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C2C’s methodology is simple and intuitive whereby the company takes into consideration the requirements that a particular bank or any regulated organization has and builds a complete framework around their requirements in an easily understandable, useable and mappable format. Following that, with the help of the Compliance Mapper, C2C can efficiently map regulation to regulation, standard to regulation, standard to best practice, or best practice to standard or regulation. Additionally, C2C brings in user content—policies, procedures, and even their own control framework—and map them into a framework the user requires. Crutchley quips, “If you wanted a Harry Potter booking compliance mapper, we could deploy that in no time as well.” It can determine the impact of a specific regulation on a policy when changed or vice versa and allows organizations to focus on areas of potential risk that need critical attention. Besides, the mapper comes with an indicator that shows if a mapping is good, bad, or indifferent if it requires adjustments, and who mapped it.
The firm’s Regulatory Change Management Solution monitors and manages the regulatory changes besides streamlining compliance in a rapidly changing regulatory environment. C2C is also aiding GRC vendors with content and support for their GRC products.
While our company set out with just 500 regulations in its arsenal, currently it has over 10,000 regulations, standards, and best practices built into Compliance Mapper and we are growing daily
The company has partnerships with other GRC solutions vendors which they provide content for. The content and functionality of Compliance Mapper is easily transported into these solutions through C2C’s simple to use APIs. “We see ourselves as a support solution as well as our own solution option,” says Crutchley. In a recent project C2C provided a large financial institution with a regulatory library of over 8,000 regulations together with the supporting regulatory change option and alerting capability, which resulted in a major success for C2C and proved their large-scale capability and mapping back to the clients’ organization hierarchy. The institution now has a better understanding of the relationships from their business to their regulatory requirements and a more comprehensive view of their obligations.
For the foreseeable future, C2C is endeavoring to improve the speed of their mappings and is looking to automate the entire process. The company is currently working on different ideas and projects to enhance their capabilities.