Compliance processes in banks are extensive, requiring the management and monitoring of activities across various departments and branches.
Compliance leaders and top executives in the banking industry are expected to effectively manage their teams and gain complete control over the entire compliance program and its processes.
However, a significant setback in this process stems from the lack of complete visibility. Leaders often rely on compliance teams to provide performance reports and data to help them understand the ongoing activities and responsibilities. In this process, a considerable amount of valuable information and process outcomes fall through the cracks, creating chaos for compliance leaders in banks.
Some of the major challenges that almost every compliance leader is currently facing include:
VComply, as one of the top technology compliance solutions preferred by international banks, is positioned to make the lives of compliance leaders easier. The platform is loaded with features that not only allow compliance leaders to streamline their compliance management but also enable them to achieve complete visibility over the process.
The following are the key features that enable banking compliance leaders to centralize their compliance monitoring system:
If your bank operates across multiple branches and needs to monitor compliance processes across various locations, the VComply compliance dashboard can be immensely helpful.
You have the capability to create branch-specific compliance centers and visualize their performance on the dashboard.
Compliance programs are typically designed in a generic manner, making it challenging to segregate activities and tasks associated with specific regulations, standards, or control measures, and to assess performance at the regulation level.
The VComply compliance dashboard has the capability to display compliance activities and performance at the level of specific regulations, standards, and controls, providing a more granular view.
On the other hand, program workrooms specific to a regulation, standard, or control provide a single space that offers details of associated responsibilities for you to review.
When stakeholders create compliance tasks and activities, all updates are reflected on the compliance dashboard.
The ‘Responsibility Calendar’ on the dashboard lists all past, current, and future compliance activities for easy access and monitoring. To complete a task or simply view related details, click on the listed task name and access the details page within seconds.
For easy access to your VComply task calendar, you can link the VComply calendar with external calendars such as Google, Outlook, or iOS.
When you need to assess the performance of compliance team members or want to determine who is responsible for what, simply visit the compliance dashboard and review the ‘Responsibility Workroom’ and the ‘Recent Activities’ tab.
You can also view the overall trend of tasks completed on time, tasks that failed, or tasks that were delayed, providing you with an overview of the overall performance.
Are you ready to set up a trial of VComply and automate your compliance process?