OUTSOURCING CONTROLLING: ARTEMEON AGP SOFTWARE TO ASSURE SWIFT COMPLIANCE WITH EBA & MARISK STANDARDS

ARTEMEON invests heavily to further develop its ARTEMEON AGP RegTech software suite. One recent example is our enhanced ARTEMEON AGP 7.0 outsourcing controlling & contract management module which includes a wide array of functionalities geared towards MaRisk AT9, BAIT 8, EBA /REC/2017/03 and EBA/CP/2018/11 compliance. Although the latter is currently subject to the public consultation process, we have decided to already implement all relevant new aspects.
However the final outcome of the consultation process may look like, we envisage the deployment of our ARTEMEON AGP RegTech solution to assure swift compliance with EBA/REC/2018/11 while simultaneously improving the efficiency and effectiveness of controls in the outsourcing space. Here are some facts & stats about how our ARTEMEON AGP outsourcing controlling & contract management solution has been perceived by our clients in recent projects:

  • “Sound risk view on outsourcing & sub-outsourcing universe”
  • “More effective 3 LoD framework”
  • “Significant progress against regulatory and audit findings”
  • “Strong improvement in compliance & control culture”
  • “Significantly lower FTE consumption related to design of control framework, SLA, KPI & KRI (-65%), completeness & plausibility checks (-90%), KPI & KRI monitoring (-70%), reporting & documentation (-85%) thus enabling FTE resources to focus on value-adding activities”
  • “Effectiveness gains by integration of data protection, audit, operational risk and data & information security workflows”

We are grateful to our clients for sharing our RegTech vision and for constantly contributing insights and feedback. Since the initial go live of our ARTEMEON AGP 1.0 solution in 2008, we have enhanced our software around its key cornerstones:

  • Permit flexible Provider/ Process/ Organziation unit / Legal Entitiy breakdown with clear link to management structure, use of common process taxonomy and E2E process views
  • Support Outsourcing Governance Model and Provider Management Functions by detailed roles / privileges and individual workflows, escalation, and notification procedures
  • Assure systematic outsourcing and contract risk identification based on audit-proven identification, assessment and documentation of outsourcing events, common risk inventory, risk and materiality definitions
  • Inegrate smart controls & control assessment: core set of control attributes includes standardized and bespoke KPI & KRI, objectivization of scores, real time KPI & KRI monitoring, linkage to outsourcing providers, contracts, policies, SLA, KPI & KRI level, markers for control efficiency/ costs (e.g. preventive vs. detective, automation levels), identification of mitigation actions
  • Initiate risk-based control effectiveness process reviews via process break-point analysis, KPI & KRI and specific control optimization, continuous plausibility and completeness checks, advanced analytics (“predict-learn-simplify”) to increase level of automation of controls and control monitoring
  • Provide reporting capabilities for standardized and bespoke analysis i.e. MaRisk AT9, BAIT 8, EBA/REC/2017/03, EBA/CP/2018/11, MaGo13 including reporting on outsourcing provider universe, controlling of sub-outsourcing providers, outsourcing performance report, KPI documentation

Over the course of the past decade, we have been witnessing the positive implications of our RegTech technology on a wide array of different organizations. Feel free to contact us to learn more about our ARTEMEON AGP RegTech software suite and how we can support you in your business.