Enterprise Risk Management Maturity across Financial Institutions


Compliance Management Solution

An increasing number of banks are being subjected to hefty fines and penalties due to non-conformance with regulatory requirements. Moreover, the pace of regulatory change remains disturbingly volatile . Clearly, ensuring compliance with an increasingly complex set of regulations is one of the key challenges that the banking industry faces today. Therefore, banks are looking at technology that facilitates and simplifies conformance to regulatory requirements.

MetricStream Compliance Management Solution

The MetricStream solution provides a common framework and an integrated approach to manage all compliance requirements from the Federal Board, GLBA, KYC, AML, Basel II, etc. With embedded best practices, automated information flows, assessments and testing, and remediation assignments, the MetricStream solution ensures consistent compliance and control processes across the enterprise, eliminating any deviations and errors as well as redundant activities.

The solution has powerful MIS capabilities for streamlined reporting. It also provides embedded compliance dashboards and heat maps that provide enterprise-wide visibility into the compliance management process, highlighting issues that need to be addressed. In addition to pre-configured standard compliance reports, the system provides tremendous flexibility by enabling stakeholders to configure ad-hoc or scheduled reports.

Key Compliance Requirements Addressed by the Solution

  • Anti-Money Laundering (AML) and Fraud Detection:  The MetricStream solution can continuously monitor the database for Currency Transaction Reporting (CTR) and Suspicious Activity Reports (SAR). It also has capabilities to implement controls  and audits to detect account behavior for fraud prevention.
  • Gramm-Leach-Bliley Act (GLBA):  The MetricStream solution ensures compliance with GLBA by creating and implementing critical GLBA mandates (e.g. Financial Privacy Rule, Safeguard Rule, and Pretexting) through a robust policy management framework and on-going auditing.
  • Federal Reserve Regulations: The MetricStream solution leverages an integrated framework and a federated approach to implement the guidelines of the Federal Reserve Act (codified in Code of Federal Regulations (CFR)) . The standardized framework incorporates best practices and standards to comply with CFRs such as Equal Credit Opportunity, Home Mortgage Disclosure, Reserve Requirements, and Electronic Fund Transfer.
  • Sarbanes-Oxley (SOX) Compliance :  The MetricStream solution enables banks to streamline SOX compliance programs, and significantly reduce their cost of compliance. Companies can design, assess, and improve internal controls under the Committee of Sponsoring Organization (COSO) framework, monitor their compliance processes at any level of detail, and easily provide evidence to external auditors that an internal control was tested to the satisfaction of the internal audit group. The document control capabilities provide a central repository with comprehensive change controls . The solution also provides greater control and clear visibility into issues, compliance statuses, and plans to all stakeholders.