Compliance Monitoring

GLB Solutions

Compliance Monitoring For Regulatory Compliance

Compliance Monitoring is an essential element of operational review that ensures compliance with a slew of regulatory requirements.  It begins with a Compliance Management System (CMS), which should include an Oversight Committee, Policies and Procedures, and a Compliance Risk Assessment.

Compliance Risk Assessment

The Compliance Risk Assessment should risk rate the compliance regime for each compliance obligation (such as BSA, Flood, HMDA, Safe Act, Fair Housing Act, FCRA/FACTA, Red Flags/Identity Theft, TRID, and so on) using Inherent Risk, Control Factors, and Residual Risk.

By using this detailed risk analysis, we come up with a monitoring schedule, based on the Residual Risk scoring, for monitoring reviews, which are designed to be the First Line of Defense against random and systemic errors and non-compliance with regulatory requirements.

GLB Solutions

Compliance Monitoring Reports and Remediation

Compliance Monitoring Reports detail the scope of review, the work done, and any findings from the review.

Findings are tracked independently with a detailed response, including (i) the action(s) that will be taken to remediate the finding; (ii) the timeframe in which such actions will be taken; (iii) information on what was done and when to remediate; (iv) an independent verification that the remediation was done and it resolved the finding.

Why Us For Compliance Monitoring ?

We are good at what we do and take pride in our week.  Compliance Monitoring is a useful piece of an institution's overall Compliance Regime, and can and should be used to detect errors and non-compliance at an early stage to prevent problems from becoming systemic.

Reach Out to Us Today

Let us work with you to develop a stronger Compliance Regime into your existing Operational and Management functions.  Reach out today for a free consultation !