... Help Financial Services Organizations Comply with Regulatory Requirements
CHICAGO--(BUSINESS WIRE)--BAI, a leading nonprofit independent organization that serves the financial services industry, including providing compliance training to over 2,300 organizations, has launched the new BAI Policy Manager to help financial services organizations create, manage, and track their organizational procedures and policies to meet increasingly complex regulatory requirements.
The BAI Policy Manager is an end-to-end solution built specifically for financial services organizations to help leaders make informed decisions with greater clarity and confidence when creating, updating, communicating, and tracking their organizational policies and procedures.
Key Features of the BAI Policy Manager include:
Industry-specific regulatory resources to help you make informed decisions when creating and updating your policies
Easy setup to help you get up and running quickly
Focused processes, so you’re ready for your next examination
Powerful communication tools to build a culture of compliance
“As part of BAI’s strategic priority to provide valuable education and tools in all facets of regulatory compliance, the BAI team developed this comprehensive solution specifically to meet the unique needs of financial services organizations,” said Debbie Bianucci, President and CEO of BAI. “The BAI Policy Manager will enable financial services leaders to significantly increase their effectiveness in managing all aspects of their organization’s policies.
According to BAI’s senior compliance expert Chris Boersma, CRCM, CAMS, CISA, financial services organizations are required to have policies and procedures that adhere to current and new regulatory requirements by the CFPB, FDIC, NCUA, and other regulators. “Policies and procedures are key to almost every examination because regulators view them as an important way leadership defines, articulates and communicates expectations; guides desired conduct; protects the organization; and achieves business objectives. Non-compliance can result in monetary fines, adverse actions, limitations on growth opportunities, or other penalties,” Boersma said.
Managing all the regulatory changes and understanding how those changes impact all the different policies and procedures is challenging but central to meeting regulatory requirements.
“Policy management has always been an important aspect of our business and is a never-ending process to keep up with regulation in our industry,” said Jayden Starks, Loan Compliance Quality Control Specialist at Belmont Savings Bank. “It is even more important to make sure we continue to communicate with our employees that these changes are occurring. With BAI’s expertise and the functionality of the new BAI Policy Manager, we have improved how we are able to make policy changes and effectively communicate the changes throughout our organization.”
To learn more about the BAI Policy Manager please visit: https://www.bai.org/compliance-and-training/policy-manager/.
About BAI
As a nonprofit, independent organization, BAI has delivered the financial services industry’s most actionable insights for nearly a century, helping leaders make smart business decisions every day. We provide in-depth, proprietary research to more than 40 of the top US banks, support more than 2,300 financial services organizations annually with compliance and professional development training, provide trusted, relevant thought leadership through BAI Banking Strategies reports, podcasts and webinars, and offer specialized events and programs. For more information, visit www.bai.org.