Collaboration is the ultimate enabler for compliance in financial institutions.

Discover how FSIs embed collaboration into business workflows toe�ectively comply with state, federal and international laws. Download the

paper, Trust is Earned: Full Enterprise Collaboration for FSI Compliance and more informative resources for financial institutions.

INFOGRAPHIC DESIGN BY OBZERVANT

SOURCES

(2014, August 11). Advisory to U.S. Financial Institutions on Promoting a Culture of Compliance. Advisory, Financial Crimes Enforcement Network, United States Department of the Trea-sury. doi:FIN-2014-A007

Andrews, W. (2013). Magic Quadrant for Enterprise Video Content. Gartner Research.

English, S., & Hammond, S. (2014). Cost of Compliance 2014. Retrieved from http://accelus.thomsonreuters.com/: http://accelus.thomsonreuters.com/sites/default/files/GRC00814.pdfIntegrated Risk and Compliance Management for Banks and Financial Services Organizations: Benefits of a Holistic Approach. (2015, Jan 30). Retrieved from MetricsStream: http://ww-w.metricstream.com/whitepapers/html/financial_services.htm

J, R., & Colheart, V. (1979). The effect of pictures on the retention of novel words and prose passages. Journal of Experimental Child Psychology.McQuivey, J. L., de Lussanet, M., & Wilkos, D. (2008). How Video Will Take Over the World: What the Rise of OmniVideo Means for Consumer Product Strategy Professionals. Forrester Research.

Murphy, E. V. (2015). Who Regulates Whom and How? An Overview of U.S. Financial Regulatory Policy for Banking and Securities Markets. Federation of American Scientists. Congres-sional Research Service. Retrieved January 15, 2015, from http://fas.org/sgp/crs/misc/R43087.pdf

Compliance is an area of expertise that has never been in greater need. To manage and mitigate risk,improve e�ciencies and protect their brand and reputation, FSIs must have a comprehensive approach toregulatory compliance, risk and audit management.

Following a thoughtfully prioritized action plan like this one can help FSIs win at compliance.

ACTION PLANfor FSIs

COMPLIANCE

#DefyDistance #HIVE

Ensure Everyone Understands Reporting

Along with strict adherence to regulatory rules, it’s also crucial to report allcompliance-related work and findings.Traditional Bank Secrecy Act (BSA) reports can serve to confront serious national security threats such as foreign corruption and rogue nations, as well as support law enforcement priorities (e.g., combating cyber-theft).

Enlist Third Party Testing

While internal regulatory experts can be instrumental, third party, unbiased com-pliance professionals are an invaluable resource to ensure there are noconflicts of interest. With automated and real-time video and data-sharing tools in place, these experts do notnecessarily even have to be on site.

Allocate Adequate Human & Tech Resources

Ensuring compliance requires bothknowledgeable professionals who can work across teams anddepartments, and the technicalsupport they need to spread their knowledge. Cross-enterprise compli-ance professionals gain exponential e�ciency when they have access to automated transaction monitoring systems and collaborative tools.

Share Information Across the Org

One of the key factors for success in compliance, particularly for large FSIs, is information sharing across allbusiness units and a�liated entities. This isn’t only in the interest of better communication; recent complianceenforcements have specifically gone after FSIs where a lack of e�ective infor-mation sharing among compliance sta� was cited as a significant concern.

Put Compliance Before Revenue

Organizations that truly put compliance first will always ensure that they are invest-ing su�cient resources and o�eringauthority and autonomy in their regulatory processes. Cross-functional teams must have the collaboration tools and time they need to be able to build appropriate cross-company programs, take actions to address and mitigate risks, and investigate concerning situations.

Engage Leadership

True commitment to compliance is impossible if it doesn’t come from the top. Senior executive management, owners and operators, and the board of directors must promote a “culture of compliance” and should receive compliance training, as well as regular insight into regulatory programs and updates.