Regulatory Relationship Management Solution

Financial institutes undergo various types of examinations conducted by federal, state as well as international supervisors. The frequency of these examinations varies depending on the purpose. The purpose can be to ensure safety and soundness, or compliance with applicable laws and regulations. Apart from these specialty examinations can occur at a different frequency. In certain cases, especially for large financial institutes, these examinations may run throughout the year, as regulators examine each area of the bank.

Further, the expanding scope of the examinations and the fast changing regulatory landscape, with newer regulations like Dodd-Frank Act, Consumer Protection Act, Anti-Money Laundering AML, necessitate effective and efficient management of the examination process.

For successful examinations, financial institutes must be 'examination-ready' at all times. The prerequisite for this is to organize all necessary documents and regulatory reports in a centralized repository that is easily accessible. The financial institute must also be adept in planning, preparation and management of examinations.

However, most financial institutes are using disconnected silos of point-based solutions or excel spreadsheets to manage examinations. This makes it extremely difficult to manage the entire regulatory examination aspect from a centralized location.

MetricStream provides a common framework and an integrated approach to manage all aspects of regulatory relationship management. MetricStream Solution comes with built-in regulatory content, industry standards and best practices.

The key functionalities of MetricStream Solution include:

• All the necessary documents that are required for the forthcoming examination are easily organized, secured and accessible.
• The examination team, supervisors and compliance personnel can effectively prepare and assess the readiness for the examination.
• The examination findings and resolution plan can be documented, assigned, managed and tracked to closure.
• The automation of the examination process significantly reduces the time as wells as the cost for preparation.
• The resources are utilized effectively for value-added activities such as constructive interaction with the examiners, appropriate resolution of findings with the business, and others.

MetricStream Solution also provides adequate functionality to facilitate regulatory reporting. The built-in reporting engine also includes a reporting wizard to allow authorized users to create ad-hoc reports on the fly.

MetricStream Solution includes 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.

Downloads

• Datasheet: Regulatory Examination Management
• Datasheet: Regulatory Intelligence and Content Management

Featured

Recorded Webinar: Rethinking Operational Risk
Expert Speaker: Christopher E. Mandel
MBA, CPCU, CCSA, ARM, AIC, RWW
September 28,2011

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