For financial institutions today, compliance with the Sarbanes Oxley Act of 2002 (SOX) is a major responsibility. The purpose of SOX is to provide corporate transparency and improve investor confidence. Identity and Access Management (IAM) is necessary to support SOX requirements for fraud reduction, policy enforcement, risk assessment, and compliance auditing. System security, confidentiality of personal client information, and deterrence of fraudulent activity are all impacted by system access rights.
ClaySys AppForms IAM Solution supports strong security policies across the enterprise, while reducing the overall cost of compliance.
Every year complaint management becomes more and more important for financial institutions and regulated entities of all types and sizes.The Consumer Financial Protection Bureau’s (CFPB) increasing regulatory focus on Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) has spurred institutions to shift from traditional one-off methods of handling complaints towards standardized and consistent approaches that include centralized tracking, reporting and oversight.The CFPB expects company wide governance of each and every consumer complaint.
These new requirements demand a holistic means of oversight within the corporation, and the development of a central system that can categorize, analyze, track and report on the handling of complaints from the hands-on to the executive level, making sure the problem reaches the individual(s) who can resolve it. This system must also provide a means of tracking outcomes and reporting on them.
ClaySys AppForms has the Complaint Management Solution you’ve been looking for.
Today’s banks have a new challenge with the ever increasing use of social media. News, images, opinions, experiences - relating to a bank’s reputation, activities, presence in a community, or a customer experience, problem, or comment - circulate rapidly. Most banks now have their own Facebook page where customers are able to comment on bank posts. Monitoring and responding quickly to customer questions, comments or feedback is a challenge for many banks. The potential for customer experiences to go viral makes Facebook a very high risk, as well as a very high reward, communication vehicle.
In order to respond to both good and bad publicity or information that circulates, banks need to monitor their social presence in a very real-time environment. ClaySys AppForms Social Media Solution has you covered.
Reg E, the law that provides for the basic rights, liabilities and responsibilities of consumers who use electronic fund transfers and remittance transfers, guides a financial institution’s response to all consumer claims of fraudulent activity. The regulation covers electronic funds transfers, ACH transactions, and credit card transactions, and has become a major part of every bank’s daily work. The volume of disputes continues to grow as more consumers and more merchants transact electronically, and the responses and resolution of each case must be documented and records maintained. The regulation dictates that a bank’s response must be handled in a timely manner. Regulatory audits request proof of compliance with all aspects of Reg E rules. Generally, the dispute management operation of any financial institution is a resource-intensive process and costly function.
AppForms automates Reg E processes, building a workflow which touches all the involved departments and documents the status of every claim.
Technology providers have long touted management reporting via dashboards, most with less than promised results. Often there are proscribed formats, limited capability to directly connect outside data sources to the dashboard systems, challenges with disparate internal systems and formats, complicated file imports to deal with, and other requirements that make the promised product less than ideal.
AppForms Dashboard Reporting Solution provides connectivity between pieces of information originating in separate legacy or other systems within or outside a company, giving your managers the specific critical real-time information they need.
Most financial institutions have a Board Audit Committee that regularly meets and discusses all regulatory and compliance incidents and audit findings that have occurred in the bank. They are responsible for oversight of all cases at the corporate level, and must track and investigate the institution’s responses to audits as part of due diligence for the company. Their responsibility includes risk assessment and ultimately approval of corporate response to any situations that arise.
A comprehensive system of incident description, actions, associated communications and paperwork, and ultimately response, must be maintained by this committee. The AppForms Audit Incident Reporting Solution meets this need for bank Board Audit Committees.
The Marketing group in most banks handles a large number of requests for help from a wide range of stakeholders across the organization. From individual branch managers, to client service representatives, to lenders, to executives - the sources of requests for marketing support proliferate. The magnitude of demands for collateral, advertising, event planning, promotional materials and other marketing support can be a logistical challenge, with channels like mobile, web, and social adding even more complexity to the mix.
ClaySys AppForms Marketing Request System helps bank Marketing Departments streamline and automate fulfillment.