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Our solution and subject matter experts will provide an overview of how RegEd’s enterprise solutions enable our clients to improve efficiency, effectiveness and transparency across the enterprise.

Industry Challenge

For broker-dealers, banks, insurance companies 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 Examination Management, powered by the RegEd Enterprise Compliance Management 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.

Regulatory Examination Management provides a highly configurable, workflow-enabled solution that facilitates management of data requests, examiner communication, criticism management, remediation, and more. The solution’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.
  • 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.

For Banks: Regulatory Relations and Examination Management

  • Begin exam preparation upon receipt of the First Day Letter notification or inquiry from the regulatory agency. Fully plan and organize pre-examination materials and processes.
  • The solution provides a central repository where examination materials can be organized, reviewed and approved for release to examiners and regulators, while capturing a record of all documents and files provided in response to requests.
  • Robust task management capabilities to assign, manage and monitor all exam-related activities and tasks, including data requests, examiner communications, remediation, and more.
  • The solution faciliates communication with regulators and among the bank’s extended enterprise, including non-affiliated third parties.
  • The Examiner Profile function captures individual examiner preferences, notes and other data related to examiners from agencies such as the OCC, CFPB, FDIC, Federal Reserve System and more.
  • Fully manage findings and MRAs resulting from the examination with comprehensive case management capabilities that provide a closed-loop process for implementation of corrective actions with a demonstrable audit trail.
  • Full document management capabilities include version control and history, compare function, and more.
  • Report on exam outcomes, manage corrective actions, and facilitate monitoring. Communicate final reports to key business stakeholders and complete required reporting to the regulatory agency.
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