Manage and track multiple compliance, risk, and governance operations
Gain control and efficiency with our comprehensive dashboard
Effortlessly centralize document and file management securely
Organize and streamline activities with automated scheduling calendar
Empower compliance with timely notifications, alerts, & deadline tracking
Ensure timely response, accountability, and risk mitigation through escalations
Gain compliance control, mitigate risks, & save time with framework library
Streamline assessments. enhance collaboration, ensure compliance.
Strengthen accountability, compliance, and transparency with audit logs
See our platform in action for free. No credit card required!
Integrate VComply with your everyday tools, and manage compliance and risk better
Manage multiple frameworks, implement controls, and protect your brand
Goin 360-degree visibility with intuitive compliance dashboard
Stay informed and proactive w ith notifications & alerts
Simplify file and document management with ease
Automate compliance workflows for seamless efficiency
Streamline compliance with customizable framework library
Enable collaboration across locations, departments, and teams
Centralize compliance work for streamlined efficiency
Goin actionable insights with robust reporting feature
Automate risk processes, assess risks, align risk and compliance
Identify and track risks using the centralized risk register
Enable collaboration across stakeholders for better resolution
Streamline risk assessment with process automation
Enhance risk visibility with intuitive and centralized dashboard
Establish connection across teams, departments, and locations
Elevate risk awareness through proactive notifications
Manage files & evidence centrally for efficient control
Enhance decision-making with actionable risk insights
Develop, review, approve, distribute, and track every policy with confidence
Efficient policy distribution through central repository
Streamline policy drafting and lifecycle management for simplicity
Simplify compliance with comprehensive policy templates
Simplify policy management with efficient version control
Accelerate policy approvals with automated processes
Collaborate seamlessly with cross-functional teams
Effortlessly measure policy training effectiveness with assessments
Manage policy life cycle with automated reminders and notifications
Streamline audit planning, fieldwork, and reporting using a unified platform
Maintain transparency and accountability with audit trails
Organize and streamline audit with automated scheduling and calendar
Centralize audit files for streamlined evidence collection and management
Stay informed with proactive audit activity notifications & alerts
Streamline audit assessments for comprehensive compliance
Bring audit plans, activities into the single space for complete control
Simplify audits with automated workflow efficiency
Gain 360-degree visibility with intuitive Audit dashboards
Empowering success through streamlined compliance, risk, and governance solutions
Empower your business with simplified regulatory compliance solutions
Empower your enterprise by elevating risk management practices
Transform GRC operations for optimized efficiency and effectiveness
Mitigate risks with seamless third-party risk management
Check out how VComply helps utilities comply with NERC’s reliability standards.
Empower your business with pre-built customizable regulatory and control frameworks
Achieve quality success through ISO 9001 Framework
Deliver compliance excellence with the power of SOX framework
Simplify your security approach with ISO 27001 framework
Navigate cybersecurity excellence with NIST framework compliance
Promote data security through compliance with PCI DSS framework
Unlock trust and security with SOC 2 framework for compliance
See the extensive compliance framework library of over 20+ supported framework
Achieve compliance for your electric utilities with these NERC-approved reliability standards
Empower your industry with unmatched effectiveness and efficiency
Help Financial Services power GRC processes
A smart GRC software that upgrades manufacturing compliance
Modernize banking compliance with VComply
Remove compliance risk from your non-profits
Effectively manage your higher education compliance and risk
Redefine healthcare compliance and risk with VComply
Build, boost your compliance in construction
Strengthen resilience for energy and utility companies
Turn risk into opportunities with F&B compliance software
Stay connected and grow alongside VComply
Stay informed on compliance, risk, audit, and policy management trends
Streamline work with comprehensive guides for seamless management
Navigate complex GRC challenges with valuable e-books
Discover user stories for valuable insights into user-experiences
Access comprehensive definitions and explanations for essential GRC terms
Gain a comprehensive understanding of the features, benefits, and capabilities
Discover insights from experts on the latest happenings in GRC
Learn tips, tricks, and insights to make compliance work for your organization through our expert webinars!
