MEGA’s new HOPEX Regulatory Compliance solution is designed to help companies reduce enterprise complexity and improve governance.
Built on MEGA’s HOPEX platform, which powers the company’s broad range of integrated software solutions, the new compliance solution will help organisations meet the increasing volume of compliance requirements, reducing risks and streamlining compliance activities to meet governance challenges.
With HOPEX and the solutions built upon it, MEGA has integrated the previously separate domains of governance, risk and compliance (GRC), enterprise architecture (EA) and IT portfolio management. MEGA’s integrated solution for all three markets eliminates information silos and reduces the barriers to enterprise transformation.
HOPEX Regulatory Compliance interfaces with MEGA’s other GRC solutions to form a complete corporate governance management framework. It supports multiple roles from compliance officers and legal advisors to process managers and business teams. Multiple GRC functions including risk management, internal control, internal audit and regulatory compliance can share a single repository containing all of the information relative to the company’s risks, controls and compliance requirements. The solution also makes it possible for different departments or divisions to exchange information according to role, avoid duplicated efforts, and enrich each other’s work.
Michael Rasmussen, founder of GRC 20/20 and a leading expert in GRC explains that the increasing volume and complexity of regulations, merged with the expanding complexity of organisations, creates situations where some compliance officers may have to manage thousands of risks and controls. These growing demands are far beyond the scope of traditional office tools and require companies to manage them in a more comprehensive manner that incorporates enterprise-wide operations, resources, goals and rapid changes in the business environment.
As regulatory pressures increase, HOPEX Regulatory Compliance can help organisations map new requirements directly to departments or processes. By sharing the responsibility of compliance enterprise wide, every employee becomes part of the success of meeting regulations efficiently. The solution also minimises the impact of compliance requirements on the company by making it easy for business teams to meet their compliance obligations, leaving them more time to spend on their primary work focus.
HOPEX Regulatory Compliance lets businesses focus on the biggest potential threats, where rapid resolution can avoid costly problems; increase awareness and ownership of responsibilities by associating compliance requirements with departments or processes; and reduce time spent on compliance activities through streamlined reporting ranging from detailed analysis to executive summaries.
The solution provides the capability to assess risks and test in-place controls through a multi-level evaluation of an organisation’s compliance framework. Knowing the high risk areas precisely and continuously can reduce the pressure placed on compliance departments, which often have to operate with limited resources. MEGA’s solution also helps resolve the transparency and accountability issues faced by compliance officers.
HOPEX Regulatory Compliance will help organisations create a legal inventory of all regulations and requirements in a single repository that contains up-to-the-minute information; assign requirements to each department, risk or process through easy-to understand maps and tables; assess compliance risk by using campaigns to evaluate the probability and impact of potential threats; test the design and effectiveness of compliance controls to identify faulty ones that require improvement; and generate action plans to lower a compliance risk level or enhance a control based on identified deficiencies.
MEGA has been helping organisations manage enterprise complexity and business transformation for more than 20 years. Customers include Aetna, Banque Accord, HCL, Johnson & Johnson, Nissan, Procter & Gamble, Starwood Hotels, Swiss Federal Railways, UniCredit Group and Walgreens.
MEGA was cited in Gartner’s Magic Quadrant for Governance, Risk and Compliance Platforms (September 2013). It was also named in The Forrester Wave: Governance, Risk, and Compliance Platforms, Q1 2014. The company won the 2013 GRC Technology Innovator Award from GRC 20/20 Research.