Honest Experiences with GRC Tools
The compliance officers at BMO Financial Group, Centene Corporation and Allegheny Energy will provide details on their experiences with GRC tools. The pair will describe their platform selection and implementation process, and will provide details on objectives, implementation, impact, costs, value, and more.
Featuring:
* Bank of Montreal Financial Group VP Corporate Compliance Joann Sochor
* Centene Corporation VP Ethics & Compliance Bob Miromonti
* Allegheny Energy Senior Controls Compliance Consultant Shelley J. Cottrill
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Transcript
Slide 1
Presenter's Notes: 1
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Honest Experiences with GRC Tools
Shelley J. CottrillSenior Controls Compliance ConsultantAllegheny Energy Honest Experiences with GRC Tools
Presenter's Notes: 3
Honest Experiences with GRC Tools
Robert MiromontiVP, Ethics and Compliance, Chief Compliance and Privacy OfficerCentene Corporation Honest Experiences with GRC Tools
Presenter's Notes: 4
Honest Experiences with GRC Tools
Joann SochorVP, Corporate ComplianceBank of Montreal Financial Group Honest Experiences with GRC Tools
Presenter's Notes: 5
Honest Experiences with GRC Tools
Shelley J. CottrillSenior Controls Compliance ConsultantAllegheny Energy Honest Experiences with GRC Tools
Presenter's Notes: 6
Controls Compliance DepartmentManager and two...
Controls Compliance DepartmentManager and two Consultants (all previous Internal Auditors)Reporting to ControllerResponsible for Sarbanes-Oxley Compliance and Segregation of Duties (SoD) and FERC Compliance within SAP Honest Experiences with GRC Tools
Presenter's Notes: 7
Honest Experiences with GRC Tools
Requirements for GRC ToolsSarbanes-Oxley requirements in 2005Utilizing Risk Control Tracking System (RCTS) for control design and effectiveness assessmentsControl Documentation maintained outside of system**RCTS no longer supportedSAP Implementation in January 2007Utilizing SAP GRC Access Control Suite to address SoD and FERC Access violations**Need to simplify risk remediation**Need for multi-regulatory compliance framework tool to include NERC CIP and FERC Reporting Requirements Honest Experiences with GRC Tools
Presenter's Notes: 8
ChallengesComplex and very technical process to...
ChallengesComplex and very technical process to manage and mitigate SoD risks.Business participation in compliance, risk and security processes is low or non-existent due to complexity. Number of regulations are growing; heavy fines for non-compliance.Manual, costly and labor-intensive processes.Too many silos of data, disconnected processes.Brand and reputation remain at risk. Honest Experiences with GRC Tools
Presenter's Notes: 9
Flexible Solutions:AlertInsight risk...
Flexible Solutions:AlertInsight risk visualizationAlertControls multi-regulatory frameworksAlertCertify access re-affirmationAlertAction situational awarenessAlertAccess on-boarding/off-boardingAlertMonitor, AlertInterceptor, AlertRoles Honest Experiences with GRC Tools
Presenter's Notes: 10
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Bridging the Gap with
Presenter's Notes: 11
Risk-Based Approach Delivers Security and...
Risk-Based Approach Delivers Security and ComplianceContinuous visibility into riskCompliance built into the processEasily change / add new regulationsUncover previously un-detectable risksIT Systems, Physical Access and Control SystemsActive Policy EnforcementEliminate silos, reduces cost of audit and compliance Honest Experiences with GRC Tools
Presenter's Notes: 12
Honest Experiences with GRC Tools
Robert MiromontiVP, Ethics and Compliance, Chief Compliance and Privacy OfficerCentene Corporation Honest Experiences with GRC Tools
Presenter's Notes: 20
Ethics & Compliance Department StructureEthics &...
Ethics & Compliance Department Structure Ethics & Compliance Special Investigations Unit Compliance Coding Management Honest Experiences with GRC Tools
Presenter's Notes: 21
Pre-implementation of GRC SolutionLack of...
