Compliance Monitoring for Banks

Compliance risk has becoming one of the key concerns among financial institutions today.  

Recent regulatory changes are requiring that banks monitor all of their third party relationships for the life of the contract. Banks must monitor service providers’ operational performance, required licenses, certifications and financial stability for the entire term of the engagement. Currently, banks bear the entire cost of researching and tracking this data for each of their suppliers. 

With Trust Exchange, banks can monitor all of their vendors, create custom risk ratings for each vendor as well as custom operational certifications and have these events pushed to the banks proactively. This gives the bank increased visibility into the operational performance and risk among all of their vendors as well as reducing the cost of creating and maintaining such a program by requiring the service providers to submit the data directly.

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Reduced Cost

Currently, banks bear the entire cost of researching and tracking this data for each of their suppliers.  With Trust Exchange, banks can monitor 100% of their vendors, create custom risk ratings for each vendor as well as custom operational certifications and push these events to the banks proactively.  This gives the bank increased visibility into the operational performance and risk factor of all of their vendors and reduces the cost of creating and maintaining such a program by requiring the service providers to submit the data directly.

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Increased Compliance

Trust Exchange's Collaborative Compliance approach to operational risk management increases the compliance readiness of banks by making the data more timely and actionable.  Compliance should be a real-time activity and not a system of static files and folders.  Trust Exchange enables the transition from compliance management to compliance monitoring.   

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Features

Customizable dashboards

Active document management

Customizable risk assessment

Customizable monitoring

Compliance checklists

Vendor compliance monitoring

Role-based access management

Standard and custom reporting

Scalable, secure and reliable