The Challenge
The unprecedented increase in regulatory and compliance requirements will drive exponential growth in compliance costs.
300 million
$320 billion
13%
67%
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. Nor is it scalable – for every instance in which a regulation changes, the organisation repeats the
manual process of assessing the impact of the change on policies and procedures.
With a new financial regulation being announced somewhere in the world every 9 minutes – this challenge is here to stay. Manual comparison and analysis are simply not a sustainable solution.
The Solution
1WordFlow Comply
1WordFlow Comply takes a completely different approach – compliance from the “inside out”.
Our unique conversion and enrichment technology standardises all content on a single platform – digital web format – enabling automatic comparison and analysis.
How 1WordFlow Comply works
Compliance from the “Inside-Out”
Because 1WordFlow Comply has transformed every policy and regulation into digital webpages and tagged them, the software has effectively classified every page – we now know the content of every page.
1WordFlow Comply takes that same approach with regulation – tagging and classifying every page.
Ascertaining where a regulation applies can now be automated as we simply compare the classification of the regulation with that of the policy.
It is a simple matter for Financial Institutions to align their obligations with their policies and procedures in a fraction of the time of traditional methods.
Accessible
Available anywhere, anytime and on any device. Remote workers have instant access on their mobile device
Always Up to Date
No version control or out of date content. Updates in minutes, not days
Automatically Linked
Every policy linked to related procedures and regulations
Fully Integrated with SharePoint
A user friendly interface to SharePoint manages retrieval, workflow and version control.
Instantly translated
Into any one of 100 languages
Inbuilt Compliance Testing
Fully integrated to test, measure and report on compliance
Case Study
Ensuring Compliance with CRS and FATCA Legislation
A major bank was faced with the challenge of ensuring compliance with CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act) Reporting requirements. Identifying the impact of this legislation on their policies and procedures using manual comparison and analysis was estimated to take at least 6 months and involve considerable expense.
Further cost would then be incurred reviewing training materials and assessing compliance with these new requirements.
How 1WordFlow Helped
1WordFlow simplified this compliance challenge in a number of simple steps:
- Transformed the legislation – CRS and FATCA – to digital format
- Automatically identified where policies and procedures were affected by the regulation
- Transformed all the Bank’s relevant policies and procedures to digital format
- Published the digital content with knowledge tests embedded in every policy and procedure document
- Classified every page of the regulations and every page of the policies
- Automatically reported staff comprehension of the revised policies – for internal and regulatory reporting