Pre-implementation of GRC Solution Lack of Standardization Poor Document Management Processes Managed in Excel/Access Manual Processes/Reporting Honest Experiences with GRC Tools
Presenter's Notes: 22
Areas of FocusCode of ConductPolicies and...
Areas of Focus Code of Conduct Policies and Procedures Risk Reporting Compliance Assessments Compliance Dashboards Enterprise Risk Management Honest Experiences with GRC Tools
Presenter's Notes: 23
Compliance 360 Implementation StrategyStrategic...
Compliance 360 Implementation Strategy Strategic Plan for Compliance 360 Standardization Automation Enhance Reporting Pilot/Refine/Implement Approach Increase Visibility/Awareness Honest Experiences with GRC Tools
Presenter's Notes: 24
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools
Presenter's Notes: 25
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools
Presenter's Notes: 26
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools
Presenter's Notes: 27
Compliance 360 is:Tool to Manage and Automate...
Compliance 360 is: Tool to Manage and Automate Compliance Processes Centralized, Integrated Repository Communication ToolCompliance 360 is not: Compliance Panacea Fool-proof: Garbage in Garbage Out Identical for all Compliance Programs Honest Experiences with GRC Tools
Presenter's Notes: 28
Slide 29
State Sanctionsfor Late Report Filings Honest Experiences with GRC Tools
Presenter's Notes: 29
Joann Sochor
Joann SochorVP, Corporate ComplianceBank of Montreal Financial Group Honest Experiences with GRC Tools
Presenter's Notes: 31
BMO Corporate Compliance Department
BMO Corporate Compliance Department ResponsibilitiesCompliance OversightLegislative Compliance Management Framework StandardsIssue trackingBoard and Senior Executive reportingEthics, Conflict of Interest, Ombudsman supportPrivacyRegulator RelationsOtherRelated-party transaction monitoringEnterprise-wide securities aggregation monitoringSpecial projectsOrganizational StructureInto Senior Vice President and CCO, who reports into Executive Vice President and General Counsel, who reports in to the President and CEO Honest Experiences with GRC Tools
Presenter's Notes: 32
Pre-implementation challenges for 3 BMO Groups
Pre-implementation challenges for 3 BMO Groups Honest Experiences with GRC Tools
Presenter's Notes: 33
Pre-implementation Compliance View
Pre-implementation Compliance View Issue reporting:Text files sent to CCD; re-input into Access data baseCompliance Program Documentation:40+ little snowflakesDocumentation maintained in Excel, Access, Word, Lotus Notes data basesLack of standardizationDuplication of effort (e.g., multiple Programs documenting the same regulations)Manual processes and reporting Honest Experiences with GRC Tools
Presenter's Notes: 34
OpenPages Evaluation and Implementation
OpenPages Evaluation and Implementation Collective RFP process (requirements for all three groups, weighting of responses, trade-offs in contract negotiation)Installed back in a different eraSOX focusNo convergence three solitudesCompliance required significant customization/compromiseVery large conversion to current release Current release: A different (better!) product. Honest Experiences with GRC Tools
Presenter's Notes: 35
Future
Future More/better convergenceBetter use of platform for analysis and trending of issuesImplementation of automated library feed to update new/changed regulationsBetter reporting, dashboards Honest Experiences with GRC Tools
Presenter's Notes: 36
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Honest Experiences with GRC Tools
Shelley J. CottrillSenior Controls Compliance ConsultantAllegheny Energy Honest Experiences with GRC Tools
Presenter's Notes: 3
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Honest Experiences with GRC Tools
Robert MiromontiVP, Ethics and Compliance, Chief Compliance and Privacy OfficerCentene Corporation Honest Experiences with GRC Tools
Presenter's Notes: 4
