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NAViG8 - Directors’ Compliance Statements
Is a RegTech software solution for company directors to enable them tobecome demonstrably compliant with Section 225 of the Companies Act 2014 (Ireland).
FinRegGlobal is a FinTech RegTech company that creates compliance software for regulated entities that enables them to become demonstrably compliant with the relevant regulation.
What is a “Directors’ ComplianceStatement”?
Requirements and scope
Identify relevant obligations
Document your compliance arrangements
Evidence your annual review
Produce your Directors’ ComplianceStatement
Directors of relevant companies are required to meetthe requirements of Section 225 of the Companies Act2014. As part of meeting the requirements of Section225 directors must make a statement in their financialstatement noting that they acknowledge theirrelevant obligations for securing the company’scompliance and confirm that they have complied withthe 3 requirements of Section 225.
Identify if the company has to produce a DirectorsCompliance Statement (e.g. based on balance sheetsize and turnover) and what areas need to be covered(books and records, tax legislation and market abuseregulations).
Identification of company’s relevant obligations basedon the criteria laid out in the act and the activitiesthey undertake.
The solution captures the arrangements in place thatdemonstrate how you meet your relevant obligations.Document and manage the policies, processes andprocedures in place and those responsible forimplementing them whether they are employees orexternal service providers. Upload reports from allrelevant stakeholders e.g. administrators, fund serviceproviders, accountants, tax advisors, legal advisors.
Complete the annual review of the company’sarrangements to meet its obligations. Demonstratehow you have obtained reasonable assurance that thearrangements ensured material compliance during theperiod under review.
The solution automatically generates the compliancestatement based on obligations identified,arrangements in place and the review conducted.
Benefits & Overview
PRODUCT FEATURES
Full audit trail
The Solution has full audit trail functionality built in. Who was assigned what question, and when, is all recorded.
Who then answered what question, when, and of course the answer itself are all recorded. New improved and updated answers are all recorded separately and incrementally as you iterate your way to compliance.
Updated policy uploads, and reassignment of sections are all also recorded as part of the audit trail.
Producing a Directors’ ComplianceStatement is a new requirement - NAViG8keeps it simple and intuitive
The content of NAViG8 – Directors’ ComplianceStatements is aligned to and underpinned by therequirements of Section 225 of the Companies Act,2014.
NAViG8 enables directors to manage and have fullcontrol of the process of identifying their obligationsand documenting how those obligations are met –whether by employees or external service providers.
We have broken the above down into 20 simple andeasy to use sections within the solution.
Detailed expanded view with colour coding
� View sections in detail, with questions and sub questions expanded.
� Immediately see via colour coded boxes the compliant / non-compliant / not answered status of all areas.
� Measure your progress towards compliance over time through the columnised time bounded view.
PRODUCT FEATURES NAViG8
Multi-User Functionality
� Administrators can allocate and / or restrict user access to meet your needs.
� No restrictions on the number of users.
� Users can create custom views.
� Allocate actions to any individual, internal or external, without compromising data integrity.
Reporting
� The dashboard and tables show obligations, arrangements in place and stages of the review process.
� Reports show a point-in-time assessment.
� The dashboard can be filtered to the users desired view.
� Filter reports to particular sections and easily export to PDF or Excel as needed.
� Generate the Directors’ Compliance Statement.
Action Tracker & Document manager
The action tracker functionality allows users to keep track of status at all times and to send reminders at scheduled stages, or as needed.
Document manager – relevant documents are upload-ed to the NAViG8 – Directors’ Compliance Statement solution, facilitating examination of policies and pro-cedures against requirements. Guidelines and require-ments are bookmarked and linked to relevant sections.
Tech Specs
Ready to take a closer look?
Give our expert team a call to find out more about the product and request a demo.
+353 1 907 3410 | +353 (83) 850 6182
Cloud based
ISO 27001 certified platform
PC / Table / Mobile compatible
Admin controlled multi level user access
Security lead read only access for reporting
Date and time stamped audit trail for all data inputs.
FinReg Global 2017 © For further information please visit our website www.finregglobal.com
Our business model exists to create regulatory solutions that make your business model better.We develop best in class RegTech solutions by combining rigorous design thinking & execution with deep domain knowledge leveraging world class technology platforms.
To find out more go to:https://www.finregglobal.com/methodology/
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