 'Unmapped Primary Source' and 'Unmapped Secondary Source'
- Ask ARIA Co-Pilot to review recommendations to address gaps and prioritize action planning
- Provide a Confidence rating for accuracy of mapping against regulatory changes
- Let your SMEs and Teams collaborate on review, edits and accept your compliance mappings based on jurisdiction, nature, and scope as well as systems, processes, products, contracts, policies, procedures, and controls.
YOUR PROGRAM PROCESS
Summary: Create Issues and Action Plans in your Issue Management systems to ensure required changes are made.
Your team does these tasks... manually
- Prioritize and pinpoint actions to close gaps in compliance artifacts and governance documents
- Raise issues and action plans to assign actions to the right SMEs
- Ensure you GRC systems are using updated elements such as risks, controls or policies.
4CRISK AI VALUE
Summary: 4CRisk can do this 2 X faster by integrating with your Issue Management systems, populating key information.
Our product helps your team with AI that can:
- Generate language recommendations for risks, policies or contract clauses to close gaps using Ask ARIA Co-Pilot
- Auto-track remedial actions by integrating with your Issue Management System of Record
- Integrate with GRC systems and allow auto-population of GRC library elements such as risks, controls or policies.
YOUR PROGRAM PROCESS
Summary: From your compliance gap assessment, ensure the right business taxonomy information is reflected in your GRC systems, or other systems of record.
Your team does these tasks... manually
- Identify enterprise taxonomy such as business unit, risk category, control category, products, and services related to the compliance assessment
- Use various methods, mostly manual, to update GRC and other system libraries with up to date mappings.
4CRISK AI VALUE
Summary: 4CRIsk can do this 3 X faster by generating mappings to your business taxonomy information and kept in sync in the GRC systems, or other systems of record.
Our product helps your team with AI that can:
- Automatically map external requirements to the enterprise taxonomy and/or GRC Libraires
- Ensure your systems reflect latest and up-to-date mapping of your external obligations with business units, risk category, control category, products, services, and other library definitions.
If you also have 4CRisk Regulatory Research
- You can power up Compliance Maps with robust AI-generated rulebooks and business obligations.
If you also 4CRisk Regulatory Change Management
- Using your Compliance Maps, you can enhance your Regulatory Change Management process to identify new gaps in rules, regulations and laws and Compliance artifacts.
If you also have Ask ARIA Co-Pilot
- Using our AI assistant provides immediate and reliable answers to your most complex compliance questions, saving you countless hours of research.
Qualitative Benefits
Effectiveness - reduction of risk of non-compliance
- Create and manage a full spectrum of global regulations aligned with business and control objectives• Assess effectiveness of internal
- Assess effectiveness of internal controls and compliance practices against industry benchmarks
- Eliminate human errors and biases when connecting rules to internal control framework
Efficiency - improvement in the design of the internal control environment
- Reduce manual effort and cost in discovery, creation, maintenance, and traceability of data relationships
- Drive transparency and linkage of information to improve insight and ensure strategic business alignment
- Build requirement inventories that are strategic and give business competitive advantage
Agility - faster response time to market changes
- Quickly identify coverage gaps of regulatory requirements within the control framework
- Understand the context of changes to quickly measure associated risks and business impact
- Incorporate AI driven insights into regulatory requirements mapping with internal control framework
Interested in learning more? Take advantage of our recommended resources below.
Our Blogs walk you through the business case for our products, cover best practices, provide tools and techniques based on our and our customers’ experience, and cover hot topics under discussion in our industry.
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Best practices and ROl for our Compliance Map Product
Case studies of innovative peer organizations
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