Societe Generale Launches Worldwide Compliance System
August 12, 2010
Societe Generale has gone live with an online system for assessing risk and complying with regulations in its worldwide operations.
The provider of retail, corporate and investment banking services said it had adopted a system from MetricStream of Palo Alto, Calif., that will enable streamline and simplify its compliance efforts, by integrating risk assessments across countries, functions and processe.
The first phase has been rolled out in France and the United Kingdom, for its corporate and investment banking operations.
Societe Generale operates in more than 80 countries. The bank is focusing on complying with existing and new regulations, as rules change globally in the wake of the 2008-2009 global financial crisis.
The MetricStream system automates the process of assessing risks and complying with regulations. The firm can supervise its efforts from a single, central platform.
"We believe we are the first global bank to conceive and implement an enterprise-wide compliance risk sssessment and management platform,'' said Chris Davis, head of Compliance at Societe Generale. "It is a model in technology advancement that will potentially be a benchmark in the industry for how complex compliance challenges can be managed effectively. ''
The system includes compliance risk dashboards, risk heat maps, color-coded charts, action plans triggered by the process, automatic notifications and alerts and compliance risk reports tracking the status of actions being taken and changes in risk ratings.