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225 Enforcement Actions in the U.S. over past 30 days
FINRA enforcements decreased 70% over the past 30 days
CME issued enforcements: $1,241,754.92 over the past 30 days
161 Final Rules go into effect in the next 30 days
28 Mortgage Lending docs published in the last 7 days
1460 docs with 2637 extracted obligations from the last 7 days
91 new Proposed and Final Rules were published in the past 7 days
4075 new docs in pro.compliance.ai within the last 7 days
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The banking sector is undergoing a radical transformation. Long-standing business practices at banks are constantly challenged and re-shaped by socioeconomic, competitive, and technological shifts; such as new business models, disruptive technologies, emerging FinTechs, and regulatory expansion. Banking executives must now embrace innovation in every aspect of their operations to not only retain existing clients but also to foster business growth.
As information breaches become more frequent and privacy concerns increase, compliance and regulatory obligations have proliferated. Unfortunately, regulatory compliance can also limit bankers’ ability to innovate and launch new products and services.
Ongoing economic volatility and an increasingly complex regulatory environment means that bankers find themselves facing more risk than ever before.
Due to increased competition from innovative and agile companies, rapidly eroding client loyalty is an urgent concern that demands immediate and constant attention. Clients increasingly expect personalized interactions with banks in ways that maximize ease of use, convenience, privacy, and security. Digitization across all business operations and functions is critical to addressing clients’ demands and reducing costs to maintain profitability.
Banks that embrace and prioritize new technologies and find ways to align business operations to meet client demands will emerge stronger from these volatile times. However, addressing regulatory obligations and aligning risk management to the “new normal” must remain top of mind for executives and line of business managers: clients have little patience for compliance gaps that can be a sign of mismanagement. Strengthening and streamlining these functions will allow risk and compliance experts to better engage with the lines of business to support innovation within regulatory boundaries.
Compliance.ai delivers the market-leading regulatory change management solution (RCM) designed specifically for BFSI firms.
Benefits of Compliance.ai for Banks
Deliver Transparency and Smooth Your Transition
Mitigate compliance risk by deploying an RCM command center to gain insight into the regulatory change management and compliance functions.
Leverage the industry’s proven and trusted implementation methodology to move away from manual processes and meetings to adopt standardized and repeatable regulatory change management processes aligned to your specific risk and compliance model.
Scan the Horizon and Filter Out Noise
For banks, Compliance.ai automatically monitors regulatory updates from government agencies –but delivers only the content that is relevant to you. The solution monitors a wide array of international, federal and state agencies, including but not limited to: EBA, OFAC, SEC, OCC, CFPB, DOJ, TREAS, and DISB.
The information also includes guidance on topics important to you – such as Payments, Cybersecurity, Broker Dealer, Privacy, and Securities – published by ABA, BAI, BISA, and BPI, as well as regional associations and publications.
Analyze Impact and Take Action
Compliance.ai’s Obligation Analysis and Jurisdiction Analysis tools relieve the burden of line-by-line analysis of every regulatory document from every jurisdiction. Instead, we provide a summarized list of obligations for each regulatory document and identify jurisdictional differences.
Initiate Workflows and Break Down Silos
Our intuitive workflow technology promotes collaboration and ensures that all activities are monitored and completed.
Compliance.ai improves budgeting and resource planning by helping managers get an accurate read of workloads and important deadlines.
Collect Evidence and Speed Audits
Audits and exams are a fact of life, but findings and enforcement actions don’t have to be. Our solution automatically collects evidence that obligations have been met and delivers accurate, third-party-certified reports to provide auditors with the assurance they need.
It’s time for a world-class regulatory change management.
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