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National Survey Reveals Only 10 Percent of Community Banks Using Technology to Manage Regulatory Compliance and Risk
Apr 13, 2011 (04:04 PM EDT)
OKLAHOMA CITY, April 13, 2011 /PRNewswire/ -- American Bank Systems (ABS) and Bankers Online recently conducted a nationwide survey of community banks on compliance and risk management. The survey revealed that only ten percent of the respondents indicated that their bank uses technology to manage and monitor regulatory compliance performance and risk assessment.
The survey was conducted at a national compliance conference sponsored by Bankers Online to determine the state of compliance readiness among America's community banks.
"It appears that community banks have not embraced automation in their compliance monitoring," said ABS Chairman James W. Bruce. "Yet, most of the respondents indicate their belief that such systems can provide benefits. Regulations that will emanate from the Dodd-Frank Act will underscore this need ever more."
The survey also asked respondents to reflect on other factors that are important capabilities and benefits for a computerized system to manage compliance risk and monitor a bank's regulatory compliance. The most paramount capability was frequent updates of regulatory changes.
Mary Beth Guard, executive editor of Bankers Online stated, "Monitoring compliance manually is not feasible these days, due to the large volume of regulatory changes. The results make it clear that not enough community banks have invested in an automated compliance and risk system to take the burden off employees and keep up with always changing regulations." Bankers Online is a resource of compliance experts, products and services for bankers.
Since 1970, American Bank Systems has provided high-quality document management and compliance technology solutions to the financial services industry. CompliancePro®, the nation's leading compliance risk management and monitoring system, incorporates regulatory exam procedures with a robust enterprise risk management module that frequently updates with regulatory changes.
SOURCE American Bank Systems