Predict360 enables functional managers and staff to optimize day-to-day risk and compliance responsibilities while providing executive stakeholders real-time visibility into the risk and compliance profile of all business lines, locations and assets. The artificial intelligence (AI)-powered platform vertically integrates risks and controls, KRIs, regulations and requirements, policies and procedures, audit and examinations, and training in a unified, cloud-based system. Predict360’s SaaS architecture and modern technologies deliver predictive analytics, data insights for predicting risk and streamlined compliance.
Predict360 automates many tasks and workflows while improving quality and value of risk and compliance activity execution. The highly configurable platform creates risk and regulatory relationships between organizational activities and provides visibility into where risks intersect, providing stakeholders a deeper, wider and holistic view of risk and compliance. The platform includes the following modules, features and functionality:
-Regulations and Obligations Repository
Predict360 provides a repository that can capture all an organizations obligations, including regulatory requirements, business requirements, standards and frameworks that the organization needs to comply with. This repository allows the organization to link all of their policy & procedure documents, risks and controls, training programs, audits and assessments to these obligations and regulations, effectively creating a “map” of all related risks, control and governance items with the organization. This functionality enables the organization to identify gaps where they might not be meeting their regulatory obligations, identify risks to the organization and to quickly understand and assess the impact of a change in a regulation or obligation.
·This module also includes proprietary artificial intelligence (AI) technology using natural language processing (NLP) technology to categorize a regulatory requirement to a particular subject area as well as to identify the second and third-party requirements of a requirement requirement based on the regulatory text (effectively the “who” and the “what” should be done).
Optional content plug-ins are available to provide the complete Code of Federal Requirements (CFR) final test for both federal and state level requirements pre-loaded into the system. And a regulatory intelligence feed of all news and notifications related to relevant regulatory topics, sources, justidictions, agencies and news sources is also available.
-Task Management for Risk and Compliance Issues
This module provides a complete task & activity management system. This includes pre-built and customized forms and workflows to capture relevant details/fields, assign owners and impacted users, manage due dates and notifications, enable collection of supporting documentation, link to other tasks/issues, create project plan/subtasks, provide audit trails of changes and status updates, and enables effective collaboration among users while providing complete real-time visibility to all activities across the risk and compliance group.
·Instead of using disparate systems like email, shared folder and multiple spreadsheets to track details, this module provide a single source of record repository for all this information while enabling an effective evidence locker and audit trail to meet regulatory requirements while providing complete visibility to the organization.
Each product or solution contains pre-built forms and workflows for common risk and compliance activities, such as compliance monitoring & testing (QA/QC), complaints, regulatory changes, document update requests, training requests, internal audits, external audits, regulatory examinations, findings, cases & investigations, self-assessments, risk assessments/RCSA, IS/Cyber security assessments such as NIST and FFEIC CAT, control tests, loss events, risk incidents and many other common risk and compliance scenarios.
The benefits of this module is that all risk and compliance issues and tasks are captured in one system for complete visibility across the organization, a common user-interface reduces training efforts while ensuring consistency, and a complete evidence audit trail is available for regulatory examiners, auditors executive management to prove compliance and activities performed.
-Risk and Control Repository
Predict360 provides a repository that can capture all of an organization’s risk and controls, including all risks across across the enterprise as well as risks for each individual business units and product line risks (both enterprise-level risks as well as for localized operational risk).
Details on each risk that can be captured include the inherent & residual risk levels along with risk owner, impact details of the risk, management comments, associated regulations or obligations related to the risk, links to controls to manage those risks, and links to any activities or tasks designed to manage or mitigate those risks.
For controls, details on each control such as which risks they are linked to, the effectiveness of how well the controls are working, links to related documentation such as policies or proedures, and links to associated activities such as control tests, design effectiveness tests, control improvement plans and control incidents can also be captured.
