Banking and Financial Services
Providing collaboration, transparency, and intelligence for GRC
Banking organizations have continued to grow and expand the scope, complexity, and global nature of their business operations. The regulatory environment where the banks operate has also evolved and turned much more complex today. The corporate compliance function is faced with the challenge of managing increasing compliance risks both within and across business lines, support units, legal entities, and jurisdictions of operations. However, most banks are using point-based legacy systems or excel spreadsheets to manage their compliance risk programs.
The Federal Reserve Bank (FRB) also requires large, complex and foreign banking organizations to adopt a firm-wide compliance risk management program to identify, assess, control, measure, monitor, and report compliance risks in adherence with compliance policies and procedures and risk management standards. This involves key regulatory requirements including laws such as anti-money laundering (AML) program, the Bank Secrecy Act (BSA), the U.S. Department of Treasury (DoT) rules and regulations, the Federal Reserve guidelines, and others. The Department of Justice, the SEC, the OCC, the IRS, and the Federal Reserve frequently conduct regulatory examinations to ensure that these programs are well documented and adhere to necessary guidelines.
MetricStream provides a comprehensive solution that helps banks comply with the wide range of rules and standards, while implementing a firm-wide compliance function to oversee and mitigate compliance risks, and promote a strong culture of compliance.
Some of the highlights of the solution are:
MetricStream Solution ensures consistent compliance and controls process across the enterprise, eliminating any deviations and errors as well as redundant activities resulting in reduced over-all compliance costs. The solution also has powerful MIS capabilities for streamlined regulatory reporting. In addition, the solution ships with embedded compliance dashboards and heat maps that provide enterprise-wide visibility into the compliance management process, highlighting issues that need to be addressed. The solution also provides tremendous flexibility by enabling users to configure ad-hoc or scheduled reports.
MetricStream Solution also provides other intelligent and content-driven features such as access to best practices and training from an expert community within the solution and integration of business processes with notifications and industry alerts.
Recorded Webinar: Rethinking Operational Risk
Expert Speaker: Christopher E. Mandel
MBA, CPCU, CCSA, ARM, AIC, RWW
Select Customers in Banking