Compliance Monitoring and Testing

Streamline Compliance Monitoring Processes and Automate Reporting

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Compliance Monitoring

Today’s Compliance Monitoring and Testing Accountability Requirements

A successful compliance monitoring and testing program provides early insight into potential compliance challenges, enabling financial institutions to more quickly and easily resolve issues before they become serious. Today’s financial services regulators, customers, executive leadership, and functional areas depend on Compliance to preserve and promote the integrity of the organization – and deliver results. These stakeholders expect more:

  • Greater data accuracy and reporting
  • Real-time insight into emerging issues
  • Lower costs and better resource optimization
  • Avoidance of enforcement action(s)
  • Real-time insight into emerging issues
Compliance Monitoring and Testing

The Challenges of Legacy Methods

As critical as Compliance Monitoring and Testing is for accountability, legacy technology solutions have lagged. Manual methods, such as spreadsheets, emails and shared documents, have resulted in seemingly endless cycles of inefficiency along with:

  • Lengthy and costly testing times
  • Historic-based reporting that is limited to status updates on completed activities
  • Reporting errors
  • Unintentional testing overlap
  • Subjective versus objective assessments
  • Enforcement actions
Compliance Monitoring and Testing

Accountability Workflows Ensure Consistency, Collaboration and Transparency

Workflow-based solutions increase productivity by automating compliance monitoring and testing activities and ensure accountability throughout the process. Workflows also shorten testing times because, by having greater visibility of centralized data and tasks, management can avoid duplicating tests across business units and/or first lines.

  • Automate test series scheduling, execution, and closing memo creation and notification
  • Map to regulations, attach work papers, assign questionnaires to tests, and assign and enforce milestones for completion
  • Build a continuous flow of communication by providing a single collaborative space across business lines and compliance teams
  • Drive accountability and manage expectations with real-time access to help close out action items in timely manner
Compliance Monitoring

Deliver Business Intelligence and Insight with the Predict360 Platform

As an integrated risk and compliance intelligence platform powered by AI, Predict360 automates many tasks and workflows while improving quality and value of compliance and risk activity execution through a single platform.

  • Create risk and regulatory relationships between organizational activities to provide visibility into where risks intersect
  • Harness modern capabilities of machine learning, natural language processing and Artificial Intelligence (AI) to bring in risk data from external sources and analyze against internal data
  • Achieve insight into areas the organization is currently unaware of to proactively adjust courses of action as needed.
  • Provide management real-time visibility into overall progress across compliance programs
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Compliance Monitoring

What is Compliance Monitoring and Testing?

Compliance monitoring and testing is an essential compliance function carried out in businesses that operate in heavily regulated sectors of the economy like finance. In the banking and financial services industry, businesses need to ensure compliance because non-compliance can result in heavy penalties, reputational losses, and even the loss of control over the business.

Businesses regularly test different business units to ensure that they are maintaining compliance through the right processes and actions.

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Compliance Monitoring and Testing

Importance of Automating Compliance Monitoring and Testing (QA Testing)

The importance of compliance monitoring and testing cannot be overstated. Compliance is an essential function and the board needs to have the right information to make the right decisions.

When businesses handle monitoring and reporting manually, the intelligence they have is based on historical records which makes the intelligence outdated. Since the tests are done on a sample of data, there is a chance that problems may be missed.

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Compliance Monitoring

Achieve Unparalleled Performance with Automated Compliance Monitoring and A.I.

Automated compliance monitoring allows your business to continuously monitor the processes, documentation, and requirements related to compliance to ensure that any problem that occurs is detected early. An early detection can allow your business to fix the problem before it causes any serious damages. The strength of the compliance controls also shows regulatory bodies that your organization has a strong compliance framework in place. This can make a significant difference in compliance related damages and penalties.

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