What is Rail Franchise Management software?
Rail Franchise Management software is a solution specifically aimed at helping Train Operating Companies (TOCs) manage their commitment compliance for each franchise. The solution utilises the rail period calendar (13 periods in the year) rather than the traditional calendar, ensuring the frequency of task creation is aligned with the specific terms of the franchise.
Rail Franchise Management software provides a centralised platform for uploading, tracking and managing obligations, and enables staff with responsibility for commitments to have access to an automated to-do list.
What are the benefits of Rail Franchise Management software?
Within the ever-changing compliance landscape, an increasing number of TOCs are finding it difficult to manage their compliance commitments and ensure organisation- wide adherence.
If a business is to deliver a high level of compliance, it is essential that it deploys a compliance software system which is genuinely fit for purpose.
CoreStream Rail Franchise Management is a flexible technology platform which provides TOCs with a centralised commitments register that can be used to track obligations and compliance activities across the various franchises. This distributes workload and reduces the administrative burden on the compliance team, allowing them to focus on value-added activities.
The platform enables companies to manage compliance commitments and associated tasks, correspondence and documentation centrally, providing a comprehensive audit trail for regulators. A number of TOCs also use the Rail Franchise Management solution to track variations and derogations, providing a clear audit trail (and evidence) of agreed exceptions.
What are the risks of not having Rail Franchise Management software?
In today’s business world, an increasing number of issues which could potentially pose a threat to an organisation’s reputation and its ability to operate. These can range from health and safety risks, cyber security issues and financial risks brought on by poor customer service, to market challenges and supplier problems.
Effective commitment management will help to maintain business continuity, provide reassurance for stakeholders and contribute to the organisation’s success. An effective commitment management process will provide the business with independent assurance that they are appropriately managing their obligations and any related compliance tasks.
Lack of such a function could potentially impact the overall effectiveness of an organisation’s commitment management strategy, leaving business assets, including data, not properly safeguarded and open to threat.
Our intuitive technology enables organisations to quickly implement commitment management programmes which cut the risk of non-compliance and offer early insights into any potential problems or issues which threaten your operations.
Whether performed internally or by an external provider, the key to your organisation deriving genuine value from its obligation management processes lies in ensuring that any areas of non-compliance are turned into real actions to drive the required change.
CoreStream’s flexible Rail Franchise Management software will enhance your commitment management approach and mitigate compliance risk by:
- Creating a centralised commitments register which enables the collaborative management of obligations, compliance tasks, correspondence and actions.
- Reducing the administrative burden on the compliance team, allowing them to focus on value-added activities.
- Improving the efficiency of commitment management.
- Delivering real-time, accurate insights into organisation-wide commitment compliance, including the outcomes of compliance tasks and actions.
- Assigning accountability for commitment compliance and the option to request and review the business interpretation of commitments.
- Providing a comprehensive audit trail for regulators to follow.
- Improving incident response due to issues being identified earlier and addressed before they become a problem.
- Ensuring full control over data privacy.
- Enabling correspondence and documentation to be linked to obligations, including correspondence with regulators.
- Increasing efficiency of your audit process and risk management procedures.