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New SAI Global Compliance Software Aids With CFPB Audits

The addition to the Compliance 360 program conducts automated self-assessments designed to keep banks in line with the bureau's regulations.

SAI Global Compliance announced today the release of an update to its Compliance 360 software suite that evaluates how well banks are adhering to consumer risk regulations laid out by the Consumer Financial Protection Bureau.

"When an auditor or examiner comes calling, an organization can demonstrate full control of its compliance and risk programs," Steve McGraw, president of SAI Global Compliance, said in a statement.

Compliance 360 is based on guidelines from the Consumer Financial Protection Bureau's Supervision and Examination on how the bureau will assess a bank's regulatory compliance and consumer risk management programs. The software suite contains programs that perform automated tests of a bank's regulatory compliance and consumer risk management, providing a means for banks to monitor issues before they affect a bank's compliance status.

Compliance 360's automated tests produce reports according to different categories in the Consumer Financial Protections Bureau's evaluations and provides a digital stash for all of a bank's regulatory and risk management documents.

The software suites compliance assessments perform auditing tasks and back up findings with links to supporting documents. The consumer risk assessments monitor risk exposure in real time and offers a dashboard that tracks all of a bank's risk management activities.

This, SAI Global Compliance says, will help keep banks in a constant state of readiness for future bureau audits.

Banks can set their compliance self-assessments to run on a predetermined schedule and automatically distribute the assessment reports internally and externally.

"Compliance 360 is designed to serve as an organization's GRC [governance, risk and compliance] 'system of record,' streamlining and fortifying compliance and risk management across the enterprise," McGraw said.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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