Introduction to ViClarity Financial Services
ViClarity’s compliance monitoring solution is the most advanced system of its kind today. It tracks the performance of governance, risk and compliance controls, and delivers a full accountability trail.
The real power of this software solution is in how easy it is to use. Managers can control the audit of ALL internal control points on corporate, divisional or regional basis and deliver comprehensive real time and month reporting.
Individuals input information through a secure and efficient personal reporting tool with personalised to-do lists using secure auto logon technology.
ViClarity delivers monthly divisional and board reports at the click of a button to provide real visibility and control. This enables the board to supervise the performance of the executive, effect change, review and re-grade risks, and record both quantitative and qualitative review outcomes.
ViClarity enables the customer to design, implement, score and schedule business controls to deliver an audit trail of performance mapping onto he structures of individual businesses, and comes with fully populated application templates for Risk, IT compliance, Anti Money Laundering and other standard modules. It has been designed to comply with the reporting requirements of the Basel Accords, Solvency II, CFPB and PRISM.
ViClarity will enable managers to remove the burden of compliance,risk and governance reporting and get on with the job of managing a financial business.
Irish Credit Unions
See why over 70 of Ireland’s leading Credit Unions rely on ViClarity to manage their Risk and Compliance.
ViClarity is a specialist productivity tool for risk and compliance and has been configured to monitor your regulatory obligations as defined in PRISM. It automates your processes to enable officers to spend less time chasing information and more time analysing the performance of the risk and compliance controls in your credit Union
Experience the piece of mind of an easily understood process that has taken our customers through hundreds of Central Bank inspections. ViClarity will cut the time take to manage this process by up to 80% when compared to Excel based systems and minimise the risk of non compliance.
ViClarity – CU Standard Build
Includes all modules with established risks, key risks, risk appetite, risk controls and compliance controls pre-populated. All risks, controls and content can be amended and reconfigure to fit the exact requirements if the individual Credit Union. This is a simple process and enables the credit union to have real control.
ViClarity – CU Light
As the standard build, except with much of the content disabled. This is ideal for credit unions who may struggle with resource to manage risk, but want to have a simple route to deliver essential board reporting, a risk register and evidence of a process to control risk. All standard content is loaded and can be enabled by the Credit Union over time on demand. This provides a logical roadmap for comprehensive risk and compliance management.
The ViClarity community
Become part of a community of users that have regular user group meetings to ensure that risk and compliance officers can communicate with others and ensure best practice.
What can our users expect
- The board – Real visibility and engagement with risk, a risk register, monthly risk reports by exception, and the ability to affect change
- The manager – Highly visual oversight and reporting. The manager typically complete all of their controls in around an hour per month
- The risk officer – An easily managed process that drives real accountability for risk control and scores against risk appetite and tolerances. Easy to edit and change to suit the exact needs of the CU
- The compliance officer – An automated information collection process with great visibility and compliance scored against materiality parameters
- The employee/volunteer – All controls delivered in a simple and well designed to-do list to make the information gathering process as easy as possible
- The regulator – An established structured process that the central bank is familiar with. It delivers real accountability of risk and control activities within the Credit Union and demonstrated a structured approach to the management of PRISM obligations
- Risk Register
- Risk Controls
- AML & Fraud
- Policies register
- RMP action tracking
- Staff Policies signoff
- Board Governance
- IT compliance
- Strategic Plan Tracking
- Build additional audits
ViClarity will save you time, money and effort managing your PRISM obligations
“All of my risk controls and reporting in around one hour per month”
Mark Bailey, Manager, Celbridge District CU.
“ViClarity’s solution drives real efficiency & is easy to use. It gives us great visibility & produces exceptional reports for the board & management”
Dave McAuley, Drogheda CU.
For more information, or to organise a presentation on the ViClarity risk and compliance management process, please contact Head Office on 01 902 2859
US Credit Unions
How can ViClarity help your Credit Union manage compliance and improve performance?
From assessing risk to monitoring regulatory compliance, ViClarity brings all of your governance, risk and compliance information together. It automates your processes to enable officers to spend less time chasing information and more time analyzing the performance of the risk and compliance controls in your Credit Union. We have developed an integrated solution that enables you to manage all aspects of compliance and performance in your Credit Union from your strategic plan to vendor management and also your full ERM (risk & controls).
|Are you challenged keeping up with the ever-changing compliance and regulatory environment?|
|Do you wish you had a system to track all of your major processes and initiatives, organization-wide?|
|If so, Financial Abatement Services, Inc. (FASI) and ViClarity have an Enterprise Risk Management (ERM) solution that can help!
