Six Key Elements of Corporate Compliance

In working with the 60 Bank and Credit Union customers currently using our Predict360 Compliance Platform, I have come across trends that are common with all well run Compliance Departments. The key factor which differentiates clients with a strong compliance culture versus a weak one is their understanding of specific business models used in different departments, different locations and investing the time and resources to ensure that the model incorporates a risk mitigation and management component that will outline both Inherent Risk and Residual Risk.

Here are the Six Key Elements of Corporate Compliance:

• Leadership – Must have an experienced Chief Compliance Officer and Chief Risk Officer
• Standards & Controls – Having a software application in place with workflow capabilities
• Risk Assessment – Ability to maintain your corporate Risk Modules along with Industry standards
• Training & Communication – Compliance team needs access to the latest updated courses
• Monitoring – Transaction monitoring along with identifying trends common to AML Fraud
• Auditing & Response – Auditing functionality tied to your Rik Modules
• Know your Vendor, (KVV) – Manage your vendors the same way you manage your clients

If your Bank or Credit Union is interested in HOW to address these Six Key Element of Compliance, look at our Risk & Compliance Platform, Predict360.  Our platform will get you on your way to having the best Automated Compliance Solution in the market.  Key features include;

Compliance Process Management:

• Integrated BSA/AML workflows, including managing the SAR and CTR reporting processes.
• Integrated HMDA workflows and reporting processes.
• Integrated Marketing Material and Advertising Review workflows
• Integrated Complaint Management and Hotline Reporting management capabilities

Predict360 is a fully configurable and automated Enterprise Risk and Compliance management platform that has over 40+ modules for the Financial sector, Power sector, Oil & Gas, Information Security, Insurance, EHS and other major sectors. Some of the popular ones like audit management software and compliance management software are successful enough to have enabled 360factors to be awarded 2014 GRC technology innovation award.

Source: http://www.360factors.com/blog/six-key-elements-of-corporate-compliance/

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