There are many solutions that support a financial institution’s efforts to remain in compliance. Until the launch of the CRISP℠ Platform from AffirmX, the options fell into three basic categories. The first was simply an online information site like InfoSight. The second was a software tool of some sort like Continuity Control and Comply Track. These solutions, while presumably accurate and up to date, remain do-it-yourself solutions. In other words, the user must be able to perform their own assessments with the help of the tool. They must do their own searching and set their own discipline around risk decision-making. In the case of Info Sight, the users must first know what they are looking for and then how to sift through the voluminous amounts of data to find the answer that most closely reflects the question they seek to address.
Since our launch, 62% of the responses in our self-assessment questionnaires requiring a “yes,” “no” or “unsure” selection, were answered as “unsure.” That means some assistance of what to look for and what should be done is a clear need in the market place from a best practices and procedures standpoint. The 3rd type of solution is the old model of “boots-on-the-ground” consulting, where consultants come to your locations, disrupt your operations, search for issues, eat at restaurants, rent cars, stay at hotels and then provide reports with a huge list of follow up items on it. Then they disappear and don’t return for a long time so you won’t know if the corrections you made were done properly and if new issues have surfaced.
AffirmX is the only option we are aware of whose patent-pending solution supports the use of technology where costs can be cut (no hotels, rental cars, meals, big reports, endless searching or lengthy on-site visits) and the use of people with deep experience. We’ll review the relevant and timely data from your financial institution like the “boots-on-the-ground” consultants do, but do it throughout the year and without being in your branches, thereby dramatically improving efficiency and reducing impact on the resources of your business. AffirmX is the hybrid solution that takes the best of all three worlds and combines them into one solution while eliminating the inefficiencies inherent in the older methods.