360factors announced today that a leading, $21B regional bank based in Pennsylvania selected the company’s Predict360 risk and compliance intelligence platform to eliminate regulatory silos and streamline regulatory news, tracking, updates, and more while managing all regulatory change activities and documents.
Before selecting the Predict360 Regulatory Change Management application, the bank used Continuity Controls RegAdvisor and manual processes to coordinate regulatory compliance and change management. With multiple divisions and departments, data was often siloed. The lack of flexibility in RegAdvisor’s change management workflows severely limited the bank’s ability to streamline processes and improve team efficiencies.
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The bank is deploying Predict360’s Regulatory Change Management (RCM) solution which features a unified feed of regulatory intelligence news and updates. Artificial Intelligence (AI) filters and parses regulatory updates to highlight relevant regulatory changes, enabling the bank’s compliance personnel to quickly assess and proactively manage regulatory change impact.
For the bank’s management team, the application provides a platform to track and manage regulatory change project plans, tasks and activities across the organization in a single consolidated system. Due dates, notifications/escalations and assignment of sub-tasks are all supported.
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With integrated mapping of risks, controls, policies, procedures, training, complaints, regulatory exams, findings and issues to the associated regulatory requirements, Predict360 enables compliance teams to quickly identify the impact of the regulatory change and assess the level of effort required to ensure compliance to the new regulatory requirements.
Bank executives and other stakeholders can access a real-time executive view of all regulatory issues and the status of regulatory change projects in process across the organization from one system.
And, with a detailed evidence audit trail captured of key information, actions taken, collaboration comments communicated and internal and external supporting documentation analyzed during the regulatory change process, the bank can be confident in remaining in compliance with quickly changing regulatory requirements while providing requested evidence to regulators during examinations.
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