Financial institutions are under increasing pressure to comply with regulatory requirements, improve operating efficiency and reduce operating related errors and omissions. SWORD v.7 will help customers to document risks and controls, assign accountability for risks, and give senior management an efficient tool for on-going review and sign-off.
New features added to the latest SWORD release to support compliance with SOx include mapping financial statements, SOx documentation audit trail, control and process testing, and workflow management that tracks managerial responsibilities and accommodates organizational structure changes. SWORD v.7âs new functionality enables firms to leverage the work they are doing in either SOx or operational risk for the other requirement, while retaining a single system for both risk management and regulatory compliance.
âThe US market for Operational Risk Management Systems is key for us,â says Seamus OâFarrell, CEO of Ci3. âBy adding SOx compliance to our already comprehensive solution we are confident we can make great strides in the US. We very much look forward to working with Bancware our partners in the US.â