Source: Network Defence
Tilney Investment Management, one of the UK's leading independent wealth managers – with a 12,000-strong international client base and assets in excess of £6bn – has implemented a new policy management software solution to ensure corporate and financial services compliance, in a project designed and implemented by security consultancy Network Defence.
Network Defence has installed the PolicyMatter policy management solution to strengthen Tilney's ability to practice and demonstrate FSA compliance. PolicyMatter ensures staff read, understand and accept all aspects of corporate policy, from financial compliance to IT Acceptable Use Policies and anti money-laundering regulations.
As an investment firm, Tilney is regulated by the Financial Services Authority (FSA) and has a legal obligation to keep all employees up-to-date with the latest policies and regulations. Failure to do so could result in serious financial losses, legal issues and damage to the company’s reputation.
Tilney had previously used an email and paper-based approach to compliance, which was both time- and labour-intensive, requiring a lot of administrative effort chasing up employees for signed forms, and processing and storing policies.
Network Defence addressed the managerial and administrative issues relating to compliance with PolicyMatter, an advanced software solution which automatically presents new or amended policies to employees and provides management with an audit trail of changes and updates communicated through the life of a policy.
PolicyMatter has helped Tilney to manage policy updates more effectively, by staggering the flow of new policy to staff and enabling them to deter reading on five occasions if their work commitments require it, minimising any impact on business productivity and ensuring the required agreement to key policies is automatically secured.
Simon Chesterton, IT Service Delivery Manager at Tilney Investment Management said, "We need to make sure that policies have been understood as well as read. Mistakes in our business not only cost money but also credibility."
"Network Defence has helped us to strike the right balance between every day business and meeting FSA regulatory responsibilities. PolicyMatter has provided us with a simplified, automated and manageable approach to policy management, ensuring policy has been digested and proactively testing employees’ understanding of the information."