-Document Management System (DMS)
Predict360 includes a document management system that provides versioning, access control and workflow capabilities. Documents can be linked to associated regulations or obligations, expiration dates can be managed and document owners can be identified. Policies, procedures, checklists, templates, audit reports and types of risk and compliance documents can be stored in this module by the other solutions in Predict360 to provide a single document repository. These documents can also be linked to any risk or compliance activity or task as well, and all types of documents including PDF, Word, Excel and JPG file formats can be stored.
The Policy & Procedure Document Management product solution provides approval workflow for policies and procedures, as well as an acknowledge workflow to distribute updated policies or procedures to all effected employees and to electronically capture their acknowledgement of receiving these new documents for evidence of compliance.
Store, track and manage risk and compliance documentation in common business formats – PDF, Word, Excel, JPG, etc. Link documents to activities, actions, assessments, and more. Includes version control.
-Learning Management System (LMS)
Predict360 includes a built-in learning management system (LMS) based on the industry-leading Moodle LMS system.
Predict360’s Training Management product can deliver training to end-users via this LMS and enables customers to create training classes using Adobe’s Capitivate. Training records are captured and the system provides a repository for training content/courses. In addition, each employee’s training records and requirements can be tracked in solution to ensure they have the proper and current qualifications (compency) to ensure compliance with their job requirements.
Available training courses include content plug-ins from 360factors (over 50 frontline personnel course for banking professionals or credit union professionals are available) as well as linking to training delivered by other partners such as ABA. Training classes can also be created by your organization and delivered via this LMS system.
-Assessment & Questionnaire Functionality
This feature enables organizations to manage their various questionnaires, checklists and templates that are used for functions such as risk assessments, internal control questionnaires, pre-audit questionnaires & checklists, controls, control tests, surveys, inspections and more.
User-configurable and flexible data-gathering forms and aggregation response mechanism enables organizations to set up any questionnaire imaginable to collect responses from single or multiple parties, analyze the responses and then take action based on the results.
Dynamic logic execution enables managers to trigger corrective actions, investigations, compliance tasks, audits, training, document changes or business risks based on the results of these assessments. Flexible reporting and analytics enable enhanced visibility and smarter and faster decision making. Questions can be mapped directly to the regulatory and standards requirements as well as the business objectives that drive them, which allows unprecedented coverage, extensive reporting and a comprehensive response to changes in those requirements.
-Business Intelligence (BI) Reports and Dashboards
Predict360’s Business Intelligence (BI) engine provides advanced reporting, dashboard and analytic capabilities with striking visual components along with self-service reporting that is simple enough for casual users, yet very powerful for more sophisticated users and complex analytical tasks.
This built-in Business Intelligence engine provides managers, executives and board members with unparalleled insight into the state of their business’ enterprise & operational risks as well as compliance to regulatory requirements along with the data and metrics to understand how those risks and compliance issues can be better managed. Providing a variety of KPIs/KRIs, reports and documents, compliance managers and risk officers can respond to executives, board members and regulatory examiners faster with less effort and more effectively. Whether you need a snapshot of action plans for a department down to an individual or historical trending of KRIs and assessments over time, this powerful engine delivers the business intelligence and predictive analytics necessary to proactively address risk and compliance within your organization.
-Content Distribution System
Predict360 includes a unique content distribution system that allows 360factors or any of our consulting partners to push down pre-loaded content such as risk control libraries/taxonomies, assessments and checklists, regulatory knowledge bases, document templates (such as policies & procedure templates) and other types of content to provide best-practice content and processes for managing risk and compliance. This content can then be modified and updated by the customer to fit their business needs and requirements.
In addition, as updates to this content is made by 360factors or one of our consulting partners, those updates can automatically flow down to the customer’s instance where appropriate. This enables organizations to receive updates to new risks, controls, regulatory changes, checklists & assessments and more.
This feature effectively provide organizations with a “quickstart” to getting their risk and compliance system up and implementing best practices based on content from industry-leading partners and/or 360factors as well as remaining up-to-date and current on risks and regulations.