Financial Services

Financial institutions of all kinds are under a great deal of scrutiny—banks, mortgage brokers, credit unions, insurance companies, real estate, financial planners and wealth managers. These service organizations must comply with local, state and federal regulations and legislation, plus meet industry and workplace standards. The volume is enormous, growing and changing at a rapid pace, and there can be serious legal or financial penalties for non-compliance.  It is enough to cause significant fatigue for the compliance team.

Streamlining Policies and Procedures Workflow

Digital regulatory compliance software significantly improves the workflow for financial service organizations working to meet regulations and standards. Writing and revision processes are simplified through a collaborative space shared among all content generators and approvers. Reminders ensure that documents are regularly reviewed and updated. When ready for release, notifications are automatically sent to all individuals and groups affected by the new document. Groups can be any collection of individuals defined by one or more shared attributes. Groups by location, job role, and training level are common examples.

Notifications come via text or email. Employees access the new document following a link on any device connected to the Internet. Managers monitor who opens the document, passes an associated test and accepts the document. This easy path from access to oversight makes 100% compliance a realistic target.

Efficient Use of Resources

Digital regulatory compliance software provides much needed efficiency throughout the compliance process. All documents are controlled in a single online collection. There is no confusion about which is the latest version. Automatic reminders ensure that all documents are reviewed on a schedule, and changes are routed through review and approval without inefficiencies encountered with paper or spreadsheet-based processes.

Text or email notifications instantly reach individuals and groups affected by the new document. Access is one click away for authorized users. Managers see in real-time who has opened, tested and accepted each document. Resources are scarce. Costs for skilled staff is rising. Make the most of your team effort by relying on digital regulatory compliance software.