ViClarity are a proud member of the Credit Union National Association.
In today’s modern society cybercrimes are becoming more common and breaches in this area are now a regular occurrence. The types of hacks and breaches are now so sophisticated that they require robust solutions to prevent such occurrences. Any organizations that holds personally sensitive data, customer data or PII (Personal Identifiable information) are now becoming under increased pressure to react to this trend.
This has led to Regulators and Supervisors placing a strong focus on the assessment of a company’s Information Security policies and specifically their awareness to cybersecurity. Companies are now expected to have robust systems and solutions in place to help their organization stay ahead of the data security requirements by having ongoing processes to track and monitor their controls.
ViClarity have developed an innovative and comprehensive solution that does exactly this. This is another leading edge solution provided by ViClarity that can complement the existing modules already offered in the areas of Risk, Compliance and Vendor Management. ViClarity’s Cybersecurity solution integrates with the other modules and ensures that organizations conduct a comprehensive Risk Assessment against the Regulatory and Statutory requirements. The solution can also help the organization to understand how the management of its cybersecurity measures must also take into account its Vendors IT practices. Once a gap analysis assessment has been completed and the level of maturity is determined the ViClarity software will prompt regular audits programmes to manage this on an ongoing basis.
ViClarity’s Cybersecurity solution is based on the FFIEC guidelines, enabling you to stay compliant with the dynamic cybersecurity landscape. The solution can also form a strong part of your Information Security Programme.
Are you challenged keeping up with the ever-changing compliance and regulatory environment?
Do you wish you had a system to track all of your major processes and initiatives, organization-wide? If so, Financial Abatement Services, Inc. (FASI) and ViClarity have an Enterprise Risk Management (ERM) solution that can help!
What is Enterprise Risk Management (ERM)?
Enterprise Risk Management (ERM) can mean a lot of different things to different people. At its basic level, ERM can be described as a risk-based approach to managing an enterprise, integrating concepts of internal control, regulatory compliance, and strategic planning. ERM can also be described as a practice that steers the decision-making process in order to optimize performance throughout the organization.
Why is ERM important?
Enterprise Risk Management is important because financial institutions are faced with a mounting number of compliance and regulatory burdens. Pressure from both internal (board) and external (regulators, stock holders, etc) sources continues to increase, and a sophisticated ERM system can help organizations manage all of their key processes in one place.
Benefits of a ViClarity ERM system
- One stop shop for all Compliance/Audit/Risk
- Automated report with full audit trail
- Pre-populated templates for FDIC guidelines & ability to customize system with your templates/spreadsheets
- Scheduled audits at predefined frequencies including automated prompts when activity is due
- Integrated view of Risk & Compliance
- No excel spreadsheets = No chasing updates = EFFICIENCY
- Quickly identify areas of non compliance within the company
- Stay focused on growing business
Auto Loan Industry
Are you an Auto Finance Provider struggling with the burden of compliance in a Consumer Financial Protection Bureau (CFPB) regulated Auto Loan Industry? If so, ViClarity can save you up to 80% of your time by automating the collection and collation of your compliance data by removing slow manual processes.
A company’s compliance management system is a central element of the CFPB’s examination of any company. ViClarity solutions come with pre-populated templates for audit tools directly aligned to the nine modules outlined in the CFPB Examination Procedures. This allows you to identify trends, areas of exposure and demonstrate compliance on an ongoing basis.
The pre-populated ViClarity templates can be customized to meet the needs of each individual company and cover areas such as
- Fair Lending
- Fair Debt Collection Processes (FDCPS)
- Customer Complaints and Inquiries Management
Benefits Of Using The ViClarity Auto Loan Compliance Solution
ViClarity has been tried and tested by clients in a range of sectors including the financial services and healthcare sectors and provides the following;
1. A shift in culture towards compliance and accountability.
2. Ensures the responsibility for compliance is transparent and at all levels of the organisation.
3. Full audit trail of all activities for reporting.
4. Ability to demonstrate compliance across CFPB and other regulatory standards.
5. Scheduled audits at predefined frequencies including automated prompts when activity is due.
Auto Loan companies who have had cases brought against them by the CFPB in the past have faced substantial monetary penalties as well as significant damage caused to the company’s reputation and brand.
