Automate Regulatory Compliance Management and increase operational excellence, agility, predict risk and implement a comprehensive compliance program.

What is regulatory compliance management?

Is a process by which organizations ensure compliance with relevant laws, regulations, guidelines and specifications. It is the use of compliance controls and the implementation of compliance requirements to identify and manage regulatory risks through corrective and preventive actions. Noncompliance with applicable rules and violations of regulatory laws and regulations may result in penalties, legal

punishment and federal fines.

The Challenges

• Organizations are constrained by rules and regulations imposed by many different government, trade, and standards entities, often across many different regional and geographic areas. No matter where they originate, one thing is clear: these rules constantly change, becoming increasingly complex and they inject ambiguity around which rules apply for any given location or set of activities. Tracking your compliance is challenging and not complying with applicable rules can pose significant risks and ultimately will result in inefficiency as your business struggles to get into compliance.
• Managing policies, procedures, training, reporting, complaint management, vendor management and issues has to be tracked and documented. Doing it through antiquated tools is becoming a challenge and increases the cost by allocating human resources.

Our Solution

Predict360 is an answer to the challenges of financial services organizations in reducing risks as they are faced with a sea of regulations. It is a compliance management system with a process that helps companies define “Why, What, How, Where and Who” will achieve compliance.

Predict360 platform helps organizations get in compliance and then stay in compliance. With a built-in Requirements Knowledge Base (RKB), populated with Federal and State legislative and administrative codes, a built-in applicability determination engine and notification of change, it can be utilized as a core component of your internal compliance program, capturing and documenting the rules and requirements you must comply with, and the evidence and activities around that compliance.

We find having a regulatory change management tool that maps all silos in order with the regulation will simply help you monitor the movement mandated by the OCC, FDIC, CFPB, NCUA and other regulators. This also allows upper management to use configurable dashboard views to efficiently and effectively monitor those actions and alleviate the gap between meetings, so that upper management can be aware of these issues. They are ultimately responsible for the actions that take place in the institution.

Key Features

Predict360’s Compliance Management Software is licensable as a standalone web-based application or as part of an integrated regulatory change management, risk, audit, incident, policy, procedures, competency and learning management solution.

• Link policies, incidents, tasks, risks, training plans and more to the corresponding requirements.
• Track regulatory change and be alerted when there are changes in the requirements.

Four Steps to Regulatory Compliance Management that leads to peace of mind

As a Chief Compliance Officer, you obtain peace of mind if you are certain that there is a strong compliance culture in the organization. Knowing that structure drives behavior, you introduce processes, incentives, and disincentives to drive appropriate attitudes and behavior. Is there a different approach that can yield results? Read on for the four step approach that has proved successful at many companies….

Step 1:

Determine business processes subject to compliance related data gathering or decision making.

Step 2:

Implement Predict360 and seamlessly integrate Predict360 processes in the business workflows identified in Step 1.

Step 3:

Test and fine tune the processes. Validate the outputs.

Step 4:

Measure the productivity increase of the staff and determine additional areas for automation and Predict360 deployment.

Author : Adeel

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