Question: How can the bank maintain or even improve its compliance posture with fewer dollars to spend?
Answer:
With fewer dollars available for addressing IT compliance the typical approach is to cut back on the number and scope of assessments, management tools, and people involved in maintaining or staying on top of your compliance posture. This can be a dangerous exercise if you do not have a good handle on the bank’s current compliance exposure to guide you. Either way, the key to cutting costs while improving your compliance posture is in approaching compliance from a risk perspective. In other words, adopt a “Risk-Based Compliance” approach. A risk-based compliance approach typically consists of the following:
Clear definition of the inherent risk factors related to compliance and an easy to execute inherent risk assessment that can be deployed across the bank in a broad and repeatable way
Compliance exposure scope identifying what parts of the bank have exposure to which requirements ranked by relative exposure or risk level
Communication of compliance requirements and self-assessment compliance tools across the identified compliance exposure scope
Targeted compliance assessments based on availability of resources across those parts of the bank with the highest compliance exposure
Request an Evantix free trial to see how Evantix uses a unique, pioneering process to deliver vendor risk assessments based on a standardized scoring method that allows all stakeholders to easily evaluate risk, readily share this information, and drastically reduce the cost of risk and compliance management.
Evantix provides on-demand risk intelligence solutions that automate risk analysis for enterprises that outsource to their suppliers. Learn more at www.evantix.com; or contact Evantix directly at 949.614.7075 or Evantix Info.
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