The update, rolled out from early January, establishes Hyperion as a compliance and risk management platform for the Guernsey market.
Compliance professionals and boards will benefit from the first major update to the platform since it launched in March 2021. The update principally introduces the risk module, making Hyperion a more comprehensive solution in a landscape where regulatory reporting and compliance demands are continually increasing.
Paul Robinson, Business Advisory Director at BDO Guernsey, explained how the platform can help local businesses with their compliance and regulatory requirements:
“Demands on compliance professionals are increasing all the time and Hyperion offers a far more efficient way of meeting these demands.
“Hyperion has been developed locally and built from the ground up. We’re continually looking to evolve and develop the system, and the addition of the risk module is a key part of that, making Hyperion a more full-service offering for users.
“Both compliance monitoring and risk assessments have traditionally been handled on manual spreadsheets, which are labour intensive and fallible. They need to be updated and maintained in a busy area of financial services so it’s understandable that automation of some of these processes is desirable.”
Hyperion is a digital, interactive system maintained by BDO’s local team, who have years of experience in Guernsey’s regulatory sector, and updates then automatically filter through to the platform for its users.
“Whenever new rules and regulations are introduced, we will swiftly add them to the system’s library and let users know about the changes, highlighting any new or materially altered requirements that they need to know about,” said Paul.
“The risk assessment and monitoring functionality included in this significant update is fully integrated with the established compliance monitoring elements. This takes Hyperion to the next level, evolving it from a compliance monitoring tool to a full compliance and risk management platform.
“Many businesses are alive to the benefits of technology like this to reduce the burden on their teams and take advantage of our expertise.”
To find out more about how Hyperion could be an effective compliance and risk solution for your business, speak to Paul to arrange a demo of Hyperion.