To help reduce the risk of non-compliance and to assist with greater adherence to the principles laid down by the ADAA and SCA, KPMG Lower Gulf has developed a tool/methodology called the Vision 360° Compliance Cockpit.
What is it?
The Vision 360° Compliance Cockpit is a web-based model which tracks event- and time-based compliances, in accordance with local and internationally recognized regulatory requirements.
- Web-based model
- Event-based and time-based compliances
- Compliance calendar
- Auto reminders
- Maker-checker controls
- Action tracking
- Audit trails
- Compliance certificate generation
- Ease of implementation and usage
- Works with mobile interface
- Aids litigation tracking
- Assists with adherence to statutory legal compliance
- Assists with internal control/compliances
- Generalization of circulars and notices
- Alerts include early warning signals
A comprehensive compliance framework is necessary to ensure that all applicable laws and regulations are identified and assigned to relevant stakeholders across a range of functions and locations.
In instances of non-compliance, process owners would be well advised to take the necessary action to remediate the error.
In addition, a robust framework will allow boards’ directors to have improved oversight and the opportunity to increase their awareness of incidences of non-compliance.
As an increasing number of rules and regulations are being adopted across the United Arab Emirates (UAE), it is vital that organizations are fully aware of applicable laws and legislature, in order to ensure the highest degree of compliance.
We assist in rolling out the Vision 360° Compliance Cockpit tool and in keeping track of important dates and deadlines pertaining to work renewals or regulatory changes, by obtaining and understanding the business and compliance framework. Vision 360° can assist with centralizing data online, so processes are not affected when an employee leaves or there is a change of management. We support preparation of compliance checklists, including documents, licenses or deadlines, categorizing them according to risk parameters.
We also provide support in centralizing data and documents, enabling faster analysis with more accurate data and fewer redundant files. We also assist our clients in prioritizing key compliance framework elements and developing procedures for implementing each of these elements.
We will provide an automated web based tool which will incorporate checklists for most relevant laws and regulations.
The list of applicable laws should be assessed by the client. KPMG does not provide assurance on the completeness and comprehensiveness of all the laws and regulations.
KPMG Lower Gulf does not provide legal services. Products offered by KPMG Lower Gulf should not be considered at par with, or as a substitute for, legal advice.
We look forward to having a detailed discussion with you regarding our compliance framework. Please contact us for more information.