Chief Executive Officer or Chief Risk Officer, In case you do not take my word
for it, do ask for your free demo from Ontech.
My name is Lydia Nasilele Simakando, I'm a governance, risk and compliance specialist.
Today I'm excited to talk about Ontech and two solutions that they bring to the Zambian
market.
The enterprise risk management solution, as well as the anti-money laundering solution.
Ontech is a Zambian company that understands the compliance landscape, as well as the
regulatory intricacies.
The anti-money laundering software comes with key important features for governance risk
and compliance specialists.
There are local integrations for companies such as ZPPA, ZRA, PACRA and the financial intelligence
center.
Simply means that it makes compliance easy for practitioners not to do minor searches,
not to go to each individual website, but to simply go into the system and find what
they're looking for.
Another interesting feature is the AI machine learning, real-time transaction monitoring.
With how complex transaction monitoring is, as required by the financial intelligence
center act, this solution makes compliance easy because you get all the alerts in real
time.
The AML software is of significance to both directors, as well as executive directors.
This is because reporting on compliance has become easy.
The better of compliance has now been complicated with the dynamic landscape.
Bank of Zambia has increased some of the fines by over 300%.
So the cost of compliance is huge to be ignored.
But with this solution, with compliance being made easy, you can manage your compliance
and stay compliant without having to worry about the compliance outlay that you have
to suffer in case of any breach.
Let's talk about the enterprise risk management software.
This is an amazing solution.
Forget about having to manually do your risk control assessments.
The solution gives you an end-to-end process and the integration with ERP solutions makes
it very easy for you to have risk management on the go.
You get alerts on your mobile phone, you get alerts through your email for high risk or whatever
you define according to your risk appetite statement.
This is a good thing for boards of directors, this is a good thing for risk management professionals
and is good for embedding risk management in all the functions of an organization.
In the risk management solution, your risk register can be obtained at the click of a button
and this can be customized according to the level of detail that you want to communicate
to your stakeholders.
Another exciting feature in this solution is the dashboard.
You log into the system as a director and you see where your high risks are.
You see your graphs, you see the trend and you see a short report.
If you want detail, you have the ability to drill down.
It's the customization that won't take us down to this solution that makes it very superior,
easy to work with and very user friendly.
Training is key to embedding both risk management as well as compliance into the culture of an organization.
And I like what OnTech has done with these solutions.
Both the ERM software and the anti-money laundering software have embedded learning as a module in the system.
So all the users of the system can be tested in terms of the know-how before they can actually be accredited to use the system.
I think this is brilliant.
The system is built on bank-grade security infrastructure which meets ISO 27001 standards.
So for all IT governance specialists that are looking to get certified for their systems, this system is good for you.
The system is also meant to integrate to your ERP.
It simply means that whatever reports the other functions are feeding into the system,
the risks are automatically picked and it makes risk management and compliance easy and you're doing this on the go.
The ERM software has taken into account the implementation over three lines of defense model.
This is key because this is actually what embeds risk management into the functions and all the structures of the organization.
The first line of defense will have their own module, the second line of defense will have their own module, the third line.
Your auditors will now be able to also go into the system and provide that assurance that all the lines of defense are working perfect.
This is exceptional.
In this digital era, we need to enhance our risk management by applying artificial intelligence.
The system has been built with predictive risk analytics that give you a hint of what is about to go wrong before it goes wrong.
Now that is risk management.
In case you're looking for a solution to deploy quickly, Ontech has made the solutions ready to go.
This is the importance of having local ground solutions that understand local context.
Having explored many solutions, both international and local solutions, Ontech would takes no more than eight weeks to customize and have your ready to go solution.
Let's not forget to talk about how cost-effective this solution is.
For the cost of compliance, the cost of acquiring the solution is nothing compared to what you would be exposing yourself to if you continue in your minor processes.
In case you don't take my word for it, do ask for a free demo from Ontech.
You can visit them on their website and they'll be glad to run you this amazing software.