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Overview
ComplianceAlert™
is a valuable tool in enhancing a compliance
program. It employs a very novel approach
to information ditribution, training
and demonstrable due diligence. It also
enforces procedures that pertain directly to an
individual’s job function as well as
documenting database policies, procedures and
best practices that comprise a financial
institution’s compliance program.
ComplianceAlert™
is a knowledgebase of compliance issues (called alerts)
compiled by your compliance staff. Each alert
is defined from a section of a compliance issue
and directed to a specific group, unit, or
function in the bank. Unlike a compliance manual
that is paper-based or posted to an Intranet,
the financial institution’s staff does not
have to cull through sections of the compliance
manual to see what applies to them.
The
method of information distribution and training
allows the compliance staff to associate the
applicable compliance procedure(s) to an alert
and have the financial institution’s staff
electronically attest that the procedure has in
fact been followed.
ComplianceAlert™
uses email as the delivery channel to deliver
these alerts to specific groups or
individuals within your organization based on a
frequency the compliance staff selects for each
defined alert. This provides the
compliance staff with the ability to train the
financial institution’s staff on a continuous
basis throughout the year regarding new
regulatory compliance issues and
issues from prior years. ComplianceAlert™ tracks
all of the responses and non-responses in its
database and sends out reminder notices. The
product also provides for “quizzes”
throughout the year to ensure that the alerts
are actually being read and understood.
Highlights:
- Send
examples of money laundering to specific
departments periodically throughout the year
- Ensure
that regulatory compliance reports are filed
punctually by the financial control
department
- Ensure
that annual
board approval is ascertained for programs
such as the Bank Secrecy Act and the
Customer Identification Program by sending
alerts to the secretary of the board before
the board agenda is prepared to ensure that
they are approved and documented.
- Ensure
that BSA retention schedules, amongst other
regulations, are being properly followed and
that documents and reports are being
destroyed at the conclusion of the required
retention periods
- Verify
that disclosure statements are being
reviewed by management and amended each year
such as ACH agreements and anti-tying
information
- Distribute
policy statements for data security and
e-mail throughout the calendar year so that
they are being reinforced in your staff’s
minds
- Provide
immediate notification to staff via the use
of ad hoc alerts on amendments to guidelines
and laws
- Periodically
distribute guidelines on how to handle
telephone requests on customer information
from a privacy point of view
- Provide
a basis for internal and external
examinations of the compliance area
- Distribute
compliance policy statements for annual
approval such as confidentiality agreements,
code of ethics, insider trading statements,
etc.
- Reduce
the amount of time employees spend in class
taking time away from their jobs.
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