MAR

Streamline Compliance Management Program, Reduce Cost of Compliance:

•    Quickly and reliably comply with the full range of compliance requirements
•    Automate self-assessment, controls evaluation, and management certification processes                                                                                                                                                                           
•    Improve visibility into issue and remediation activities with monitors and dashboards
 

While similar to the internal control provisions of SOX 404, the requirements of the Model Audit Rule are not identical. A well‐managed, customized approach will maximize the effectiveness and efficiency of this compliance effort.  Insurance companies must begin to comply with a number of new requirements within the Annual Financial Reporting Model Regulation (“Model Audit Rule”). Among the most significant of these, are rules requiring companies with direct and assumed written premiums greater than $500 million to complete an annual assessment of the effectiveness of internal controls over financial reporting (“ICFR”). For those companies not previously subject to the requirements of SOX 404, the 2010 implementation of management’s assessment of ICFR will represent a significant undertaking.

FulcrumWay Enterprise Compliance Manager enables management testing as required by compliance regulations. The compliance framework can be configured for various industry and regulatory frameworks such as AML, Basel II, COSO, Cobit, FCPA, FISMA, FERC, HIPAA, NCR, OMB-123, OSHA, PCI DSS and Solvency II.

FulcrumWay Business Ontology Analytics extracts data from enterprise data sources such as SAP, Oracle E-Business Suite, PeopleSoft, and J D Edwards as well as internal control databases to improve testing effectiveness and findings across the enterprise in a single integrated solution. The FulcrumWay GRC DataProbe™ collects testing samples from ERP systems and stores control evidence in the FulcrumWay GRC DataHub™. Interactive dashboards for real-time corrective action modeling allow business managers to explore risk exposure in an ad hoc manner