Compliance Management Software

A compliance management system (CMS) is a framework financial institutions use to efficiently navigate and manage compliance obligations, ensuring operations always comply with regulatory requirements, industry standards, and internal policies. It is also a regulatory requirement. Many financial institutions use software to streamline and organize their compliance program. 

Compliance management solutions like Ncomply centralize key compliance functions, providing a single source of truth and a hub for compliance processes and communication. They promote effective compliance with tools for: 

• researching, tracking, and interpreting regulations; 
• streamlining policy, complaint, document and task management; and 
• fostering a culture of compliance and enhancing communication and across the organization. 

Yes, compliance software includes reporting features that help report on compliance risks – both in the industry (new regulations, enforcement actions and other regulatory news and updates) and at your institution.  

Compliance monitoring software automates and streamlines the tracking of regulatory changes, ensuring ongoing adherence to policies and procedures. It provides real-time updates on regulatory changes, enabling compliance teams to quickly assess their impact and take necessary actions. With features like automated task reminders, audit trails, and reporting tools, such software helps organizations monitor compliance status, track progress, and maintain detailed records for audits or exams. This continuous monitoring reduces manual effort, mitigates risks, and ensures consistent compliance implementation across the organization. 

Banks, credit unions, mortgage companies, fintechs, wealth management firms, broker-dealers, insurance companies and other companies benefit from enhanced operational efficiency and better compliance risk management when they adopt a regulatory compliance platform.