Hub users configure control and monitoring of spokes–with flexibility for local AML Compliance & GRC needs
By Frank Cummings, CEO
If you are hearing about hub-and-spoke centralized control for the first time, you’re in good company. Hub-and-spoke control represents a powerful new opportunity to achieve cohesive and fully coherent Governance, Risk, and Compliance for institutions with multiple locations.
So what is hub-and-spoke centralized control in the context of AML Compliance and GRC? Hub-and-spoke control on the RegTechONE platform describes securely connecting RegTechONE installations around the world with monitoring and oversight at a central location. The benefit for institutions with multiple locations is AML Compliance and GRC that is aligned across the enterprise—no rogue branch locations or mounting Risk hidden from the central hub.
And because the RegTechONE platform was designed as The Power of Everything, hub-and-spoke centralized control on RegTechONE simultaneously facilitates location-specific workflows specific to jurisdictional requirements. And while each location may add workflows and collections specific to its needs, the central location can monitor all via dashboards and related monitoring tools.
This flexibility with clarity is central to the RegTechONE platform. We worked to design a RegTech platform that could adapt easily—i.e. Comply on the Fly—to rules and regulations that vary jurisdiction to jurisdiction and that evolve over time.
Here are some features of hub-and-spoke centralized control on the RegtechONE platform:
Monitor near-real time KRI and KPI dashboard reporting
Monitor everything anywhere any time. Authorized users at the hub can set up any desired dashboards to monitor any spokes they have configured. RegTechONE (RTO) accomplishes this via encrypted API communication between RTO installations. RTO spokes normally cannot communicate with each other; they can only communicate with the RTO hub.
A query is a query
Hub users can query the hub or any of the spokes. This feature gives authorized users at the hub the ability to drill down and research any issue directly on the spoke. To be clear, this query feature requires hub users to adhere to legal requirements at spoke locations—about data privacy, for example. We advise hub-and-spoke clients to work with their legal teams to leverage hub-and-spoke centralized control carefully and in compliance with laws and regulations in each spoke jurisdiction.
Permissions are everything
Permissions govern access and actions. Authorized users at the hub can decide what level of control the spokes have. This can range from spoke users in full control of their spoke RTO installation to spoke users controlling just a few KRI and KPI to spoke users having no control of configuration.
It’s a no-code platform
End-users configure–no programming needed. RegTechONE boasts no-code workflows with rich drag-and-drop configurability based on permissions. Authorized hub users can choose centralized workflow creation, spoke-created workflows, which users/locations can make changes, and so on. In short, the hub decides how the system will operate enterprise-wide and at each location—with permission-based no-code configurability to Comply on the Fly.
Users choose translations
Everything can be the same language–or not. RegTechONE supports any translations authorized hub users allow. AML Partners works with clients to configure RegTechONE in any language needed; we simply need any new language translated once on a spreadsheet. That means that anyone with permission can select any available translation and RTO will operate in the selected translation. This does not change data in any way. (Most administrative features are not translated.)
What can ONE do for you?
We are excited about the potential of hub-and-spoke centralized control on the RegTechONE platform, and we are working with clients to explore how this option can transform the quality and efficiency of their GRC and AML Compliance. Part of the excitement is in re-envisioning what RegTech can be and how our clients can make it their own. What can ONE do for you?
