Financial Institutions continue to face a significant number of federal and state regulations that require standard operating procedures relative to managing and auditing information core to the institution's operations.
Specific regulations include but are not limited to:
- Sarbanes-Oxley Act
- Gramm-Leach-Bliley Act
- Patriot Act
When Financial Institutions fail to meet their regulatory obligations it can result in significant fines and penalties. RightProcess makes it easy for Financial Institutions to manage their internal controls whereby they "say what they do and do what they say" – a key aspect to what Auditors are looking for. It's that easy!
RightProcess empowers Financial Institutions with the necessary functionality to define, document and communicate their policies and procedures. The following features are particularly applicable to a Financial Institution's ability to meet their regulatory obligations:
- Version Control
- Employee Sign Offs
- Audit Trail
- Review Required
- Approvals
- Ownership
- Contributions
- Sign Off Status by Document
- Sign Off Status by Individual
- Sign Off Status by Organization
- Point in Time Reporting
Click here to see a complete list of the RightProcess features and functionality.
Relative to Sarbanes Oxley compliance, depending on the infraction, there are fines up to $1,000,000, prison for up to 10 years for accountable resources and in some cases, both.
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