There are several compliance support tools on the market for community banks and credit unions to use. Some such tools are ComplyTrack, Continuity Control, and Compliance 360. These tools can be useful for organizing a financial institution around scheduled and regimented reviews of their bank’s or credit union’s compliance policies and the compliance readiness of their sample documents, loan files, BSA policies, etc. However, most institutions find these tools insufficient to support their true needs.
These tools are much like Quicken on steroids. While they provide organizing power and structure in addition to some templates, reminders and scoring engines, they do not support the independent review that is much needed if credit unions and community banks want to stay on top of the countless changes and updates that continue to plague regulatory policy.
AffirmX’s CRISP solution leverages the advantages of technology, such as automating reminders, dashboard viewing, asynchronous availability, elimination of travel costs and distribution of processes throughout the year.
However, AffirmX adds the independent review of an experienced group of compliance experts to help banks and credit unions make the right decisions when confronted with the challenges of constant change. It has been our experience that when asking banks and credit unions to take our self assessment questionnaire, the “yes, no, unsure” answer options get and the “unsure” selection 62% of the time.
With self-assessment solutions only and no independent review, how can organizations trying to keep up with constant change of regulations ever get ahead of the game when it is clear that even sophisticated financial institutions are unsure of every requirement in its current form? It takes a dedicated, independent team of reviewers combined with the advantages of a technology to revolutionize the way compliance is reviewed and addressed.
AffirmX is the only solution on the market to combine the two (traditional consulting with a tool) to give customers the best of both worlds.
