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#2059602 - 01/20/16 08:23 PM Compliance Monitoring Program Software
Dutch Offline
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Joined: Nov 2005
Posts: 262
Hello - I had posted the following question under the General Forum a couple of weeks ago and didn't receive any responses, so I thought I would re-post my question under the Audit Forum. Any assistance would be greatly appreciated. Thank you!

Does anyone use an automated solution for performing Compliance Monitoring? If so, (and assuming you are pleased with the software) would you be willing to share the name of the software, vendor information, etc.?

Please note that this would be used for routine compliance monitoring performed by the Compliance Department; not compliance audits performed by Internal Audit.

Thank you!

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#2060227 - 01/25/16 02:19 PM Re: Compliance Monitoring Program Software Dutch
Andy_Z Offline
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Posts: 27,353
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I hate to see unanswered posts. It's of little help that I can't recommend anything, but on the other hand, as a small community bank, what we had was what we needed, based on our risk assessments and track record and simply was a variance created in-house based on examiner workpapers and the people we had to do this. It's difficult to find a "one size fits all" solution.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#2060522 - 01/26/16 04:07 PM Re: Compliance Monitoring Program Software Dutch
Patricia Offline
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Joined: Mar 2011
Posts: 327
At a previous bank I worked at we bought one of these and it was useless and not user friendly. The bank had a good track record and used the regulators exam procedures to complete audits. I did develop some Internal Control Questionnaires that were given to each department to complete during each audit. As Andy said it is difficult to find a" one size fits all".

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#2061083 - 01/28/16 08:43 PM Re: Compliance Monitoring Program Software Patricia
Dutch Offline
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Joined: Nov 2005
Posts: 262
Thank you both for taking the time out to respond. We do it manually right now too and have had no issues, but sometimes people think that automation is EVERYTHING; I'm not so sure about that!! :-) Am I showing my age (LOL!!)?

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#2083006 - 06/10/16 07:44 PM Re: Compliance Monitoring Program Software Dutch
Skbanker Offline
Joined: Nov 2008
Posts: 56
I actually use the Wolters Kluwer Financial Services Compliance Program. I don't think it is too costly and works well for our size of bank. Let me know if you have any questions.

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