Managing your bank internal controls and compliance program using spreadsheets, email, and shared drives introduce a number of challenges and risks, from losing track of a piece of evidence needed for an audit, to an unremediated compliance gap. In addition to inefficiencies, a manual internal controls and compliance program can result in the following consequences:
Failure to meet the minimum standards of a compliance requirement, resulting in negligence.
Paying fines, damages, and legal fees, without any insurance reimbursement, as a result of negligence.
Impact to the organization’s reputation and/or financial health as a result of negligence.
Leveraging Technology to Streamline Bank Internal Controls and Compliance
To avoid the risks associated with negligence, it is crucial to establish a sustainable foundation for your compliance program. To do so, identifying the right environment to house and maintain your internal controls and compliance data is key. While a homegrown system of spreadsheets, shared drives, and/or access databases may seem sufficient, this system can quickly become unmanageable as your internal controls and compliance data evolves. In contrast, choosing a purpose-built governance, risk, and compliance (GRC) software solution can enable you to:
Easily scope the requirements of any certification.
Centralize your compliance data in an environment that allows you to see across all your controls, and know which frameworks and requirements they map to.
Streamline compliance activities across multiple frameworks to reduce repetitive administrative tasks.
Easily update requirements and adopt additional compliance frameworks without losing centralization or impacting existing testing schedules.
Facilitate certification readiness through automated readiness assessment surveys.
Drive the actual certification process by enabling third party auditors to work in a centralized platform containing all relevant data.
Best Practices to Centralize and Automate Your Bank Audit and Compliance Program