Using Bank Compliance Software

The International Compliance Association (ICA) cites five key functions of a financial services compliance department:

1. Identify the risks an organization faces and advise on them (identification).

2. Design and implement controls to protect the organization from those risks (prevention).

3. Monitor and report on the effectiveness of those controls in the management of an organization’s exposure to risks (monitoring and detection).

4. Resolve compliance difficulties as they occur (resolution).

5. Advise the business on rules and controls (advisory) (ICA International Compliance Association 2020).

In order to properly execute against these key functions, a compliance department requires people with ...

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