Wednesday, 9th September 2009ViewPoint Software

a Tool to Enhance Your Compliance and Risk Management Functions

The Regulatory Code may be brought into force before the end of 2009. In line with international best practice, the Regulatory Code requires licensees to: 

   - devote sufficient resources to the compliance function;

   - establish and document risk management policies and procedures; and,

   - document and test business continuity plans.

These changes will strengthen the BVI's regulatory standing internationally, but also increase the workload of your compliance and risk management team. ViewPoint Software is being used as a tool by many service providers to do far more than just the administration of corporate and trust entities.

The concept that underlies ViewPoint's design is that there is a Master File for each individual, corporation, partnership and trust. ViewPoint's Master File structure provides standardized data entry screens to capture standard KYC requirements: name, address, date of birth, passport number, passport issue and expiry dates, contact details, status of KYC completion and your risk assessment. In addition, user defined fields can be tailored to cater for specific jurisdictional or organizational requirements. Some organizations have defined user fields to capture information about how verification of identity has been performed and to document AML risk assessments. Flexible reporting functionality permits reporting on all data fields.

ViewPoint also provides an integrated electronic document management solution. Critical documents to ensure that you are able to continue to carry on business and meet regulatory and AML/CFT obligations can be stored to ensure limited losses and timely recovery. Electronic document management forms an integral part of any 21st century plan and is a far better investment than more fire proof cabinets.

For further information, contact Andrea Douglas or Andries Dippenaar