eFront, an expert provider of software solutions for Alternative Investments and Risk Management, has announced the launch of version 4.0 of its FrontGRC suite. The FrontGRC suite is a dedicated solution for the Banking, Insurance and Mutual Insurance sectors used to manage Governance, Risks and Compliance (GRC) processes.
In its latest version 4.0, FrontGRC integrates a new FrontGRC Performance solution which enables management of company objectives and modelling of the related processes. The module provides real support for analysis with its dynamic and intuitive dashboards. These visual reports can be used to understand global activity and to consolidate and analyse risk indicators, with the aim of optimising the performance of risk management. The performance analysis tools in the FrontGRC solution provide step-by-step help for clients whose culture of Risk and Permanent Control is to be applied across the company, from the implementation of the solution to the optimisation of its performance.
The FrontGRC Risk solution now includes a versioning function for risk mapping. This new function facilitates the traceability and auditability of all data used in the risk map, enabling extremely close monitoring of changes in risk indicators. By making it possible to browse in previous versions, the solution provides more detailed analysis and monitoring of internal methodologies and a real-time view of the operational risk reference framework. Lastly, the generation of COREP-type activity reports is also integrated in the solution, thus ensuring compliance with the objectives of the Basel II directive.
The FrontGRC Document solution, used to organise and manage all reference documents, procedures and operating methods, now offers an even more flexible and intuitive interface, with a “drag & drop” function. This across-the-board tool enables collaborative management of all documents via Windows Explorer, with all the related benefits – multiple deposits, sending documents as an attachment, etc.
As for the FrontGRC Continuity solution, a dynamic Gantt schedule has been added to the crisis management exercise module, for a more detailed view of the procedures and tasks to be carried out in a crisis simulation situation and according to related plans. A Gantt RTO view is also integrated in the module to measure the maximum permitted recovery time objective.
The main changes to the solution FrontGRC Audit concern the versioning of the audit plans, making it possible to trace audit mission scheduling and monitor changes in real-time.
This new version 4.0 has been designed in line with the rapidly changing regulations and requirements in the Banking, Insurance and Mutual Insurance sectors. Thanks to the modularity of the FrontGRC software suite, existing clients will have the opportunity of increasing their performance significantly by better integrating Governance, Risk Management and Compliance processes (GRC) between operational entities.
Mr Laurent Bréboin, Chief Executive Officer, eFront says: “Our software experience in the field of risk management, governance, compliance and internal control, along with the strong growth of our client base over 2009, are two factors that have pushed us to rapidly adopt new functionalities. Many players in the financial sector, in particular central banks, today use our FrontGRC offer to manage governance, risk management and compliance processes. We are therefore exposed to the best practices on the market, which means we are able to adopt not only a proactive approach to product evolution, but also to meet the needs of clients looking for the most effective solutions.”
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