When tasked with implementing the compliance program for a new regulation, the Senior IT team has a multitude of challenges and a number of options on different courses of action to take. Formulating the strategy and implementation approach requires in depth understanding of the compliance process, the impact on IT strategy, Architecture , Application Systems, Network & Infrastructure and Data processing. While the ownership of program design and implementation must reside within the IT Management team, it is usually beneficial to bring in third party expertise to benefit from their experience during the initial discovery, gap identification and analysis
Pre-discovery
SCS has a very unique approach to helping clients start their compliance initiatives. Our consultants have, on an average, 15+ years experience in the Industry and they engage with senior client stakeholders during the pre-discovery stage to help define a customized high level roadmap for the discovery and analysis process. This helps the senior IT stakeholders get a better understanding of the regulation and build a comprehensive view of how it touches their IT landscape and what elements need to be prioritized. Our consultants are happy to act as sounding boards and provide the client management the opportunity to validate their thoughts and concerns
Discovery
SCS have a robust and widely proven methodology to carry out the discovery studies for different regulatory directives. Our consultants approach this phase with detailed planning and take this opportunity to understand the baseline business and technology landscape and the key enterprise stakeholders. Through face to face interviews, structured assessment instruments and artifact review, our consultants collect all required information and map it against the requirements of the compliance approach. This is followed by a comprehensive analysis of relevant gaps and preparation of a detailed discovery report. We ask for high frequency i.e. daily or weekly checkpoint reviews and discussions to ensure all stakeholders are in sync.
Remediation plans and validations
As a part of our discovery studies, we also make recommendations on remediation approaches and as suitable, can prepare high level strategic plan, detailed operational plan or can work with the IT management team to chalk out a full program management plan.
We have also come across a number of organizations who have tried to implement compliance programs or solutions which have run into problems and have constrained their ability in meeting the regulatory requirements. Based on our extensive experience, we offer a no-frills validation and remediation advisory service which can help our clients very quickly get back on track and help the business meet the compliance deadlines.
Regulations covered
We currently offer Discovery Studies for IT compliance for the following Regulatory Directives
Solvency II
PCI DSS
Data Protection
MiFID II
For more information please write to our experts at consultancy.practice@scs-emea.com or use our Enquiry form