360factors CEO Carl L. McCauley was invited to the ABA podcast at the American Bankers Association Risk Management Conference 2018 (ABA RMC 2018), where he explained how 360factors’ approach to GRC was different and more suited for small to mid-sized banks and financial institutions. Ryan Resske, Senior Vice President, Risk and Compliance at ABA hosted the podcast. Ryan also congratulated 360factors on being awarded the ABA endorsed solution provider for compliance management with their new Compliance Management Solution.

To listen to the full podcast session, please click here

Carl covered many different points in the podcast – from what the 360factors Compliance Management Solution does, to problems in the industry when it comes to compliance.

Here are some important excerpts from his interview.

On what the new compliance solution by 360factors does

Our product helps our customers and mid-sized banks improve their business performance by reducing risk and ensuring compliance. Our solution helps banks manage their regulations and obligations, their policy, procedures, the risk and controls, audit management and assessments, online training qualifications, and all the compliance related activities in a single integrated solution that makes it more effective, more efficient.

On the problem with manual compliance

A lot of banks are still very manual, using spreadsheets and emails. Manually copying data from an action tracker to a calendar schedule to a management report. That’s a lot of manual process. Due dates and follow-ups, emails back and forth, maybe holding a weekly meeting with your staff members. That’s a lot of manual time being wasted on non-value activities.

On the automation provided by the compliance management solution

What we want to do is make (compliance) more efficient, automate the entire process. Have a single system in which you can input the data, we can summarize the reports, we can do the notifications via email to the right people. If a due date is coming, we can track those kinds of activities and we’re looking to make the summary reports become available and tie those things together.

On why GRC solutions are perceived as being too expensive

Organizations realize the value of what GRC solutions can do, but most people think they’re very expensive, and that’s because a lot of legacy vendors out there have made it very expensive. They’re often expensive with long-term, multi-year commitments. You do all that before you see the value of the system. Even when you’ve purchased it, it takes maybe months, if not over a year to implement those systems. That’s a difficult proposition for a midsize bank to swallow. So, one thing we’re trying to do is really reduce the complexity around our solutions and GRC solutions.

On how the 360factors compliance solution is perfect for mid-sized organizations

We have focused our needs on the needs of a mid-sized bank (and financial institutions). They don’t have staff to spend the next six months working on a software solution when they need to be doing their job. Our solution is an out-of-the-box solution. We are really focusing on how the midsized banks can deploy the solution, do it within hours or days, not months, quarters, even a year. We are moving towards what I would call ‘No Risk’ types of terms. Pricing that can be expensed on a credit card so that you don’t have to go to the board level for a multi-year contract in a six-figure type of contract.

On showing the value before making any commitments

Organizations can have the 360factors Compliance solution deployed on a few hundred dollars a month at a credit card. See the value, make sure it’s working for you, and then if you want to make a long-term commitment, what do you get in return? Discounts.