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Honest Experiences with GRC Tools
Joann SochorVP, Corporate ComplianceBank of Montreal Financial Group Honest Experiences with GRC Tools
Presenter's Notes: 5
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Honest Experiences with GRC Tools
Shelley J. CottrillSenior Controls Compliance ConsultantAllegheny Energy Honest Experiences with GRC Tools
Presenter's Notes: 3
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Honest Experiences with GRC Tools
Robert MiromontiVP, Ethics and Compliance, Chief Compliance and Privacy OfficerCentene Corporation Honest Experiences with GRC Tools
Presenter's Notes: 4
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools
Presenter's Notes: 27
Honest Experiences with GRC Tools
Robert MiromontiVP, Ethics and Compliance, Chief Compliance and Privacy OfficerCentene Corporation Honest Experiences with GRC Tools
Presenter's Notes: 4
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Honest Experiences with GRC Tools
Joann SochorVP, Corporate ComplianceBank of Montreal Financial Group Honest Experiences with GRC Tools
Presenter's Notes: 5
Honest Experiences with GRC Tools
Robert MiromontiVP, Ethics and Compliance, Chief Compliance and Privacy OfficerCentene Corporation Honest Experiences with GRC Tools
Presenter's Notes: 4
Honest Experiences with GRC Tools
Joann SochorVP, Corporate ComplianceBank of Montreal Financial Group Honest Experiences with GRC Tools
Presenter's Notes: 5
Honest Experiences with GRC Tools
Shelley J. CottrillSenior Controls Compliance ConsultantAllegheny Energy Honest Experiences with GRC Tools
Presenter's Notes: 3
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Honest Experiences with GRC Tools
Shelley J. CottrillSenior Controls Compliance ConsultantAllegheny Energy Honest Experiences with GRC Tools
Presenter's Notes: 3
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Honest Experiences with GRC Tools
Robert MiromontiVP, Ethics and Compliance, Chief Compliance and Privacy OfficerCentene Corporation Honest Experiences with GRC Tools
Presenter's Notes: 4
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Honest Experiences with GRC Tools
Joann SochorVP, Corporate ComplianceBank of Montreal Financial Group Honest Experiences with GRC Tools
Presenter's Notes: 5
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Honest Experiences with GRC Tools
Shelley J. CottrillSenior Controls Compliance ConsultantAllegheny Energy Honest Experiences with GRC Tools
Presenter's Notes: 3
Honest Experiences with GRC Tools
Robert MiromontiVP, Ethics and Compliance, Chief Compliance and Privacy OfficerCentene Corporation Honest Experiences with GRC Tools
Presenter's Notes: 4
Honest Experiences with GRC Tools
Joann SochorVP, Corporate ComplianceBank of Montreal Financial Group Honest Experiences with GRC Tools
Presenter's Notes: 5
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Honest Experiences with GRC Tools
Robert MiromontiVP, Ethics and Compliance, Chief Compliance and Privacy OfficerCentene Corporation Honest Experiences with GRC Tools
Presenter's Notes: 4
Honest Experiences with GRC Tools
Shelley J. CottrillSenior Controls Compliance ConsultantAllegheny Energy Honest Experiences with GRC Tools
Presenter's Notes: 3
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Honest Experiences with GRC Tools
Shelley J. CottrillSenior Controls Compliance ConsultantAllegheny Energy Honest Experiences with GRC Tools
Presenter's Notes: 3
Honest Experiences with GRC Tools
Robert MiromontiVP, Ethics and Compliance, Chief Compliance and Privacy OfficerCentene Corporation Honest Experiences with GRC Tools
Presenter's Notes: 4
Honest Experiences with GRC Tools
Joann SochorVP, Corporate ComplianceBank of Montreal Financial Group Honest Experiences with GRC Tools
Presenter's Notes: 5
Honest Experiences with GRC Tools
Honest Experiences with GRC Tools Scott L. MitchellChairman, OCEGChairman, DoubleDrum Capital
Presenter's Notes: 2
Slide 1
Presenter's Notes: 1