Lack of automation in Enterprise Risk and Compliance Management Systems is causing financial professionals to work in compliance vs. working on compliance.

Bank Enterprise Risk Management Solution

The Challenges

  • Uncertainty in the markets and continuous overregulation in the financial sectors are continuing to damage customer perception and reduce shareholder value.
  • Antiquated banking compliance tools are ineffective in today’s sea of regulations since they were only developed for rudimentary compliance workflows.
  • The use of different tools across multiple departments increases cost, creates silos and mistrust in data which prevents risk and compliance executives to make intelligent and timely decisions.
  • People tend to over comply or under comply. In both cases, it is costly since regulatory specialists don’t have a system or a tool that helps them understand regulations or standards in plain English.
  • Keeping up to date with emerging new or updated regulatory information and then disseminating this to various global jurisdictions is difficult and, if not managed appropriately, can have limited effect, be overlooked, and cost time and resources.

Our Solution

360factors provides regulatory risk and compliance management software platform and advisory services such as risk management, internal audit, and information security solutions including regulatory guidance such as BSA/AML, Fair Lending, and CRA/HMDA through a simple yet effective regulatory risk and change management model and methodology.

We offer two unique solutions:

Option 1

Managed Services
In managed services, you pay a flat fee to license the software along with our services.

Option 2

You can secure advisory services on a short and long term project basis.

Our experts follow a consistent Regulatory Risk and Compliance Management Methodology.

  • Regulations drive the “Why” – why does an organization need to comply?
  • Once we understand the “why”, that leads to the “What” – what are the controls and what are the risk levels?
  • Once we identify the risk levels, this helps us prioritize which risks need to be addressed, leading us to the “How”.

Regulatory Change Management Methodology

  • The “How” entails defining a clear end-to-end process on how to mitigate risk and achieve compliance.
  • Once the process is defined, the next step is to identify the point of compliance which is the “Where” – typically a branch office.
  • Once the point of compliance is defined, the last step in the process is to identify the “Who” – who is responsible and who is accountable for actions and approvals?

Our Software

Our advisers and experts use Predict360, a regulatory risk and compliance software to streamline advisory services as a competitive differentiator. It vertically integrates all modules which allows organizations to manage their AML/BSA, CRA complaints management, internal policy compliance and other compliance programs based on federal and state regulations through a single platform.

  • It breaks down the silos, decentralizes compliance, and gives executives visibility to all risk and compliance activities and reports across all functional compliance departments.
  • Constantly stay updated and monitor current and new regulations such as Dodd Frank, BSA/AML, RESPA, FATCA, FINRA 4210, AISMD, Fair lending regulations including automated interpretation of the legal language.
  • Allows you to predict risk, gain real-time visibility into risk levels, and automate the process of corrective and preventive actions.
  • Streamlines the process of mapping all actions, policies and procedures, risks, evidence and training to specific regulations or standards.
  • Uncertainty in the markets and continuous overregulation in the financial sectors are continuing to damage customer perception and reduce shareholder value.