Meeting compliance requirements for certain regulatory bodies in the financial sector can be a challenge. Add to this, overlapping requirements for multiple regulators and the landscape becomes even more complex.

AI-driven GRC software is helping teams take back the number of hours spent on manual regulatory change monitoring, while also helping experts keep track of where their obligations may intersect or overlap. In this way, organizations avoid unnecessary penalties and stay ahead of changes with a cross-organization, proactive approach.

Help your organization meet overlapping compliance requirements with the help of AI-driven GRC technology.

Scenarios Where Compliance Overlaps Occur

There are certain scenarios where compliance overlaps can become an issue or place extra pressure on organizations, especially larger banks and insurance companies in the financial sector. Here are some examples of where and how this can occur with different regulatory bodies, using banks as our example:

In the US, national banks face supervision from both the Office of the Comptroller of the Currency (OCC) as their primary federal regulator and potentially the Federal Reserve if they operate under a bank holding company structure. This puts them under the scrutiny of two regulators at once, requiring more resources to keep up.

For example:

A national bank like JPMorgan Chase is simultaneously overseen by the OCC for safety and soundness, the Federal Reserve for bank holding company activities, the FDIC for deposit insurance, and the Consumer Financial Protection Bureau (CFPB) for consumer compliance if its assets exceed $10 billion.

There are many other scenarios that also apply to different financial organizations that are not listed here but will also be affected by compliance requirements. The effect of these overlapping or dual obligations to regulatory bodies can mean:

These issues are avoidable but often mean that organizations need to pivot away from the traditional processes they have always employed.

How Organizations Handled Compliance Overlap in the Past

In the past, organizations have handled compliance issues manually, be it through periodic internal assessments or monitoring of regulatory changes. This can make it difficult to predict where and how regulatory compliance requirements may overlap for certain organizations and teams.

Some ways in which manual processes can hinder progress when it comes to handling compliance requirements includes:

Ways in Which AI Software is Changing Compliance

Artificial intelligence is altering the way that compliance experts are dealing with the enforcement of certain regulations to remain compliant. Through the processes of continuous monitoring and automation, your organization can save resources while also keeping up to date with the latest regulatory changes.

Here are some of the biggest ways in which AI-driven GRC software can benefit your team in the way that it deals with compliance requirements:

Predict360 Software Integration

Implementing a new compliance management system is easier than it ever has been with software like Predict360 that has a quick deployment rate and offers effortless scalability across business units for your organization.

Read on to learn more about the key features found in Predict360, as well as its AI assistant integration, Ask Kaia, to understand how it can best benefit your team:

Category Feature Description
Platform Architecture Cloud-Based SaaS Single, unified platform integrating risk, compliance, audits, and regulatory management
SOC 2 Type II Certified Enterprise-grade security and data protection
Risk Management Enterprise Risk Management (ERM) Identifies, assesses, and monitors internal and external risks with BI-powered dashboards
RCSA Captures inherent and residual risk ratings, controls, risk owners, monetary impact, and management comments
Risk Libraries Industry-standard risk taxonomies and comprehensive risk registers
Compliance Management Regulatory Change Management Real-time regulatory monitoring with automated impact analysis and policy updates
Compliance Monitoring & Testing Automates test series scheduling, execution, work papers, and closing memo creation
Document Management Centralized repository for policies, procedures, and regulatory documents
Business Intelligence Integrated BI Tools Embedded Power BI and Tableau for advanced analytics and reporting
Executive Dashboards Real-time compliance intelligence and data visualization for proactive management
Configurable Workflows Banking-specific workflows designed for financial institutions
Ask Kaia AI Assistant Federal & State Banking Regulations Training Federal & State Banking Regulations Training
Regulatory Analysis Analyzes proposed and final regulatory documents, identifies applicability and penalties
Risk & Control Suggests applicable risks and controls from regulatory documents
Policy Document Drafting Drafts new policies and procedures aligned with regulatory requirements
Policy Gap Analysis Reviews existing policies, compares to current regulations, and recommends updates
Document Export Exports documents in editable formats like Microsoft Word
Contextual Memory Remembers previous questions within regulatory threads for smarter responses
Private & Secure Self-hosted solution; client data never shared with external AI engines

Get in touch with our team or request a demo to see how our software can help your team excel at compliance management.