23 Hoosier Banker July 2016 performers from their less effective counterparts. All Continuity products include role-based assignments to make work easy to delegate and simple to track and report. Just a few clicks get the right work to the right people at the right time. Objective 4 ‒ Do. Compliance doesn’t happen in a back office, and it can’t happen after-the-fact. It happens on the front lines, at the point of the transaction where real-time decisions are made about whether and how to follow regulations. The best organizations meet their obligation to “do” compliance in an accurate and timely fashion by embedding compliance requirements into their routine business processes. Continuity’s full suite of products includes automated procedures that embed compliance requirements into routine business processes, providing complete instructions and easy-to-follow work steps. Objective 5 ‒ Verify. After the compliance work has been done, sound monitoring and auditing practices must be in place to verify and validate that it has been done right. Strong internal controls, such as quality assurance processes and periodic monitoring, help a bank make sure it is performing as it should be. Independent audits round out the set of detective controls that ensure compliance performance matches expectations. Each time an automated procedure is performed on the Continuity platform, it creates its own audit trail. Tasks and their status can be viewed on a monitoring dashboard, or included in elegant, easy-to-produce reports. Objective 6 ‒ Improve. When weaknesses or deficiencies are found in an institution’s processes, remedial measures must be strong, swift and effective. The CMS must meet its obligation to provide a framework that allows problems to be resolved in an appropriate and time-sensitive way. Corrective action must be taken and documented, and measures instituted to assure they don’t recur. Steps toward improvement are sound business practice that regulators will want to see in action, and inspect evidence of, to gain comfort that your institution can effectively police itself to resolve identified issues. Continuity’s Tools Library contains all the tools you need to identify findings, assign corrective actions, and track the resolution of outstanding issues. Simplified tracking and reporting keep your management team organized and your board informed. Summary A high-level gap analysis of your current capabilities in meeting these six objectives can allow you to spot weaknesses and prioritize areas for improvement. Time and again, these six objectives have helped bankers communicate better and faster with one another in the dynamic flux of today’s compliance landscape. They can help management decide whether to add or shift resources ‒ human and financial ‒ to address current and future needs. They drive you as well to explore new ways to leverage technology to solve your compliance challenges. In doing so, you may decide, as thousands of bankers already have, that an automated CMS solution is the best choice for filling these gaps. Recognizing and referring to the six objectives has helped Continuity build a reliable, cost-effective CMS platform that delivers consistent performance and compliant outcomes at a fraction of the cost of do-it-yourself or other third-party methods. Whether you use this framework to spur better conversations about compliance management, or use it to deploy an automated CMS, relying on these six objectives can enhance your institution’s compliance. t A primary responsibility of the Indiana Bankers Association is to develop and maintain products and services that will benefit the IBA membership. In discharging this responsibility, there can be benefits to entering into a Preferred Service Provider (PSP) relationship. IBA’s rigorous selection process includes a thorough due diligence review: company history, financial statement analysis, reference checks and search of business records. What Is a Preferred Service Provider? Criteria for PSP designation include: • Value-added benefits available only to IBA members: cost savings and/or income enhancements; • Business opportunity for the IBA: Each PSP contributes financial support to the Association through marketing fees or royalty payments. For more information about PSP relationships, please contact Rod Lasley at 317-387-9380, email: rlasley@indianabankers.org.
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