Utilize our go-to templates and checklists to help you stay compliant
Keep in sync with the latest changes by updated framework templates
Get compliance assistance through VComply compliance checklists
Download policy templates that you use to create guidelines and processes.
Discover the power of VComply through our detailed use case guides
Get to know what make VComply the best GRC platform on the market
Discover VComply's value, mission, and vision for better GRC future
Stay informed about VComply and GRC industrylatest updates
Join VComply, redefine compliance, unleash potential
Know about our partnership program
Get to know our board of advisors
Stay up to date on the latest VComply news
VComply offers unparalleled Sales and Customer Support
Send us your sales queries and let us know your needs
Get 24/7 quick and dedicated support anytime
Lets get social
Follow us on LinkedIn for company updates
Join VComply on Twitter for live updates
Compliance is one of the most important challenges for any banking institution operating in today’s market. Non-compliance has consequences, and in 2020 alone, several banks received major fines amounting to $11.39 billion. U.S. banks Goldman Sachs, Wells Fargo, and JP Morgan Chase paid upwards of $7.50 billion toward this total tally, indicating that even the sector leader isn’t immune. Naturally, any form of negligence within this realm of operation can lead to big losses, especially considering how strict legislation has become in the sector.
The banking sector has always had compliance models in place, but it is becoming increasingly common to find banking entities funnel money into their compliance department. Some assume it is to keep up with the ever-changing compliance environment or to institute more-efficient controls. Whatever the reasoning, one thing is exact, and it is that optimizing protocols to stay compliant is now more of a priority than it used to be.
Going back a few years, the textbook compliance model was simply a stand-in to enforce legal function. In fact, it was maintained mostly in an advisory capacity without much of a focus on risk management or its identification. Such a model may be best suited as another lesson for managers to learn from in today’s environment. With the advent of process automation, wide-spread digitization and globalization, compliance literacy is undoubtedly the need of the hour.
However, even though many banking organizations, including regional and small-scale entities, have some form of compliance framework in place, there are still a number of important questions that go unanswered. These are pertinent to the big picture, i.e., complete compliance, and the answers help establish effective models. For greater insight and to broaden your understanding on banking compliance, read on.
The evolution of banking compliance can be traced through several key phases and developments, driven by changes in regulatory requirements, technological advancements, and shifts in the global financial landscape.
Here’s a broad overview of the evolution of banking compliance:
The evolution of banking compliance is an ongoing process, driven by an ever-changing regulatory landscape, technological advancements, and shifts in the global economy. Banking institutions are continually adapting their compliance measures to meet these evolving challenges and obligations.
The compliance department within an organization plays a critical role in ensuring that the company adheres to all relevant laws, regulations, and industry standards. Its responsibilities include developing and implementing compliance policies and procedures, conducting regular risk assessments, monitoring and enforcing compliance with internal and external regulations, and providing guidance and training to employees. The compliance department is also responsible for investigating and reporting any instances of non-compliance, managing regulatory relationships, and staying updated on changes in laws and regulations that may affect the organization. Ultimately, the compliance department serves as a safeguard to protect the organization’s reputation, integrity, and financial stability while fostering a culture of ethics and responsibility throughout the company.The compliance department typically has a range of responsibilities, including but not limited to:
In a vacuum, the compliance department is usually tasked to:
Besides these, the department may also be tasked with creating a compliance program or policy. This is usually achieved through a joint effort with senior management. The department establishes the general policy while the management establishes the culture of compliance across the enterprise. Some of the best ways this is achieved is by:
The third point is a significant responsibility as it ties into efficient risk management. With a standard process for routine operations like doing inventory, addressing risks, managing problems and offering resolution, the organization becomes a lot more efficient as it acts only on the basis of bank policy. In addition to all this, the compliance department has a responsibility to ensure that customers interact with the bank as per regulation. Any acts committed outside the purview of regulation or may cause the bank to become non-compliant must follow a clearly defined set of rules.
