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19th September 2020

Triage PRO - Regulatory Horizon Scanning Technology for Financial Services Firms.

Author: TriLine GRC

Every day we speak with Compliance and Governance professionals from the UK, Europe and around the World, helping us to learn of advantages and challenges of their roles. One challenge that has been consistently raised, is that of identifying and tracking changes to regulation and emerging risks. An obligation that is both time consuming and cumbersome.

Based on this evidence, we decided to develop a new module within our solution that would help our clients save time and effort in monitoring and implementing new regulation, whilst improving consistency and evidencing reasonable steps. This is when Triage PRO was born.

Triage PRO is a Horizon Scanning Tool that allows a firm to monitor news coming out of their industry, as well as news from regulatory bodies and any other relevant sources.

Within the UK financial services sector, Triage PRO accommodates feeds from regulators, trade associations and law firms including: Bank of England, Financial Conduct Authority, Prudential Regulation Authority, European Banking Authority, Addleshaw Goddard, Building Societies Association, Consumer Credit Trade Association, Finance & Leasing Association, Personal Investment Management & Financial Advice Association, The Investment Association, UK Finance.   

Just recently, when presenting Triage PRO to a prospect, they explained how a huge portion of their time is spent searching various news outlets and sources, and compiling all relevant items, along with subsequent actions, into a spreadsheet to present to the Board of Directors - an extremely time consuming weekly, or even daily task.

Triage PRO eliminates this lengthy administration process by sending all relevant items and newsletters to one central location. Notifications and tasks can be automatically generated and assigned to any member(s) of a firm based on preferred settings / defined rules, to save both time and effort.

Subsequent corrective tasks can then be created and assigned to complete, with deadline date and escalation. This gives a compliance or governance professional a complete overview of all actions being taken to prepare for upcoming regulatory change, along with ready made dashboard reporting for communication to the Board.

All record notifications and assigned tasks are saved with audit history and notes, which allows a firm to evidence good governance and reasonable steps from start to finish.

Crucially, as Triage PRO is embedded within the wider TriLine GRC solution, all news feeds and tasks can be linked to the any other record allowing for directly impacted risks and compliance processes to be directly linked to a news item.

To book a demonstration of Triage PRO in order to see how it will benefit your firm, please complete the form below and we will be in touch shortly.