360factors CEO Carl L. McCauley was invited to the ABA podcast at the American Bankers Association Risk and Compliance Conference 2018 (ABA RCC 2018), where he explained the new compliance system created by 360factors is perfectly suited for small to mid-sized banks. Carl talked about the quick deployment, flexible purchase options, and ease-of-use of the system. Ryan Rasske, Senior Vice President, Risk and Compliance at ABA hosted the podcast.

To listen to the full podcast session, please click here

Carl covered many different points in the podcast – he explained what makes the 360factors Compliance Management System so perfect for small to mid-sized banks, how the quick implementation lowers operational costs and improves decision making, and the advancements in artificial intelligence

Here are a few excerpts:

On what drove the company to create the new Compliance Management System

People see the value of the system, but getting it approved as a capital expenditure to the board of directors is always a time-consuming project. So, we came out with a system that is a low-cost option, has monthly payments, no long-term commitments, really no risk, and you can implement it in less than a day. Now you can deploy a system, try it out, get the value, prove the value, and do all that without going for a big capital request. That was what drove the need for it.

On the blazingly quick implementation and how it is possible

We spent about six months getting this ready for our existing system and part of that is, how do you deploy it quickly, within less than a day? How do you make sure there are no training requirements? Well, you login, there’s help, there’s guidance, it walks you through all that. Some of the tools you see more recently in other products out there, we’ve incorporated those tools, which really drives ease of use, user adoption, and minimizes training. There’s no need to go through a four, five-hour training course anymore.

On people being surprised and skeptical about the one-day deployment of 360factors’ Compliance System

People are really surprised when we say it’s less than a day and just to highlight that we take about thirty minutes to get it up and live, we give ourselves a day to kind of get some window there, people are surprised by that, and then we say you should be using the system within thirty minutes and getting some value

On how Artificial Intelligence plays a crucial part in the system

We see artificial intelligence making a huge difference out there. Previously, we spent time on the artificial intelligence for the regulatory side of things. We’re using artificial intelligence now to start scanning through documents, policy documents, procedures… use artificial intelligence to map that to the regulatory requirements and help build that map for you very effectively.

We also help scan through all your policies or procedures or compliance activities and help identify risks that may be missing. You go through the risk to identify your top risks, but you can only scan what you know about. What have you missed? Maybe your complaints are higher than you thought so therefore you’re outside the threshold. Artificial intelligence could help scan through and identify those things and present that to you, so now you can ask the question, “Hey, do we have risks in these areas we haven’t thought about?”