We offer great tools to automate and streamline compliance and risk management for banks, credit unions, financial advisors, broker-dealers, collection agencies, etc.
If you provide online services, your clients are likely to want a SOC2 review or the like… and even if they don’t, your team/board will sleep better knowing you have a well-organized, well-documented compliance program in place.
Our tools can help healthcare firms assess existing compliance with HIPAA requirements, manage policies to ensure compliance and periodically test for adherence.
Your current process sucks
In traditional situations, organizations have to deal with hundreds of policy documents spread across different computers and file systems. Managing these collections of miscellaneous documents, including tracking responsibility, changes and approvals, can be a major headache.
Version control is a headache
With hundreds of policies residing on different computers and file systems, figuring out which is the latest, approved version can be confusing.
Collaborating is hard
Policy management is usually shared across many different departments. Passing traditional documents back and forth via email, or even via a shared file folder, is error-prone and inefficient.
Not sure program is effective
The whole point of policy management is ensuring your organization has policies that appropriately address risk—and that you actually follow those policies. Once an organization gets to a certain size it can be difficult for senior leadership to monitor the effectiveness of the program confidently and to demonstrate its effectiveness to outside stakeholders.
Not sure staff is on board
Can you demonstrate to senior management and outside stakeholders that your organization’s employees are knowledgeable about your policies?
Audits are a pain
With traditional situations, it can take many man hours of organization time to produce documents and answer auditor questions so they can complete their work.
Risk assessments are laborious
Senior leaders and outside stakeholders want proof that the organization has assessed the risks it faces systematically. These assessments can include hundreds of questions and take weeks to complete.
Vendor review is bureaucratic
Documenting your program for assessing and monitoring critical external vendors is often time-consuming and error-prone.
Remedy worse than problem
There are GRC software solutions out there, but they suffer from two problems. One, they are so expensive you could never convince management to put them in the budget and, two, they are so complicated you would have to hire additional staff to make them work.
Cloud-based tools that streamline your compliance process
Our family of risk assessment tools automate the complex task of documenting your organization’s current risk profile against relevant risk frameworks like SOC2, HIPAA, or regulatory requirements.
Organize your policies into a structured, hierarchical framework, with fine-grained ownership responsibilities, automated change logging, tight access controls and clear links to standards and controls.
Document your procedures, including links to policies, ownership responsibilities, automated change logging, and multiple file attachments.
The only way to put teeth into your policies is by testing compliance. Use Controls Manager to document your procedures for testing policy compliance and recording the results of those tests. Use the calendar feature to schedule testing and to stay on top of your testing program.
Effective issue and incident management is an important part of successful risk management. Issues Manager is a great tool for tracking issues and incidents, assigning responsibility, and monitoring resolution.
In today’s interdependent economy, vendors can be a significant source of risk. For financial services providers, regulators require complex assessments of vendor risk. Vendor Manager provides an automated, practical framework for deciding which vendors to assess in depth; creating online vendor surveys; and assessing residual risk.
Employee knowledge is critical for policy compliance—if employees don’t know what your policies are, they will be following them only by chance. Skills Manager provides online tools to train your employees on policies and test their knowledge.
FOR BANKS AND CREDIT UNIONS
We started by showing banks and credit unions how to leverage overdraft protection to grow their bottom line in full compliance with banking regulations. If your institution does not have an overdraft protection program—or if you have not reviewed your program in several years—contact us.
In addition to our consulting services, our hosted ODP software is packed with even more features than ever to ensure the success of your program.
System automatically imports necessary data from your core system each night. You get an email when complete.
Dashboard shows overall trends with your program. Drill down for details by product and branch.
Generate collection or custom letters based on account events. System can send email alerts in addition to printed letters.
We LOVE to show off our software and how it helps streamline the compliance/risk management process.
An independent certified public accountant has examined Strunk’s operations and found them to be in compliance with the AICPA’s Trust Service Principles. It was determined that Strunk meets the Security, Availability, Processing Integrity, Confidentiality, and Privacy criteria for SOC 2 established by the AICPA.
