Nothing is more important than choosing the proper banking compliance and risk management platform when keeping your business safe and secure. It can be a daunting task with many different platforms.
This blog post will list six questions you should ask while choosing a banking compliance and risk management platform.
1) What Are The Different Compliance And Risk Management Platforms?
When looking for a compliance and risk management platform, it is essential to ask yourself your specific needs. There are many different types of compliance and risk management platforms available on the market, so you will need to decide which one is right for your bank.
For example, a PEP monitoring software will offer the following benefits:
a) It can help you to automate the process of PEP screening and compliance management.
b) It can provide real-time alerts if a PEP is identified.
c) It can help you manage and monitor your PEP exposure on an ongoing basis.
d) It can provide you with comprehensive reports and analytics on your PEP screening results.
Similarly, an adverse media screening software solution will provide:
a) The ability to automatically screen for negative media mentions of your bank or its employees.
b) Real-time alerts whenever a negative media mention is found.
c) Comprehensive reporting and analytics on your adverse media screening results.
d) The ability to track and monitor your adverse media exposure on an ongoing basis.
2) What Is The Difference Between A Compliance And Risk Management Platform?
There are some critical differences between compliance and risk management platforms. Compliance platforms focus on providing a centralized repository for compliance-related documents and data, while risk management platforms take a more holistic approach to managing risk across an organization.
Risk management platforms will typically offer workflow tools to help track and manage risks and analytics capabilities to help identify risk trends.
An anti-money laundering software for financial services will help you to be compliant with the latest KYC and AML regulations.
On the other hand, compliance platforms will typically offer document management and versioning control to help keep track of compliance-related information.
They may also include tools for auditing and reporting to help organizations meet their compliance obligations.
3) What Should You Look For In A Compliance And Risk Management Platform?
Here are some features to check include:
– Able to monitor risk across the organization in real-time
-Generate customizable reports
-Integrate with your organization’s existing systems
-Offer a centralized repository for all compliance-related data
-Provide role-based access control
-Support multiple languages
Do you need a platform that can do all of this? Or just some of it? It all depends on the size and complexity of your organization.
4) What Is The Price Of The Software?
Another important consideration is price. Some compliance and risk management platforms can be pretty expensive. Make sure you get a demo or free trial to see if the platform is a good fit for your needs before making a purchase.
The total cost will include:
-The software itself
-Training for your staff
-Ongoing maintenance costs
Be sure to get a clear understanding of all the costs involved before deciding. You must check for subscription and licensing fees as well.
To get an idea of whether the platform is worth the investment, ask yourself these questions:
-How much will this save me in time and resources?
-Can you get a return on my investment?
-What are the risks if you don’t invest in a compliance and risk management platform?
5) What Are The Policies And Procedures?
The policies and procedures of the compliance and risk management platform should be designed to meet your bank’s specific needs. They should also be regularly reviewed and updated to ensure that they are keeping up with changes in the banking industry.
Some of the policies include:
– Anti-money laundering
– KYC/CDD
– OFAC
– Bank Secrecy Act
– Consumer Protection
– Fair Lending Practices
Make sure to ask about the policies and procedures of the platform you are considering. You should also inquire about how often they are updated and whether or not they can be customized to meet your bank’s specific needs.
6) What Kind Of Customer Support Does The Provider Offer?
The quality of customer support can be a make-or-break factor when choosing any software platform. Some things to check for are:
-How easy is it to get in touch with customer support?
-What hours are they available?
-Do they offer live chat, phone, or email support?
-Are they knowledgeable and helpful?
-Can they resolve issues promptly?
Conclusion
As a banking institution, it is essential to partner with a compliance and risk management platform that can provide the comprehensive support you need to manage your risks effectively.
