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| Enabling Compliance With Business Process Improvement |
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Newgen understands that many organizations are at different levels of Compliance initiatives; many organizations are subject to multiple compliance requirements and that they can leverage compliance as a business benefit through operational excellence. Newgen OmniCompliance Solution addresses the needs of various such organizations with a modular offering. Our Modular offering assists organizations to synchronize their compliance initiative across risk, compliance and audit teams in a stepwise and a collaborative manner. It also enables organizations to move from
departmental initiative to an enterprise level initiative in a |
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methodical
manner. The objective of the modular offerings by Newgen for
compliance requirement is to provide IT tools and automationtechnologies to help organizations move from subjective risk management, to active assessment & monitoring, to risk quantification & valuation and ultimately to leverage compliance as an effective capital management strategy. |
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Newgen OmniCompliance adopts the COSO framework for Risk Assessment and supports COBIT framework for Information Systems (IS) audit management.
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| Newgen OmniCompliance Solution enables risk, audit and compliance teams to perform |
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- Methodical Risk Assessment
- Comprehensive Risk Documentation
- Apply Risk Control Over Critical Processes
- Conduct Audit Planning with Cost and Quality objectives
- Comprehensive Audit Documentation
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| Comprehensive Compliance Enablement |
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| Newgen OmniCompliance Solution can be effectively deployed to address a range of compliance needs of an organization; |
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- Regulatory Compliance – Clause 49, SOXA, J-SOX, EU Directive 8, 21 CFR Part 11
- Operation Risk Management – Basel II, Clause 49, SOXA, J-SOX, EU Directive 8
- Contractual Compliance – SLA, Vendor & Customer Agreements, Outsourced Processes
- Internal Standards/ Best Practices – Policies, Standard Operating Procedures, ISO, 6 Sigma
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| Solution Type |
Application Areas |
| OmniCompliance Solution – Lite |
- Risk Assessment Documentation
- Risk Reporting
- Audit Documentation
- Audit Planning
- Audit Reporting
- Compliance Calendar
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| OmniCompliance Solution – Standard |
- OmniCompliance Solution – Lite
- Risk Assessment Process Automation
- Audit Management Process Automation
- Automation of Critical Financial Processes
- Automation of Critical Operational Processes
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| OmniCompliance Solution – Advanced |
- Document LifeCycle Management
- Electronic Signatures
- Electronic Records Management
- Email Archival
- Paperless Processes
- Reports & Output Management
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| Integration with Core Applications |
- Core Applications
- Core Banking Applications
- Core Insurance Applications
- ERP/ SCM/ CRM Applications
- Loan Origination Systems
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| Integration with 3rd Party Tools |
- Credit Risk Tools
- Market Risk Tools
- Capital Adequacy Calculators/ Tools
- Underwriting Systems
- IT Control Tools
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| Advantages of BPM for Compliance Management |
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| Enable rapid deployment |
Tools like process modeler for process design, work-desk for custom UI design, monitoring dashboard, process manager and performance reports makes the deployment of process centric application faster |
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| Respond to change effectively |
Revise processes to respond to regulatory or internal process changes without requiring coding and redeployment of entire applications |
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| Complete visibility and control |
Enable continuous risk management and operational process improvement with an end-to-end process visibility to Risk, Audit & Compliance Heads on real-time basis |
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| Standardize Centralize and Automate |
Standardization and Centralizationof key financial and operational processes for better process control, visibility and operational risk management |
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| Human to System Interface |
| Blending machine operated and manual processes increases process efficiency with reduced errors |
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| Leverage existing infrastructure |
Enables loosely coupled integration and interoperability with multiple modular legacy applications and granular web services |
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| Multiple process centric platforms |
Enables organizations to automate and control multiple processes for multiple departments on a single platform |
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