Implementing ViClarity will be a large step in ensuring that your company remains compliant with CFPB regulations and avoids any fines our reputational damage.
Take the burden out of compliance and call ViClarity today on (201) 214-5405 and organize a demonstration of our Auto Loan Compliance Solution.
Investment Managers – stay in control of your compliance requirements
If you’re a compliance officer or have responsibility for compliance in your organisation, you know the risks and penalties for non-compliance. Our automated compliance monitoring platform will give you the tools and structure you need to tackle your compliance needs with increased efficiency and greater transparency.
In an already competitive market, investing in best-practice technology means you will maintain or create a competitive advantage. Working with ViClarity ensures higher levels of compliance and higher levels of internal efficiency.
ViClarity can also be utilized to effectively manage all of the Side Letters within Investment Firms. ViClarity replaces any manual processes used for tracking Side Letters and automates the collection and collation of Side Letter data. ViClarity provides a live dashboard with up to date information, automated reminders which are sent straight to the owner for each Side Letter and a full audit trail for information entered and modified on each Side Letter.
Video: ViClarity Side Letter Solution
Compliance Management for Investment Firms – the ViClarity approach
- Everything in one place – from existing directives like AIFMD to your current level of enforcement on compliance monitoring issues like Client Assets and Supplier Management, you’ll have all the details you need at your fingertips. This leads to smoother reporting and our platform allows you to run bespoke reports by investor or fund category.
- Easy to use – you’ll find our platform easy-to-use and you and your team will be active on the system in a matter of minutes once the solution has been set up. You can use regulatory templates or build your own compliance audits. Our platform ensures you can monitor all aspects of governance and have access to crucial specifics like information on Investor Money, AML & Anti-Fraud and more.
- Save time and money – you will significantly reduce time spent on administration, report creation and chasing your colleagues for input. It centralises and simplifies your compliance process to deliver both cost savings and major efficiency gains. ViClarity’s solution is also proactive in that you can run gap analysis reports, and identify potential points of failure.
- No more spreadsheets and reduce human error – by replacing spreadsheets with a purpose-built software platform, you can be sure all details are up-to-date and in the right place. And by removing spreadsheets and manual tools from compliance monitoring, you’ll be cutting down on human error. This results in an increased level of transparency and a clear audit trail that your regulators demand.
- Solid structure giving you real peace-of-mind – now you can deliver real-time board reports based on accountability trails within the organisation to reduce those single points of failure. With our solution, you will dramatically reduce administration overheads and regain focus on strategic activities.
With increasing regulation in investment management, it’s crucial that you put a system in place to handle this requirement and ensure you remain fully compliant. With ViClarity, you’ll have all the information you need in one easy-to-use platform, giving you a solid foundation for your compliance function.
Assuring your compliance
The directives dictate that the onus to demonstrate compliance, both across internal and outsourced functions, lies with the manager themselves.
Many managers have been focusing on Annex IV reports, however this is only a part of that obligation. ViClarity enables a Fund Manager to validate compliance across the entire directive.
ViClarity cuts the cost and time involved in collecting, collating and reporting on compliance information and delivers real time reports to management
|Demonstrate institutional grade governance and compliance processes for investor due diligence.||Enables the compliance officer to run gap analysis reports, identifying potential points of failure, enabling early corrective action.|
|Replaces Excel and other systems to deliver all monitoring from one system||Deliver bespoke reports by investor or fund category|
|Provide the Manager, Regulator, Investors and other stakeholders with complete audit trails of compliance|
ViClarity comes pre-populated with a complete AIFMD regulatory template for you to adapt to fit the exact needs of your organisation.
Client Assets & Investor Money
Deliver early warning of potential non-compliance
The Responsibility for Client Asset & Investor Money is ultimately with the board and the regulators are enforcing compliance by issuing sizable penalties for non performance.
Investment firms and Financial Services Providers alike need to demonstrate that they have systems and controls in place to protect client/investor property and validate compliance to regulation.
