Compliance Workflows
In banking, a compliance workflow consists of a series of steps intended to align a financial institution’s operational activities with regulatory requirements. Developing efficient workflows helps ensure consistent processes that support ongoing compliance initiatives.
Compliance Workflow Examples
Banks and credit unions operate in a highly regulated sector. Maintaining compliance with legislation like Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd Frank”), Gramm-Leach-Bliley Act (“GLBA”), USA PATRIOT Act, and other regulations can be incredibly complex. Some compliance workflows impact multiple users and teams at a financial institution, while others may be mostly automated by technology.
Compliance workflows vary, but here are a few examples for illustrative purposes:
- Audit and exam workflows: Interacting with auditors and examiners, gathering requested documentation, securely sharing requested information for review, analyzing audit and exam findings, and working to resolve any shortcomings.
- Exception management workflows: Knowing what information must be collected and/or tracked, identifying discrepancies, generating and distributing notices, satisfying exceptions, and generating reports.
- Loan review workflows: Defining and managing the loan review schedule, providing compliance staff with access to relevant loan information, validating assumptions and documentation requirements, and working to resolve any post-review action items.
- Compliance recordkeeping workflows: Ensuring timely preparation and secure management of SARs (suspicious activity reports), CTRs (currency transaction reports), compliance committee agendas and minutes, and other important records.
- Document retention workflows: Retaining each document in accordance with the financial institution’s retention policy and purging documentation in an appropriate way.
Streamlining Workflows with Automation
Relying exclusively on manual workflows increases an institution’s exposure to oversights, inefficiencies, and compliance issues, which can ultimately lead to costly fines and negative publicity. Modern technology is changing how banks and credit unions design, implement, and optimize their compliance workflows. Alogent’s suite of ECM solutions delivers capabilities to help streamline compliance. In addition to serving as an intuitive electronic repository for compliance documentation, FASTdocs offers flexible document retention rules and a library of pre-configured workflows. Our AccuAccount software makes it easy to purge outdated content, prepare for audits and exams, and manage exceptions.
Ready to streamline your institution’s compliance workflows with ECM software? Download Alogent’s free eBook for bankers.