While the promulgation of new regulations shows no sign of easing, financial institutions persist in their belief that the compliance challenge will be solved by simply adding more people to their compliance teams.
Currently, financial institutions are perpetuating an outside in approach to applying regulation to their policies. They are manually identifying how regulation affects every policy and procedure.
This approach is inefficient and error prone.
And, most importantly, it is not repeatable or scalable – every time a new regulation is announced, or a change implemented – financial institutions follow the same time consuming, costly manual process.
A new approach to aligning regulation to policies and procedures is long overdue.
1WordFlow Comply easily integrates the four elements of regulatory compliance.
Analogue Word and PDF documents transformed into digital web format at scale.
Automatic comparison of policies, procedures and regulations takes days – not weeks
Every page of every policy and regulation automatically classified and tagged.
No more wasting expensive analysts' time on manual work.
A user-friendly interface to SharePoint manages retrieval, workflow and version control.
No human error can occur in aligning policies to regulatory obligations – all documents are digital and tagged.
Now that financial institutions know what topics are discussed in every policy and regulatory page, they can align their obligations from the Inside Out.
1WordFlow Comply simply conducts a database match and report.
In the aftermath of the Banking Royal Commission, a major financial institution wanted to implement a faster, more cost-effective way of assessing how new regulations impacted their lending policies.
Previously, they assigned teams of analysts to manually search through their policies and procedures, comparing each page to new regulatory requirements.
How 1WordFlow Helped
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