How Banks Realized They Needed Better Risk and Compliance Management Technology

Compliance management is considered a tough domain. Compliance experts need to first create and implement proper framework in their own domain. Tthey need to up to date all compliance requirements and the reasoning behind those requirements. However, that is just the start.

What is Compliance Management?

Compliance Management is the act of ensuring a group of people in an organization are following a prescribed rules. The rules are Compliance Benchmarks or Compliance Standards. Compliance Management comprises of a blend of procedures, policies, audits, security controls, documentation, and tech enforcement. It also includes companies following a set of regulations laid down by the governments, regulatory bodies, and employee unions.

The compliance managers are responsible for compliance across the enterprise. This means that after framework, the requirements of their own domain, they must then incorporate the requirements of other domains. To ensure that they can successfully implement compliance related policies and strategies across the organization.  

Keeping up to date with state and federal legislation is tough for businesses. It is a necessity for growing organizations to comply with ever-changing laws and manage personnel better.

This results in many issues which prevent the compliance teams from being able to achieve their full potential. Any organization that wants to truly upgrade its compliance management framework will need to understand the problems faced by compliance management teams and then tackle those problems.  

Here are some of the biggest problems these teams face: 

Lack of Cooperation 

One of the most frustrating parts of managing compliance is lack of cooperation. Lack of coperation from the other departments the compliance team needs to work with.

It is easy to see why the other teams may have a hostile attitude towards the compliance teams.

 Most of the interactions of other teams with the compliance team happen when the other team makes a mistake, which means that the other Department within the organization may feel that the compliance team exists to catch their mistakes and make them look bad. This is extremely difficult to do when the compliance activities are handled manually.

This problem is amplified because of a lack of understanding of compliance among the other departments. In other words, the other departments do not fully realize why compliance is necessary and the reason behind all the requirements given by the compliance department.

Problems in Compliance Management

Problems do not just occur when the other departments are not being cooperative sometimes the other Department will be cooperative but there will still be cooperation related issues. A notable example of this is that often the information that should reach the compliance Department does not reach the compliance Department.

For the compliance team to perform at its full potential, it is necessary that if anyone in the organization sees a process or an issue which can reduce compliance levels then they need to immediately reach out to the compliance team and alert them about the problem.  

However, since many of these teams do not understand the compliance deployments fully, they also do not understand which information needs to be immediately reported to the compliance team. Therefore, it is especially important to make sure that not only are the compliance requirements clear to everyone in the organization, but they also understand the reasoning behind those requirements.  

Making compliance visible  

the simple solution to such problems is to make compliance visible to everyone within the organization.  Many organizations are still relying on spreadsheets and documents to manage compliance. This means that they keep all their findings in different spreadsheets and communicate with different departments via email.  

Even if you keep the efficiency related problems aside in such manual practices, the problem of visibility remainsHow can the rest of the organization see what is going on within the compliance management framework.

The only way to see compliance in action is through old reports or ask for information from the compliance team? Therefore, compliance management platforms bring the words to perform changing the way organizations handle compliance.

As organizations keep growing their workforce and operations, tracking compliance and monitoring those becomes a mammoth task. This is where Compliance Management tools come in. A lot of companies have stepped up to provide organizations with compliance solutions to help them from legal troubles.

The same way a country’s citizens have laws and regulations they have to abide by, businesses and organizations have regulations. And they need to follow to help them, their employees and stakeholders to safely navigate their environment.

 Instead of compliance information being hidden within spreadsheets and documents spread across the organization, complex management platforms provide executive dashboards that show everyone metrics and alerts related to compliance.  

Compliance Management Platforms

Compliance management platforms also make it easier for other departments to cooperate with the compliance team. Gone is the veil of secrecy and instead the compliance team can show everyone not just the requirements that they need to fulfill, but also the reason behind each of those requirements.

This is accomplished by creating a map of compliance requirements with the specific regulations that those requirements are designed to meet.

Instead of thinking that the compliance team is just making their life harder. The other departments can now see exactly why the compliance team wants them to do it.  

That is why most organizations are now using compliance technology to help the compliance team do its job. Compliance management solutions have also decreased exponentially in costs, which makes the decision to implement compliance tech even easier for businesses. 

Read also: Improving Risk Management on All Fronts

Making Compliance Management Easier for Front Line Employees  

The employees are working at the front line directly with the customers need to manage a lot of things and compliance are just one part of everything they need to manage. It is thus unfair to expect them to have adverse dedication and time for compliance management is the compliance managers or other high-level employees of the organization.

Keeping up to date with state and federal legislation is tough for businesses. It is a necessity for growing organizations to comply with ever-changing laws and manage personnel better.

This is where compliance management technology really begins to shine and show its value. compliance management technology automates a lot of compliance management process, which means that the frontline employees can focus on their own work while the compliance activities are being managed automatically.  


In a nutshell, Compliance Management is important for organizations. Because they need to adhere to the employment laws, rules, and regulations in all locations that they operate from.

A good example is that a compliance management software solution can automatically highlight the lapses in compliance requirements in banks. For example, if a customer has not submitted any document which is required to open a bank account or for any other transaction.

The system can automatically flag this issue and alert the frontline employee that need to collect the required document. This ensures that most compliance issues are instantly detected and can be resolved proactively.

Using an automated compliance management solution, such as Predict360 makes compliance process efficient. 360facors enables banks and financial services companies. To manage risk and ensure compliance. The other solutions include enterprise risk management system and regulatory change management system.

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