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Industry Challenge

For broker-dealers, banks, and other financial services firms in today’s regulatory environment, undergoing regulatory examinations can be a costly and time-consuming process. Set against a backdrop of accelerating regulatory change, the increasing frequency and broadening scope of exams represent significant risk to business and drain on resources for firms that fail to manage the process effectively. Organizations often incur substantial operational costs associated with managing the internal processes of undergoing an exam, in addition to costs attributed to fines, penalties and post-exam remediation. This is especially true for firms that lack a defined, efficient methodology for exam management and the tools necessary for effective planning, facilitation and execution.

To reduce the negative impact of exams, financial services firms must implement a streamlined, repeatable process for participating in examinations and implementing remedial actions.

RegEd Solution

Regulatory Exam Management, powered by the Comply On Demand Enterprise (CODETM) Platform, is the only solution that provides all the necessary capabilities to efficiently and effectively manage the myriad of tasks undertaken during the course of a regulatory examination. The solution installs best practices and drives the highest levels of efficiency across all exam management processes, enabling firms to significantly reduce the time and resource commitment required during a regulatory exam.

CODE Regulatory Exam Management provides a highly configurable, workflow-enabled solution that facilitates management of data requests, examiner communication, criticism management, remediation, and more. CODE’s robust task management capabilities enable exam managers to centrally coordinate exam activities across the entire organization regardless of location.

The solution’s document management capabilities enable the firm to manage exam resources effectively, while driving preparedness to fulfill examiner requests on a timely basis. Critical exam information is captured in a central location along with a full audit trail of the firm’s remediation actions. And, the system’s comprehensive reporting capabilities provide exam stakeholders real-time visibility into exam-related processes, critical to ensuring that task owners are accountable and deadlines are met.

Distinguishing Capabilities

  • Task management capabilities to assign, manage and monitor all tasks related to exams, including data requests, examiner communication, remediation, and more.
  • CODE Compliance Portal facilitates communication with regulators and among the firm’s extended enterprise including producers and others not directly employed by the firm.
  • Examiner profile function captures individual examiner preferences, notes and other data.
  • Comprehensive case management capabilities provide a closed-loop process for managing the implementation of corrective actions with a demonstrable audit trail.
  • Full document management capabilities include version control and history, compare function, and more.

Key Benefits

  • Increase the effectiveness of communication related to an exam by centralizing and memorializing all communication and transfers of information.
  • Ensure efficient allocation of resources and employee hours by fulfilling examiner requests quickly, accurately, and in the appropriate format.
  • Reduce internal exam costs by streamlining the process and increasing control and visibility for exam managers.
  • Protect the firm’s reputation among regulators and reduce the likelihood of future examinations by demonstrating successful corrective action implementation.

CODE Platform Capabilities

Comply On Demand Enterprise (CODE), RegEd’s Enterprise Compliance Management Platform, enables financial services firms to effectively and efficiently meet compliance obligations and proactively manage their compliance program, dramatically reducing the risk of non-compliance and related consequences.

The CODE Platform and its suite of integrated, for-purpose applications and proven, robust, compliance-optimized capabilities drive extraordinary efficiency and oversight and enable firms to establish consistent, repeatable compliance processes and ensure closed-loop compliance.

CODE’s rich task management capabilities provide visibility into the fulfillment status of compliance obligations to ensure that gaps are closed across the compliance lifecycle. Platform capabilities also include robust workflow management, automatic notifications and exception management, business process automation, compliance surveys and attestation management.

Applications present in a common interface, optimizing usability across the application suite. Compliance data is reused across multiple solutions and presented in consolidated dashboards that enable efficient execution of work processes and management by exception. Built-in audit trails, robust reporting and risk profiling enable ready preparedness for regulatory exams and position firms to better withstand the scrutiny of regulators.

CODE is fully configurable, scalable and extendable, to enable companies to cost-effectively build on the initial investment as their needs expand and evolve.

  • Regulatory Change Management
    Delivers actionable regulatory intelligence and enables firms to be aware of, comply with, and demonstrate compliance with all relevant regulatory changes.
  • Policies and Procedures Management
    Provides enterprise workflow, work-process and task management to enable comprehensive, end-to-end administration and oversight of all elements of the firm’s policies and procedures.
  • Consumer Complaint Management
    Enables the firm to systematically capture, track and efficiently manage the resolution of consumer complaints..
  • Regulatory Exam Management
    Provides the ability to effectively manage all tasks undertaken during the course of a regulatory examination.
  • Incident Management
    Enables the firm to capture, assign and track all incidents and installs an efficient process for undertaking remedial actions.

CODE Diagram, with Regulatory Exam Management