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SAI Global Compliance Automates CFPB Risk and Compliance Self-Assessments

Integrated Within Compliance 360 Suite, Solutions Guide Financial Services Organizations to Demonstrate the Effectiveness of Risk and Compliance Management Programs

ALPHARETTA, Ga. – June 11, 2012 – SAI Global Compliance, the world’s leading provider of governance, risk and compliance (GRC) products, services and technology, including the Compliance 360®GRC Software Suite, today announced that it is offering integrated software solutions, based on the Consumer Financial Protection Bureau (CFPB) Supervision and Examination Manual, for automating risk and compliance self-assessments. Integrated within Compliance 360, these solutions help consumer financial services organizations better assess and demonstrate that their compliance and risk management programs are working effectively.

The first edition of the CFPB manual provides a framework outlining how the bureau will examine regulatory compliance and consumer risk management. The new procedures focus on unfair, deceptive and abusive acts or practices (UDAAP) and specific risks to consumers. In response to this, financial services organizations are feeling the pressure to proactively self-assess and better demonstrate that their risk and compliance programs are effective – or risk steep fines, federal censures and reputation and brand damage.      

Automation of risk and compliance self-assessments in Compliance 360 enables financial services organizations to efficiently monitor for gaps, manage the effectiveness of risk controls, track remediation efforts, produce measurement and scoring reports and maintain a consistent, audit-ready state. Risk managers and compliance officers can easily monitor tasks, owners and due dates and receive alerts on critical items that are overdue – before they impact a company’s compliance status.  

Based on risk assessment templates and compliance assessment checklists in the CFPB manual, Compliance 360 allows for users to assess the overall state of risk and compliance management with online dashboards and reports that correspond with the CFPB examination categories. The system’s Virtual Evidence Room® provides a central collection point for all regulatory and risk-related documents, where financial services organizations can demonstrate proof of compliance and risk management for CFPB examinations.  

  • Compliance assessments can be tailored based on company needs and run on a predetermined schedule for automated distribution to individuals or groups both internally and externally. For each question, the assessment creates a task based on “Yes” or “No” answers. “Yes” answers result in tasks created for linking supporting evidence documents back to the requirement. “No” answers result in tasks assigned for identifying compliance gaps and completing remediation actions.
  • Consumer risk assessments are organized into configurable frameworks to store information about processes, objectives, risks and controls. Real-time reporting provides visibility into risk exposure and the executive dashboard offers a global view of all risk-related activities, enabling managers to quickly assess problem areas and proactively correct them. Automatic email alerts can also be sent when risk in a particular area has been exceeded or when a control test has failed. 

“The CFPB has significantly raised the bar for examinations related to consumer risks and regulatory compliance, and now is the time for financial services organizations to demonstrate confidence and transparency in their programs," said Steve McGraw, President, GRC, SAI Global Compliance. "We fully understand the challenges of the changing risk management and compliance landscape and the importance of self-assessment tools. Compliance 360 is designed to serve as an organization’s GRC ‘system of record,’ streamlining and fortifying compliance and risk management across the enterprise. When an auditor or examiner comes calling, an organization can demonstrate full control of its compliance and risk programs.”     

To learn more about the CFPB self-assessments automated in Compliance 360, visit SAI Global Compliance at booth #100 at the ABA Regulatory Compliance Conference, June 10-13, in Orlando, Fla.

About Compliance 360® GRC Software Suite
The original Governance, Risk and Compliance (GRC) software solutions born in the cloud, Compliance 360 brings order and efficiency to the complexity of enterprise governance, risk management, compliance and audit management. The Compliance 360 GRC Software Suite includes regulatory compliance software, policy management software, internal audit software, incident management software, ERM software and a wide variety of specialty applications. More than 250,000 professionals every day in financial services, insurance, healthcare, distribution and other regulated industries rely on Compliance 360 applications to help protect their revenues, reputations and brands.

About SAI Global Compliance
SAI Global Compliance provides organizations with a wide range of governance, risk and compliance (GRC) products, solutions and services that help build organizational integrity and meet overall business objectives. With more than twenty-five years experience and offices in more than 25 countries, SAI Global’s solutions include a wide range of GRC products and services including the Compliance 360 GRC Software Suite, best practice Code of Conduct program services and training, compliance and ethics training and awareness, risk and culture assessments, a full range of advisory services, whistleblowing hotline services, regulatory knowledge, policy management, case management, and third party compliance management including automated due diligence workflow and management.

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