RCMS - FAQ [Frequently Asked Questions]
Q What kind of Risk Measures can RCMS help me monitor?
A RCMS can be tailored to help you monitor any measurable risk measure depending on your need. An example of a compliance risk measurement might be the "Dollar amount of uninsured claims" or the "Number of employees who have not signed and returned confidentiality agreements within 14 Days"
Q How will RCMS help my Compliance Officer?
A RCMS has a Dashboard that enables the oversight of Risks, Controls and Risk Measures in the compliance areas that are defined within your monitoring program. The application provides a snapshot of the status of the risk measures within the organization at a specific point in time.
Q I do not have a lot of time to devote to application setup - how do we get started?
A Our implementation team will work with you to define the Risks, Controls and Risk Measures that you wish to monitor on RCMS. The initial setup will be completed as part of the implementation and user training will be provided. The application is user friendly and easy to manage so ongoing management and updates will be hassle-free.
Q Does RCMS have an audit trail?
A RCMS is specifically designed to maintain a detailed audit history. All changes and updates are tracked along with the date and details of the individuals making the changes.
Q What sort of reporting does RCMS give?
A The RCMS dashboard provides detailed reports of any crested measures indicating which compliance areas need attention. In addition, the dashboard provides views of overdue measures with detailed drill down capabilities. These reports can be exported to excel or pdf formats.
Q Our firm has many locations. Will employees from different locations be able to use RCMS?
A RCMS is accessed via a web link that is accessible from any location. Employees in branches can log on in the same way as employees in head office.
Q I don't want non-compliance office staff seeing what could be sensitive information?
A RCMS has a very flexible roles and permissions structure which allows an administrator to have full control over access to the application. Functionality can be assigned to different groups. Furthermore, people within a group can be restricted to accessing only data elements for which they have been granted access.
Q Is it possible for me to monitor multiple risks and controls for various needs?
A Yes, RCMS has been designed to support multiple monitoring programs. Each monitoring program will have its own dashboard. Within a monitoring program, it is possible to have various monitoring levels. Examples of these levels would be Supervision at a low level, e.g. within a team or group, and Oversight at a higher level e.g. within a branch or at firm level.
Q Does my Compliance Officer have to perform all functions within RCMS?
A No, your Compliance Officer can delegate RCMS related functions to other individuals. Risk Metric collection and any associated revisions can be performed by multiple users. Delegation options can be defined for each Risk Measure.
Q How much effort is required to maintain and monitor risk related information?
A This depends on the number of Risk Measures that you decide to set up in the application. Administering the system is easy and intuitive. Using the flexible Role Based Access Control Mechanism it is possible to delegate fine-grained responsibilities to application users so administrators are not overly burdened.