To assist companies in meeting the burdensome requirements of the National Credit Act (NCA) of 2005, Magix Integration has announced the immediate availability of Dynasec's Securitive Enterprise to organisations that offer credit as part of their day-to-day business.
Securitive Enterprise is a Web-based application that assists companies in automating and more effectively managing their internal credit processes.
"With Securitive Enterprise, businesses can define a variety of audit models to ensure they meet the stipulations of the NCA without wasting time and money," says Amir Lubashevsky, director of Magix Integration.
"The NCA does not only require a once-off compliance effort, but is an ongoing requirement forcing companies to continually evaluate their internal credit management systems.
"Securitive Enterprise not only manages the process on an ongoing basis, but in reducing the amount of human 'processing' needed, it cuts the costs associated with compliance while improving accuracy. In fact, by making full use of the product's functionality, businesses can save up to 70% of compliance management costs, a saving that is sustainable in the long-term as the system performs ongoing risk management functions to determine the proper controls to be implemented in specific situations."
To enable the fast development of a framework to handle different credit issues, Securitive Enterprise delivers a pre-defined database of thousands of risks and controls, organised in processes and sub-processes. Moreover, it links multi-level organisational structures to risk frameworks, ensuring integrity is maintained even as the business grows and evolves.
Companies can also use the application to test if its processes meet legislative requirements, with the application providing real-time intelligence into its current compliance status. Additionally, to ensure the business conforms to other compliance legislation concerning the retention of corporate documents, Securitive Enterprise also manages the related policies, procedures, tests and any other relevant documents, making it easy to call up any supporting evidence when required.
And, of course, the system provides a host of reports that include information from across entities, control cycles, time periods, sectors and accounts via an executive dashboard. Management can opt for pre-defined, customisable reports and graphs; or reports that are integrated with the corporate data warehouse as well as its financial and analysis tools of choice.
Detailed audit logs are also kept. To meet stringent legal requirements, these audit logs track all changes to the framework and organisational structure, action plans, test work and so forth, keeping an eye on who did what, when and to what data.
"Using Securitive Enterprise allows organisations to make NCA compliance processes an integral part of the company's culture," concludes Lubashevsky. "The system creates a central body of evidence for all compliance activities while driving consistency and standardisation in all business processes."
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