[Jan 27, 2021] One of the leading banks of Bahrain selects BenchMatrix for the implementation of RiskNucleus® Regulatory Monitoring Solution to enable the Bank in meeting regulatory requirements of CBB and other authorities. The project will cover three phases starting with understanding the objectives of the Bank, comprehensive trainings for key users, and user acceptance testing.
RiskNucleus® Regulatory Compliance module enables efficiency in the analysis of regulatory instructions facilitating requirements definition and automating the process flow of actionable tasks that are assigned to the relevant departments or functions for compliance. The module allows designated users to keep track of rules, regulations, activities and monitor their completion. Some of the key functionalities include:
- Requirements creation from regulations
- Requirement & activities categorization based on classifications such as Rule Type, Compliance Type etc.
- “Read & Understanding” confirmation from departments.
- Activities assignment, completion, and review workflow.
- Auto-escalation mechanism on breach of deadlines.
- Organization-wide compliance status monitoring.
- Email notifications and reminders
- Dashboards and reporting