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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.
“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.
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