Cutting Compliance Costs and Making Regulatory Management More Efficient Amidst Rising Regulatory Scrutiny

As compliance professionals, we are constantly trying to balance compliance and risk headcount needs with available resources ($) due to the constant and significant increases in the regulatory environment. More often than not, the cost center nature of compliance drives our institution’s executive management to reject additional requests for headcount due to lack of resources allocated in the budget. This creates a dilemma for compliance officers as we are expected to “do more with less” while maintaining the same level of compliance and oversight prior to these significant regulatory changes and impacts on our business.

Additionally, it increases our risk of receiving fines due to the lack of time and ability to properly oversee regulatory changes at the federal and stat levels, and make required policy and procedural changes at our institutions.

Wouldn’t it be great if we could find a technological solution for little costs to assist in managing the rise in regulations and the required changes, and even perhaps reducing our current compliance costs while increasing oversight?

The answer: 360factors provides exactly that solution. We offer cloud-based GRC tools that utilize cognitive technologies and thus, cut human capital resources in your institution’s compliance space — something that is otherwise unavailable on the market by other GRC vendors.

Our cloud-based GRC software includes Regulatory Change Management and Policy & Procedure Management (including monitoring current, proposed and new regulations at the federal and state levels, utilizing cognitive technology to identify your institution’s policies and procedures that must be changed, updated or added to remain compliant)

Audit Management Software (including the ability to track regulatory and internal audits year after year, where you can actually keyword search a request and review your previous responses to similar requests, as well as monitor agreements made with regulatory agencies and internal auditors to maintain compliance)

Complaint Management System (including hotline reporting and regulatory reporting abilities)

Case Management (acts as a repository of all your documents including items such as exam requests, questionnaires, surveys, assessments, etc. — also all keyword searchable)

Risk Management (including complete risk assessment and dash-boarding capabilities to identify and highlight risks to compliance officers, and provide concise and convenient reporting for executive management without having to use spreadsheets)

Online Continuing Education and Training Course Libraries available on demand (satisfying your regulatory and institutional requirements for your employees’ continued training and continuing education).

Whether your institution is a Bank, Credit Union, Payday Lender, Broker Dealer, RIA, Hedge Fund, Investment Bank, Mutual Fund, Electronic Payment Company, Mortgage Company, Insurance provider, etc., we have the ability to provide a compliance cost saving solution while increasing compliance oversight for your business.

 

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