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Hyperion

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Developed by BDO Cerberus Regulatory Consulting, Hyperion is a bespoke compliance monitoring tool offering an intuitive, real-time solution for your monitoring programme.

Compliance monitoring has historically involved static excel workbooks, requiring significant administration and the manual extraction of data for reporting.

All too often when things are going wrong, or being missed, it can be a long time before these are spotted and Senior Management’s attention drawn to the matter.  Similarly we understand that compliance teams are busy, often leading to monitoring programmes being updated just ahead of board meetings for inclusion in board packs.

Hyperion has been designed to change this, providing you with an interactive system for compliance testing, including task allocation, automated notifications, deadline monitoring and board reporting.  Hyperion offers a pro-active, ‘real time’ method of monitoring your compliance and business risk, providing compliance staff and directors with the option to view the dashboard anywhere and immediately see the current status of tasks.Compliance doesn’t need to be complicated - Hyperion simplifies the designing and operating of your CMP:

• Create and record test methodologies;
• Document test findings and any follow-up action required; 
• Track and assign remedial work;
• Swiftly extract data for Senior Management report

CYCLES
See the current status of your compliance monitoring programme directly from the Homepage, with colour coded testing and pie charts providing a visual, easy to understand breakdown of tests and actions.Have a range of obligations to test? Hyperion allows for multiple concurrent cycles, 
allowing you to break testing down for ease of reporting.

STAY UP TO DATE

BDO Cerberus will ensure that Hyperion is kept up to date with any changes to regulatory laws/rules.  We’ll keep you promptly advised of any changes, allowing you to make any tweaks required to your test methodologies. 

Methodology changed mid-cycle?  Where changes occur to your existing test methodologies, there’s no need to worry about your programme. Each test occurrence will always be against your most up to date approach when activated.

THREE-CLICK BOARD REPORTING

Save time manually extracting data from your spreadsheet-based CMPs to populate your MLCO or Compliance Officer reports. Hyperion has a suite of built-in reports which can be readily imported into your board packs for review at board meetings or periodic reviews as required, or even on-line during your board meeting.

Want a tailored report?  With Hyperion developed on-island in collaboration with a local software developer, custom reports can be created in a matter of hours, allowing you to produce reports with the exact data required by your board/ compliance department to effectively mitigate your risk.

AUTOMATED GAP ANALYSIS

As identified by the JFSC in their June 2020 feedback paper (further supported by their December 2020 Compliance Monitoring Plans thematic review), ‘more than half of the CMPs that were implemented by the Relevant Persons examined to test the effectiveness of systems and controls…had not been mapped to the regulatory framework'.

Hyperion provides a simple, real-time gap analysis of compliance testing against your regulatory obligations.  Each test template can be tracked against the applicable obligations (rules, paragraphs, etc.) with a built-in report providing a means of swiftly identifying those obligations not being tested.  Is an obligation not relevant?  Hyperion allows for this to be recorded within the system and readily evidenced within reports.

TESTING RECORDS

Is your CMP spread across multiple planning and control documents?  Hyperion offers a one-stop shop for your compliance testing records and a straightforward means of evidencing work undertaken. Each test record provides details of the methodology used, the results of the testing conducted and references to the documents reviewed as part of the test, as well as any connected actions. 

Once completed, these records are retained in the system in line with regulatory record keeping requirements and can be readily referenced to demonstrate testing conducted, for example, to an auditor or the GFSC.

CALL TO ACTION

Testing identified weaknesses or areas for improvement?  Hyperion allows for the creation of actions to track any remedial work, with the status of those actions immediately visible in the charts on the Homepage. Hyperion also has built-in controls requiring that actions are created where a test has not resulted in an adequate outcome.

E-MAIL NOTIFICATION

With Hyperion there’s no need to regularly check on the status of your CMP; the system provides automated notifications when a test is forthcoming, due and overdue.