All in One Compliance 

Successful compliance management for financial services requires that firms track and record the activities of a broad range of individuals, from internal employees, senior executives and staffers to external customers, vendors, and other third-party affiliates. Most firms have multiple activity compliance management systems that track regulatory activities and identify risky behaviors occurring in and between organizations.

Unfortunately, multiple regulatory compliance software systems often fail to adequately assess data because they don’t monitor all behaviors and miss vital information altogether (data gaps), or when more than one system monitors and reports the same behaviors (data redundancy). Essentially, compliance management systems fail because they don’t talk to each other—the right hand doesn’t know what the left hand knows.

When systems fail, the risk of non-compliance soars, and the firm could potentially suffer hefty fines, regulatory sanctions, and even criminal charges. Fortunately, firms can avoid compliance hazards by using MyComplianceOffice, one compliance platform that provides many compliance products all in one place and with one login.

A centralized Compliance Management platform provides a complete set of integrated data, compliance evaluators can identify problems early and mitigate risky behaviors before they escalate to critical levels.

Implementing an all-inclusive compliance management software not only helps a firm better manage compliance risk, it also demonstrates to examiners and regulators that they are serious about compliance management. Examiners look favorably on firms that leverage compliance software to manage risk proactively. Firms that use such systems greatly benefit with significantly fewer compliance violations and costly risks.