Cloud-Based SaaS For PRA Compliance
Brooklyn Solutions is here to help your business avoid the cost of non-compliance to ever-changing requirements from governing entities and regulatory bodies. Built on ensuring businesses stay ahead, Brooklyn assists customers to meet regulations and iteratively increase the effectiveness in which they do.
What is PRA SS2/21?
PRA stands for the Prudential Regulation Authority.
In March of 2021, the PRA released its interpretation of the EBA (European Banking Authority)’s outsourcing regulation guidelines entitled: The Supervisory Statement or SS2/21 which will come into effect as of the 31st of March 2022 (due to COVID-19 delays).
SS2/21 guidelines aim to strengthen the framework for outsourcing and third-party risk management by:
- Implementing the EBA’s ‘Guidelines on outsourcing arrangements.
- Facilitating greater resilience and adoption of the cloud and other new technologies.
What Is The Problem?
It is an ongoing challenge to achieve, maintain, and demonstrate regulatory compliance and consequently, there is an ever growing necessity to present substantial evidence of this. Leaving legal and compliance teams with the large burden of ensuring requirements are met.
These regulatory changes are relevant and will affect all:
- UK banks, building societies, and PRA-designated investment firms
- Insurance and reinsurance firms and groups in scope of Solvency II, (including the Society of Lloyd’s and managing agents)
- UK branches of overseas banks and insurers
- Furthermore, failure to comply with regulations can result in financial or criminal penalties!
In order to meet regulatory changes, a clear operating model that is consistently applied and improved upon over an extended period of time will result in what regulators wish to find in their supervisory audit and investigative reviews.
The Brooklyn Solutions SaaS platform ensures that businesses stay informed and ahead of regulatory and compliance standards and changes. Doing so across three key pillars; Company Policy and Process, Contractual Compliance, and Regulatory Adherence.
Our customers make use of Brooklyn to help automate and operationalise the best practice required to ensure they effectively are prepared to meet regulations.
View dynamic compliance scorecards of all your vendors via a simple scorecard. Allowing you to make strategic decisions based on key information at a glance.
Improve the initial event detection time as the Brooklyn platform highlights key risks in real time.
The Brooklyn Contract Compliance Engine is pre-loaded with those audit checkpoints that you need to inspect across your obligations and manage to a minimum plateau of good governance. Brooklyn scans and auto-discovers these elements to a high degree of accuracy, saving you time in audit prep and in the assessment of PRA compliance across your contracts.
Evidence Of Great Governance
The PRA audit entities will demand evidence of great governance for material outsource suppliers. Brooklyn Solutions provides this just by virtue of utilising the platform and working in tighter collaboration with your suppliers.
The Easiest & Fastest Way To Meet Compliance