Hiring an outside team to handle compliance audits is a non-biased, completely professional way of ensuring you’re in good standing with those ever-changing regulations. It all starts with identifying your risk level and aligning that with the latest regulatory requirements. By adding the solid structures that can properly support regulatory changes, financial services institutions become more proactive in their approach to compliance. It’s wise to hire a professional team of compliance and regulatory trainers who are skilled in proven compliance evaluation methods that can get results. Sure, achieving and maintaining compliance can be a headache for many businesses in highly regulated industries (think finance, healthcare, technology, and state and local government) — especially with ever-changing regulations. That stated, having a sound policy management strategy under your belt helps immensely, says PC Magazine.
An Outside View
Compliance changes are frequent and can be confusing, with rules and guidelines often falling on the shoulders of human resources managers and IT departments. However, studies show that hiring an outside team to handle compliance audits is a non-biased, completely professional way of ensuring you’re in good standing with those ever-changing regulations. Attempting confusing and complex audits to keep up with security threats and regulatory mandates can not only drain your existing resources, it can also open up the door for mistakes and overlooked measures. In addition, taking this endeavor on in-house takes exhaustive effort, not to mention cross-functional collaboration.
A Fresh Perspective
Instead, look to companies like ath Power Consulting to take a fresh look at your compliance regulations, conduct comprehensive audits, and thus ensure you are up to code. Not only will we evaluate your current standing, but we will help you comply with all regulations.
What You Need
As a company in the financial services industry, you have unique needs that only the industry expertise and proven capabilities of a professional can apply to all types of business segments within financial services organizations. Here at ath Power Consulting, we can:
- Measure and assess levels of compliance to identify areas of risk not readily achieved with standard transaction testing.
- Supplement your quality control program by giving a better view of practices and procedures.
- Dig deeper into the customer experience thanks to proven research methods.
- Uncover the sales servicing and compliance with federal regulations utilized when a customer buys a product.
- Identify if the necessary information is disclosed to the customer.
- Determine if the customer is treated fairly as part of their in-person visit or phone call.
- Assess potential risk against regulations and requirements.
- Ensure proper procedures, quality control and response.
- Maintain a positive brand image.
- Test for underwriting and account opening requirements.
- Fair Lending and Fair Treatment testing.
- Identify general compliance disclosure and signage requirements.
- Help businesses stay on top of changing federal regulations.
Whether you’re a national mortgage firm or a small community bank, you can benefit from outsourced compliance audit services. Not only will you streamline your operations without the need to devote costly resources to this task, you will also avoid the messy audits, fines and legal issues that can arise with non-compliance.
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