| Home > Industries > Financial Services > Compliance Management |
Compliance Management in Banks |
|
| Favorites |
 |
|
|
|
|
More and more 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 causing considerable concern. Clearly, ensuring compliance with an increasingly complex set of regulations is one of the key challenges facing the banking industry today. Therefore, banks are looking at technology that facilitates and simplifies conformance to regulatory requirements.
MetricStream solutions provide a common framework and an integrated approach to manage all compliance requirements faced by banks based on embedded best practices for meeting regulatory guidelines from Federal Board, GLBA, KYC, AML, Basel II, etc. With automated information flows, assessments and testing, and remediation assignments, MetricStream solutions ensure 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.
| White Paper |
|
|
|
|
|
MetricStream product has powerful MIS capabilities for streamlined reporting. 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. In addition to pre-configured standard compliance reports, the system provides tremendous flexibility by enabling stakeholders to configure ad-hoc or scheduled reports.
Some of the key compliance requirements addressed by MetricStream include:
- 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). Further, solution has capabilities to implement controls, assessments 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 (Financial Privacy Rule, Safeguard Rule, Pretexting) through a robust policy management framework and ongoing auditing
- Federal Reserve Regulations: The MetricStream solution leverages an integrated framework and a federated approach to implement “Federal Reserve Act” guidelines (codified in “Code of Federal Regulations” (CFR)) pertaining to a wide range of banking and financial services activities. 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 enabling them to significantly reduce their cost of compliance. Using the MetricStream solution, companies can design, assess and improve internal controls under the COSO framework, monitor their compliance processes at any level of detail and easily provide evidence to the external auditors that an internal control was tested to the satisfaction of the internal audit group. Its document control capabilities provide a central repository with comprehensive change control capabilities. The solution also provides greater control and clear visibility into issues, status and plans to all stakeholders.
|
