Many of the compliance solutions providers that are on the market today offer a series of self-help tools to compliance officers and internal auditors. These self-help tools may include checklists, sample policies, and excel spreadsheet products to help you track and manage your internal compliance review process. This is all good stuff, but it doesn’t eliminate the most time-consuming part of any compliance or internal auditor’s job; actually conducting the internal compliance audit or review. It’s a painstaking process to go through each operational area of the credit union on a regular basis to review applications, disclosures, reports, marketing materials, signage, your website and other electronic services, and staff interactions with accountholders.
Most compliance officers spend the majority of their time responding to compliance questions from staff and management, staying on top of new and changing regulations and ensuring that new products and services offered by their credit union are in compliance with regulatory requirements. Although equally important, the one thing that they struggle to fit into their already overburdened work schedules is time to do the very time-consuming task of ensuring on a day-to-day basis that the credit union and its staff (in particular the front-line staff) are operating in a manner that is in compliance with current regulatory requirements. As a result, the compliance audit or review process often gets postponed or performed only in response to a finding from an examiner or auditor.
Most of us don’t like being put into this type of reactive position. We’d much rather be proactive and address any compliance issues that may exist before the issue is noted during an examination. Here’s where AffirmX and our Compliance Solution stands apart from other solutions. Our solution is designed specifically to take the burden of the compliance review process off the shoulders of the compliance officer. In addition, you have the peace of mind knowing that compliance experts are reviewing your operations from an independent perspective and are tracking and monitoring the process throughout the year. This allows the compliance officer to focus on remediation, where necessary, and on the other important aspects of his or her job knowing that any issues that arise can be dealt with proactively.