When banks and other financial institutions look for risk and compliance management technology, they generally frame the process in the context of improving their current risk and compliance management framework. Most expect their existing risk and compliance processes to be faster and more efficient. Risk and compliance solutions deliver on this promise, but they go beyond improving the current processes by introducing new benefits and possibilities.

In our experience implementing risk and compliance technology across multiple banks in the country here are some of the benefits that banks usually discover after they have implemented the technology solution.

1 – Data Generation

Risk and compliance management is based on collecting important documents, information, and data for assessment, audits, and more. Risk and compliance solutions ensure that all the data that a bank has is integrated into the system for analytics and monitoring. Risk and compliance technology can also introduce new data metrics which were not being tracked previously. Businesses can see the average time it takes for compliance issues to be resolved, the total number of open issues across the organization, and numerous other such data metrics which were previously inaccessible.

2 – Improved Collaboration

Risk and compliance technology goes beyond improving risk and compliance data collection and monitoring to enable better collaboration for employees. Banking governance solutions include task management for risk and compliance activities and corrective actions. Instead of manually collaborating via email, employees can use the dashboards provided within the risk and compliance solution to quickly communicate, assign tasks, monitor progress, and much more.

Risk and compliance solutions help management monitor the progress of risk and compliance improvements across the organization and provide a single platform where people from every department can collaborate and view the results of their efforts. Click To Tweet

3 – WFH Possibilities

Working from home was not generally considered a viable option for banks and other financial organizations that work with highly sensitive financial documents. The recent pandemic and ensuing shutdowns have made WFH a need for these organizations. However, it is also critical to provide a way for employees to work from home without threatening the security and privacy of customer data. Cloud-based risk and compliance solutions with modern security functionalities enable employees to safely access documents and monitor risk and compliance.

4 – Organization-Wide Synchronization

Creating the strategy and policies that result in lower risk levels and higher compliance is not difficult – the difficult part is implementing these policies across the organization and ensuring that they are being followed. Risk and compliance solutions help management monitor the progress of risk and compliance improvements across the organization and provide a single platform where people from every department can collaborate and view the results of their efforts.

5 – External Risk Metrics

Many organizations, when they talk to us about our risk solution, want to know how they can use their own risk data for better analytics and assessments. What many do not realize is that they are no longer limited to only using their own data – Predict360 can also pull in data from external sources for better analytics and predictions. By using external risk metrics such as news about regulatory changes or peer benchmarking our risk solution can provide predictive analytics, informing banks about potential new risks for proactive mitigation efforts.

6 – Lower Costs

Most banks expect their risk and compliance management costs to increase when they implement regulatory technology. However, banks are very surprised when they see that their risk and compliance management costs are lower after the technology has been implemented. Risk and compliance technology automate and streamlines processes, saving significant labor hours. This enables banks to significantly increase risk and compliance productivity without increasing the headcount in the risk or compliance departments.

7 – Document Security

Document security is essential for both risk and compliance management. From a risk management perspective, it is a huge risk that sensitive documents may be accessed by someone who should not have access to them. From a compliance perspective, it is important for banks to be able to control who can and who cannot access the documents as well. That is why you will find enhanced document security management features in most risk and compliance solutions. These solutions track where all the documents are stored, who accessed the documents, limit accessibility to documents, and ensure that all changes are properly recorded. This ensures both the integrity and security of bank documents.

There are many other benefits that clients discover when we show them a demonstration of our American Bankers Association endorsed compliance solution – we would love to demonstrate them for your bank as well.