For instance, as per the Office of Foreign Assets Control, banks in the U.S aren’t allowed to process any transactions from individuals and countries that the U.S. has previously sanctioned. Any attempts made must be blocked and reported, failing which, the bank will face serious consequences. All of these responsibilities are handled by a compliance department, and it is clear that having the right tools in place can make all the difference when assessing the true efficacy of any compliance program.
In an industry where regulations shift regularly, it can be hard to adapt on the fly. But it must happen as being non-compliant, in any sense, is detrimental. Thankfully, to operate within regulation, there are reliable practices you can enforce.
Effective compliance not only safeguards an institution’s reputation but also ensures financial stability, customer trust, and legal adherence. So, what strategies can banks employ to stay compliant effectively? Let’s delve into this vital subject.
The foundation of effective compliance begins with the development of comprehensive and up-to-date policies and procedures. These documents should clearly outline the organization’s commitment to adherence, define responsibilities, and provide a roadmap for addressing regulatory requirements.
An organizational culture that prioritizes compliance is key. This starts with leadership setting the tone by championing ethical behavior, risk management, and adherence to regulations. Regular training and education programs for all employees help instill a culture of compliance at every level.
The use of technology is a game-changer in compliance. Banks can employ compliance management systems and software to streamline processes like Know Your Customer (KYC) and transaction monitoring. Automation reduces human error, enhances efficiency, and ensures consistency in compliance activities.
Regulations are dynamic, with frequent updates. Staying informed about changes in laws and regulations is essential. Banking organizations should maintain active channels of communication with regulatory bodies, subscribe to updates, and adapt swiftly to new requirements.
Thorough risk assessments are critical to identifying potential compliance vulnerabilities. These assessments allow banks to allocate resources effectively and prioritize areas that need immediate attention. Risk assessments should be conducted periodically to stay proactive.
Implementing ongoing monitoring and conducting regular internal audits are integral parts of effective compliance. These measures help identify and rectify issues before they become major problems. External audits by third-party experts can also provide valuable insights.
In an era of data breaches and privacy concerns, safeguarding customer data is not only good practice but also a legal obligation. Banks must have stringent data protection measures and cybersecurity protocols in place to protect sensitive customer information.
Sustainable finance is an emerging area of compliance. Banks should explore and implement eco-friendly practices and adhere to regulations related to environmental, social, and governance (ESG) standards.
A strong code of conduct that defines ethical behavior and fosters a culture of integrity is a must. Banks should actively discourage unethical practices and establish channels for reporting violations confidentially.
Engaging constructively with regulatory authorities is essential. A positive working relationship with regulators can facilitate compliance efforts, making it easier to seek clarification and guidance when needed.
Inherent risk is defined as the risk that exists without considering the external controls. However, residual risks is the risk that remains even after the treatment or in presence of controls and to deal with these effectively, consider these four options:
Because compliance regulations are always changing, it is unwise to respond by creating new protocols or databases to stay compliant. Instead, consider adding your existing processes and financial dashboards by making workflow improvements. These should integrate seamlessly and eliminate the need to divert capital to keep up with regulatory reform. Another way to go about it is to leverage the power of technology and automation. This includes tools that can:
These tools greatly improve operational efficiency while remaining completely compliant with the added bonus of enhanced customer service.
Managing compliance costs is a critical concern for banks, as regulatory requirements are an integral part of the financial industry. To balance the need for compliance with cost-efficiency, banks can implement several strategies:
Balancing compliance with cost efficiency is an ongoing challenge for banks. By implementing these strategies and staying vigilant in monitoring regulatory changes, banks can reduce compliance costs while ensuring adherence to necessary regulations.
Compliance is one of the most critical challenges for any banking institution operating in today’s market. Non-compliance has consequences, and in 2020 alone, several banks received significant fines amounting to $11.39 billion. U.S. banks Goldman Sachs, Wells Fargo, and JP Morgan Chase paid upwards of $7.50 billion toward this total tally, indicating that even the sector leader isn’t immune. Naturally, any form of negligence within this realm of operation can lead to big losses, especially considering how strict legislation has become in the sector.
Explore what makes VComply a consistent G2 high performer in Compliance Management. Request your demo today and transform your approach.
Ready to set up a trial of VComply and automate your compliance process?