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Covalent for Improved Governance
Covalent improves corporate Governance and Risk Management by managing compliance initiatives and business risk mitigation. The self-assessment tools help you automate monitoring of compliance status against the relevant regulations, acts and codes.
You can also monitor progress on actions or audit recommendations to address non-compliance. Covalent Risks allows you to identify, assess (based on likelihood and impact) and manage risk areas across the enterprise. It also records details of internal controls and manages mitigation action plans.
Self-assess Compliance
Select from Covalent's library of sector-specific and other relevant governance frameworks, against which you can score current performance and consolidate any supporting evidence available. Traffic-lighted views of compliance status highlight areas requiring action to address non-compliance. Progress track any actions put in place to address non-compliance or audit shortcomings.
Supporting evidence
Create free text field labels where you can store commentary by way of further evidence for the self-assessed score. Files of any type and format can also be uploaded as further supporting evidence. Add further commentary and explanations in the Notes panel. All notes are user and date stamped.
Proactive accountability
Reinforce lines of accountability by assigning each item to nominated users, at different levels of responsibility (e.g. Manager, Assignee, Viewer). Automatically email update reminders and status change alerts (e.g. green to red) to the appropriate department or person. Create escalation routines to notify managers of slipped deadlines for self-assessments. Every change to data is recorded, such as who inputted the data, its source, how and when it was calculated, when and why data was changed etc. Reports can be run against all audit trail data.