PWC, in collaboration with ViClarity have developed a complete suite of controls to establish compliance and deliver an ongoing compliance management process.
|A cost effective and quick means to establish compliance.||Includes a complete set of controls to validate and monitor compliance to Client Asset and Investor Money regulation and guidelines.|
|Performs an initial gap analysis with non-compliance reports to allow early intervention.||Expandable to manage the monitoring of other compliance obligations.|
|Ensures excellent transparency and visibility to validate compliance||Excellent reporting for clients, the regulator and management|
If you need a quick and efficient process to ensure compliance to Client Assets or Investor Money regulation, Speak with ViClarity
Tracking the performance and compliance of your suppliers
Is the management of suppliers/vendors in your organisation proving to be cumbersome, manual and time consuming? often delivering little reporting and struggeling to drive real accountability from your suppliers?
The appropriate management of suppliers is critical to the success of your business, and in many instances, to remaining compliant. Regulators are placing significant focus on ensuring that financial institutions have appropriate systems and processes implemented in their organisations to reduce supplier risk.
ViClarity can provide a complete lifecycle approach to managing vendors. This solution has been tried and tested by many financial institutions and delivers real visibility and efficiency for the firm
- Supplier onboarding workflow
- Supplier Risk assessment
- Supplier Due Diligence
- Supplier security questionnaire
|Full accountability for all Suppliers.||50% saving of time, money and resources|
|Simple vendor classification||Streamlined workflow ensuring supplier related compliance|
|Visual dashboard to identify high risks/critical Suppliers|
ViClarity will enable you to manage your delegated functions and suppliers with ease and identify potential non-compliance at an early stage
AML & Anti Fraud
Tracking the performance of your AML obligations
As the recent spate of record breaking regulatory fines serve to illustrate, the requirement for Financial Services organisations of all types, from Banks through to Foreign Exchanges to ensure full and demonstrable Anti Money Laundering compliance has never been so acute.
ViClarity provides a complete AML and Anti-Fraud Compliance Management Solution to track, monitor and report on AML compliance throughout your business,
|A highly efficient way to monitor the performance of AML and Anti Fraud obligations.||Reporting by exception to identify breaches or vulnerabilities.|
|Expandable to manage the monitoring of other compliance obligations.||Displays consolidated reports in real time with minimised administrative overhead.|
|Excellent reporting for clients, the regulator and management||A cost effective way to manage your AML compliance obligations|
ViClarity delivers the visibility and transparency demanded by regulators to demonstrate your compliance.
Staff policy signoff
Ensuring that all of your staff have read and understood all off your policy and process documents
This process provides the firm with an audit trail to validate that all essential process and policy documents have been read and understood by your staff. This is a requirement in all regulated organisations, is easily managed within ViClarity and comes at no additional charge with most applications.
|Demonstrates that all of your staff have read and understood essential policy/process documents.||Set to match the right policies with the right individuals.|
|Reporting by group or individual.||Demonstrate good practice and compliance to stakeholders.|
This process will ensure good practice within your firm and enable you to demonstrate compliance to the regulator and other stakeholders
Manages your business and board governance requirements with ease
Most compliance obligations put significant focus on governance in the organisation, and the ability to make individuals accountable for their responsibilities and actions is critical to the effectiveness of this form of compliance.
With an ever increasing burden of demands and the corresponding costs, it is essential to implement a built-for-purpose system to streamline your processes and take the stress out of managing the volumes of information required. ViClarity can manage this for you
|Consolidates information from multiple individuals and multiple locations into a single location.||Delivers summary reports and highly visual heat-maps of performance.|
|Tracks actions and once off objectives.||Delivers genuine accountability with complete audit trails of activity.|
|Filter by department, activity or Individual||Board governance, Business governance, Regulator governance|
|Easy to build and manage your own Governance controls to meet your exact requirements|
ViClarity significantly reduces the effort needed to deliver concise reports on your board and business governance.
Build additional audits
You can build your compliance own audits in ViClarity
Do you have manual compliance processes in your Firm that are tracked on an excel spreadsheets? Are you worried that these processes may not be effectively managed and may pose risk to your business?
ViClarity’s bespoke software platform enables you to build & configure any checklist into this system. Whether it is a compliance checklist, a tracker for information across multi sites or simply a process that you wish to track, ViClarity can manage it for you.
ViClarity will enable you to build processes that can automatically poll for information, trigger a workflow of activity deliver real visibility of performance to you.
- Create specific questions and rules around their performance
- Trigger work flow activity
- Build decision trees
- Custom reporting
- Gather validation documents
- Score compliance outcomes
- and much more
It is easy to use and gives you the real freedom to manage compliance in a manner that suits your organisation.