be in effect – with fines for non-compliance likely to rise accordingly.
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.
- Policies and procedures
- Learning management, and
- Attestation and Compliance Reporting
How 1WordFlow Comply works
1WordFlow Comply aligns policies and procedures with regulation from the “Inside-Out”
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.
Fast, Accurate and Cost-Effective Banking Compliance
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