Background:

Firms often lack the subject matter expertise, that is required across an increasingly broad array of regulatory obligations, as well as the technology and data analytics capabilities to perform effective monitoring and testing of compliance risks. We are looking for existing solutions to increase firm wide compliance risk management with fast, data driven, decision making and transparent frameworks that enable a collaborative approach across enterprises.

This solution may form an ecosystem of various tools and there may be many solutions in each risk category.

Requirements:

Proposals should include details on:

• Risk types measured and this should include one of the principle risk types according to the enterprise framework. Examples of these could be: Operational and Technology risk, Financial Crime risk, regulatory Compliance risk, Conduct risk, Information, Data and Cyber Security risk, Reputational risk, Third Party risk etc
• Client categories covered (does not have to focus solely on financial institutions but should cover FI client capability)
• How the tool is delivered to clients ie. The channel
• How the tool monitors client data
• How long the tool has been in existence for
• Security protocols applied to preserve data security (eg. Access, storage, permission etc.)
• Samples of reporting capability and nature of the subsequent assessment models
• Geographies covered (preference for those including or focused on UK but which could be augmented to include additional geographies)
• We are not looking for manual or consulting solutions and therefore all proposals must be digital