What is the Key for Banks to Succeed in a Highly-Regulated Environment?

Massively challenging and increasingly regulated banking and financials landscape is driving organizations to review and assess how to manage and mitigate their risks. After emerging from the turbulent time, the banking and financial services industry must realize that with the renewed regulatory focus, the implementation and maintenance of an effective enterprise-wide risk management framework is fundamental and essential.

The ability to understand company-wide risk exposure is imperative today, especially in an industry devastated by the credit crisis. There is little debate, however, that banks need to develop a more rigorous approach to GRC. Clearly, banks and other financial organizations have a great deal of work to do in meeting the demands of new regulations while ensuring stakeholder confidence in the soundness of their decision-making. Banks are not strangers to accurate and timely reporting, but their success in this respect has tended to occur sporadically within lines of business or within internal control and auditing functions.

Current financial processes are still performed manually and this poses problems like erroneous reporting. While organizations recognize the top benefits of automation like reduced occurrence of error, they still struggle with the difficulty of managing complex financial processes, such as those that dynamically gauge their impact on enterprise risk.

Strengthening GRC is the key in a highly-regulated environment. Traditionally, risk management was carried out by silos corresponding to lines of business units and control functions dedicated to monitoring credit, market, liquidity, operational, legal and compliance risks. In order to avoid this kind of limited exposure that destroys even the largest institutions, banks clearly need a more integrated approach towards risk management. Banks without standardized controls and the ability to coordinate risk on an enterprise level lack the ability to dynamically track risks across the enterprise, both in isolation and in terms of their interdependencies. Thus, institutionalizing a collaborative risk culture is imperative.

360factors’ ABA endorsed- Compliance Management Solution is a next-generation, cloud-based, highly-integrated solution for managing governance, risk and compliance (GRC) across an organization. It is easy to use, quick to deploy and has a low total cost of ownership to help reduce their clients’ efforts in managing their compliance and regulatory requirements. Incorporating artificial intelligence (AI) and natural language processing (NLP) technology, Predict360 helps automate and reduce the effort involved in managing constantly-changing regulatory compliance requirements.

About the Company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform powered by artificial intelligence.
Predict360 helps banks and financial services firms drive businesses meet all their governance, risk and compliance functions. It increases efficiencies, reduces costs and improves quality for organizations managing regulatory changes, operational risks, compliance, and policies and procedures.

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