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COMPLIANCE
ACTION PLAN
for FSIs

Compliance is an area of expertise that has never been in greater need. To manage and mitigate risk,
improve efficiencies and protect their brand and reputation, FSIs must have a comprehensive approach to
regulatory compliance, risk and audit management.
Following a thoughtfully prioritized action plan like this one can help FSIs win at compliance.

Engage Leadership
True commitment to compliance is
impossible if it doesnt come from
the top. Senior executive
management, owners and operators,
and the board of directors must
promote a culture of compliance
and should receive compliance
training, as well as regular insight into
regulatory programs and updates.

Put Compliance Before Revenue


Organizations that truly put compliance
first will always ensure that they are investing sufficient resources and offering
authority and autonomy in their regulatory
processes. Cross-functional teams must
have the collaboration tools and time they
need to be able to build appropriate
cross-company programs, take actions to
address and mitigate risks, and investigate
concerning situations.

Share Information Across the Org


One of the key factors for success in
compliance, particularly for large FSIs,
is information sharing across all
business units and affiliated entities.
This isnt only in the interest of better
communication; recent compliance
enforcements have specifically gone
after FSIs where a lack of effective information sharing among compliance staff
was cited as a significant concern.

Allocate Adequate Human & Tech Resources


Ensuring compliance requires both
knowledgeable professionals who
can work across teams and
departments, and the technical
support they need to spread their
knowledge. Cross-enterprise compliance professionals gain exponential
efficiency when they have access to
automated transaction monitoring
systems and collaborative tools.

Enlist Third Party Testing


While internal regulatory experts can be
instrumental, third party, unbiased compliance professionals are an invaluable
resource to ensure there are no
conflicts of interest. With automated
and real-time video and data-sharing
tools in place, these experts do not
necessarily even have to be on site.

Ensure Everyone Understands Reporting


Along with strict adherence to regulatory
rules, its also crucial to report all
compliance-related work and findings.
Traditional Bank Secrecy Act (BSA) reports
can serve to confront serious national security
threats such as foreign corruption and rogue
nations, as well as support law enforcement
priorities (e.g., combating cyber-theft).

Collaboration is the ultimate enabler for


compliance in financial institutions.
Discover how FSIs embed collaboration into business workflows to
effectively comply with state, federal and international laws. Download the
paper, Trust is Earned: Full Enterprise Collaboration for FSI Compliance and
more informative resources for financial institutions.

SOURCES
(2014, August 11). Advisory to U.S. Financial Institutions on Promoting a Culture of Compliance. Advisory, Financial Crimes Enforcement Network, United States Department of the Treasury. doi:FIN-2014-A007
Andrews, W. (2013). Magic Quadrant for Enterprise Video Content. Gartner Research.
English, S., & Hammond, S. (2014). Cost of Compliance 2014. Retrieved from http://accelus.thomsonreuters.com/: http://accelus.thomsonreuters.com/sites/default/files/GRC00814.pdf
Integrated Risk and Compliance Management for Banks and Financial Services Organizations: Benefits of a Holistic Approach. (2015, Jan 30). Retrieved from MetricsStream: http://www.metricstream.com/whitepapers/html/financial_services.htm
J, R., & Colheart, V. (1979). The effect of pictures on the retention of novel words and prose passages. Journal of Experimental Child Psychology.
McQuivey, J. L., de Lussanet, M., & Wilkos, D. (2008). How Video Will Take Over the World: What the Rise of OmniVideo Means for Consumer Product Strategy Professionals. Forrester
Research.
Murphy, E. V. (2015). Who Regulates Whom and How? An Overview of U.S. Financial Regulatory Policy for Banking and Securities Markets. Federation of American Scientists. Congressional Research Service. Retrieved January 15, 2015, from http://fas.org/sgp/crs/misc/R43087.pdf

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