Search for “compliance solutions for financial institutions” in your favorite web browser and prepare to be overwhelmed. You’ll see software solutions as well as names of national and regional consultant firms. They promote solutions geared to today’s challenging examination world. So, what are best solutions on the market?
Of course, since you’re reading this on our website, you’d expect us to proclaim AffirmX as the answer to the question. But let’s focus on what attributes the “best” solution would possess.
- The solution would fit to your organizational structure. It wouldn’t be a canned approach, but rather it would be designed to your risk factors.
- The solution would fill risk gaps in an efficient manner. It would mold to the expected and the unexpected regulatory and personnel changes that are more and more commonplace in today’s financial institutions.
- The solution would fill the assigned role. Sometimes you need a coach; sometimes you need a teammate; and sometimes you need a solution to carry the team for awhile. A strong solution adjusts to the role. If you need a quasi-BSA Officer, the solution should have the capacity. If you need a quick analysis of your Indirect Auto Lending portfolio for Fair Lending, your solution should form to fit that need. If you just need periodic monitoring of general compliance in a cost effective manner, the solution should adjust to that level.
- Whatever the level of your financial institution, the solution should adjust with you and not you to it. Risk, by its very nature, changes; hence, the solution should have that same level of adjustability. It should never overwhelm you, but rather serve your needs. While you want the benefits of a strong solution, the solution must be flexible.
- The solution should be understandable. Compliance is complex, but a strong solution should be straightforward and provide meaningful feedback on where you are with respect to compliance and associated risk factors.
- The solution should work within your financial capacity and constraints. If you can’t afford a solution, it isn’t a solution. While there is no question that compliance isn’t a profit center, non-compliance carries known and unknown costs. Notwithstanding, a solution cannot become the center of the financial institution’s efforts. It must be a logical fit that works within your budget constraints.
If you agree that those are the attributes of a “best” compliance solution, we invite you to consider AffirmX. We think you’ll like what you see.