If your organization falls under a regulated industry, this app-pack may help you to manage and organize your exam requests. Regulators and auditors may regularly request information from your organization or follow up on a previous incident. They might follow up on a workers compensation complaint; investigate misleading marketing and advertising of products, fraudulent sales practices, or inappropriate underwriting practices; complete a periodic SEC or FINRA exam; or follow up on violations found in a previous exam. If not properly dealt with in a timely manner, it could result in costly penalties, fines, or even reputational consequences.
This can be a frequent or regular occurrence for your organization in which you may have to manually keep track of these requests and find yourself searching for the same information repeatedly since the information is typically owned by others within your organization not to mention the various systems in which the data may reside. Once the exam is complete, tracking the progress and completion of exam findings and remediation actions is executed using email and spreadsheets providing little visibility on findings status and progress.
With the Archer Exam Management app-pack, you can prepare for, document, and manage the process for conducting a regulatory examination. In addition, you can store all your exam evidence in a central repository. The Archer Exam Management app-pack allows you to:
- Identify the scope, impacted portions of the business, and purpose of the exam
- Assign data collection tasks, notify Information Owners, and collect requested evidence
- Review internal evidence and mark for distribution to examiner
- Track staff hours spent
- Manage findings, remediation plans, penalties, fines, and reimbursements
- Provide exam wrap-up for executive review
This offering enables you to:
- Simplify collaboration and the data collection process of evidence for regulatory examinations
- Reduce the amount of time it takes to prepare for and respond to regulatory examinations
- Eliminate duplicate requests for information
- Increase likelihood examiner receives accurate and complete information
- Efficiently identify and communicate with Information Owners
- Improve exam finding remediation
- Enable exam owners analyze past examination results and trends to augment preparation and response to current and future exams
- Provide visibility into exam and findings status as well as post exam data analysis to identify key trends and patterns
- Analyze staffing costs to justify required headcount for future exams
Interested in learning more about the Archer Exam Management app-pack? Join us for a Free Friday Tech Huddle on June 18, for an overview and live demo. Free Friday Tech Huddles are only available to Archer customers. If you are not yet a customer but you are interested in learning more, please contact your local representative or authorized reseller — or visit us at www.archerirm.com.
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