Optimise compliance oversight of third parties with OneView - Audit & Assurance blog | Deloitte Australia has been saved
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Over the years, Deloitte has successfully provided our clients with expert advice on creating compliance frameworks and controls to help manage their regulatory and operational risks. Our observation has been that many clients lack effective tools to provide ongoing oversight and allow for collaboration with both internal stakeholders and their network of third-party partners.
In fact, many businesses were simply using Excel spreadsheets to manage these relationships.
We saw the need to create a platform that provided a collaborative tool specifically for managing third-party relationships with delegated authority arrangements, understanding and mitigating the inherent risks they pose, and providing clear reporting for relationship owners and stakeholders.
What is OneView and how it helps?
OneView is a cloud-based SaaS platform which provides a single view of your third-party arrangements and allows you to request, receive, track, and continuously monitor data and evidence on how these parties comply with their regulatory and operational obligations using a risk-based model. OneView is configurable so that it can adapt to any type of third-party arrangement and be customised to meet the relevant compliance requirements of that arrangement.
As OneView is cloud-based, data and tasks can be shared between your internal stakeholders and with third parties, enabling seamless communication. The data is also secure in our Australian-hosted infrastructure and is available anytime, anywhere.
How can you access OneView?
OneView is available on a yearly subscription basis, where Deloitte will work with you to help configure the platform to suit your needs, onboard your third-party arrangements and set up you up to manage the platform yourself. Alternatively, OneView may be able to be offered as a managed service, where Deloitte handles the onboarding and day to day oversight of the platform based on your requirements.
Want to learn more?
Contact us below or visit: https://www2.deloitte.com/au/en/pages/audit/solutions/optimise-oversight-third-party-networks-oneview.html
As part of the GRC team in Audit & Assurance, Heather’s focus is on Compliance operating models - design, implementation and embedding - including the development of RegTech solutions to achieve more with less. Over the last 20 plus years, Heather’s work at the C-suite level in financial services has included reviewing, designing, implementing and testing compliance operating models and advising boards and management on how to develop a positive compliance culture as well as negotiating and interacting with regulators, politicians and industry bodies across Europe, the Americas, Middle East, Africa and Australasia. If organisations plan to build resilience and increase profitability post the requirements flowing from the Royal Commission, they must take a different approach. Bolting-on people, processes and systems in the second line is not an answer but rather empowering the first line and utilising existing and new systems and new technologies (including Regtech) will have impact and sustainable outcomes. Without a cross-organisational approach and a positive compliance culture, change will be ineffective.
Carolyn is a Regulatory Conduct partner with over 14 years in Financial Services at National Australia Bank including the Retail Bank, Wealth Management and Financial Advice. She has a proven track record in Customer Remediation, Regulatory Change Implementation, Business Transformation and Portfolio Management. She is commercially focused whilst still ensuring business solutions meet regulatory risk appetite. Carolyn is a strategic thinker with significant experience in creating teams and frameworks to address regulatory expectations and responses.
The consultation process and public hearings on Design and Distribution Obligations (DDO) and Product Intervention Powers (PIP) are now complete. After an 18 month consultation process, it has been recommended the legislation be passed.