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Banking

Aligning Regulation with Policies and Procedures
Ensuring Compliance with CRS and FATCA Legislation

Complex Compaince Case Study 3-min

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.

Implement 1WordFlow Comply

  • The Bank was able to automatically identify where the CRS and FATCA regulation applied to their policies
  • Considerable saving of time and cost in automatic comparison as opposed to manual processes

The Challenge

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.

The Solution

1WordFlow Comply

1WordFlow Comply easily integrates the four elements of regulatory compliance.

  • Regulations
  • Policies and Procedures
  • Learning management, and
  • Attestation and Compliance Reporting

1WordFlow Comply simplified this compliance challenge in a number of simple steps:

  • Transformed the legislation – CRS and FATCA – to digital format
  • Transformed all the Bank’s relevant policies and procedures to digital format
  • Classified every page of the regulations and every page of the policies
  • Automatically identified where policies and procedures were affected by the regulation
  • Published the digital content for the Banks’ staff, with knowledge tests embedded in every policy and procedures document
  • Automatically collated and reported staff comprehension of the revised policies – for internal and regulatory reporting

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