Compliance Risk Assessment Methodology

November 22, 2016
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Federal and condition regulating compliance needs have become tremendously and touch all operational areas. Compliance is becoming very complex and costly with extensive new rules, multiple overlapping information sources, and operational impacts which are hard to identify and track. Banking Institutions typically manage compliance workflows by hand, that is difficult in multiple branch or interstate procedures, and across multiple lines of economic. Consequently, compliance and operational cost is high, compliance needs and timelines are skipped, exam and audit exceptions occur and liability risk increases.

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A danger-based method of compliance involves determining areas of high-risk in your organization's compliance world and building and showing priority for your compliance monitoring program around these risks. Compliance risk management will focus your business, as well as your compliance assets, around the areas which are likely to result in concern. This risk based approach also re-positions compliance from the function performed inside a vacuum to 1 that gives real value, reaches into each area of the business based on relevant analysis, understanding, and documentation. A danger-based program will help you in determining, controlling, monitoring, and lowering the compliance risks answer to your company making board and regulating confirming simpler to conduct and keep with less work.

Source: www.ebizq.net
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