Thomson Reuters’s Connected Risk platform was set up in early 2017 to draw from various sources – third-party or non-standardized – into a single, aggregated view of risk, the platform prioritizes data using advanced mapping, and then makes the information easier to understand through a system of tags, structures, charts, and a shared taxonomy, see figure:

Source & Copyright©2018 - Thomson Reuters 

New Compliance Management module

The Compliance Management module on the Connected Risk platform, helps users to aggregate and streamline their regulatory and compliance programs, and reveal a deeper understanding of your existing and emerging risks. 

Key features of the new module include:

• Agile modeling capabilities: adapt data models, workflows, security, notifications, and dashboards to keep pace with changing business needs
• Option to tailor the solution: adopt out-of-the-box workflows, dashboards, and reporting capabilities to customize features to your own applications.
• Policy approval management: define a policy library and map policies to the relevant organizational structures, risks, controls, regulatory exams, and compliance reviews.
• Regulatory exam and inspection management: Manage regulatory interactions with external governing bodies to track contacts, exams, findings, action plans, and responses.
• Evidence compliance reviews: link compliance reviews to controls and regulations to capture ratings, issues, and actions in order to create thorough reports.

Thomson Reuters claim that all stakeholders will be able to bring compliance processes together in a centralized location which will reduce duplication, avoid errors, enable effortless sharing of information, and provide more informed discussions with stakeholders.

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CTMfile take: The Compliance Management module is a classic example of the new data-base driven solutions for modern business that bring together, in real-time, information from many different sources to enable users to understand what is happening, and then to make and implement their decisions. Compliance is such as fast moving global problem that data-base solutions are the only way to go, but then we’ll have to start worrying about the quality and the power of these solutions.