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The Compliance Burden

Compliance Departments and Senior Management are flooded with a tremendous amount of information in the compliance area on a daily basis. How can you keep up and quickly determine what is critical to the institution verses what is simply interesting? It may be easy for an institution to implement a compliance program which addresses new regulatory concerns and lowers the risk to the institution: provided, however, that your staff is fully knowledgeable and possess the skills necessary to properly identify and research new regulations and then plan, implement and monitor critical programs. If a compliance program is not properly designed, implemented and regularly evaluated to ensure compliance, it can increase your regulatory and reputational risk, as well as potentially ruin current and ongoing client relationships. And let's not forget to mention, subject the institution to potential fines and penalties from regulatory authorities.

A compliance program must be comprehensive, efficient and above all cost-effective. Staff must be fully trained regarding all facets of your program. Institutions must ask themselves several key questions...Have we analyzed and do we understand our risks and vulnerabilities?…Have we created the infrastructure and systems required to meet our risk?…Are our current policies, procedures and monitoring processes efficient and effective?...As new requirements are issued, do we have a well-analyzed plan for implementation of these requirements?…How are we going to process and update documentation?…Can our systems quickly produce information that may be requested of us by regulatory agencies?…Does our staff have the proper training to understand the complex compliance rules and regulations, and skills needed to develop and maintain a comprehensive compliance program?

IDOM’s Solutions

There is no doubt about it...regulatory compliance remains one of the most costly and time-consuming burdens. But thanks to the services offered by IDOM, compliance can be a lot more manageable at your institution. Our wide array of turnkey solutions can help to ensure that your institution can comply with new requirements quickly and in a cost efficient manner. We are continuously researching and communicating with our regulatory contacts to keep abreast of the latest regulatory changes that affect compliance. Getting the information early and accurately is critical to converting regulatory information into valuable compliance programs that meet the timeframes required. Moreover, you can depend on our experienced compliance professionals to help you interpret and implement new regulations and requirements, answer your questions in a timely manner and deliver cutting-edge compliance information and professional development and training services.

Please contact IDOM to for additional information regarding our Compliance Training Services at info@idom-me.com.

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