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An Increasingly Complex, Costly Regulatory
Environment
More and more, financial institutions
are being bombarded with compliance and regulatory requirements
on a daily basis. And the complexity and cost of compliance
are escalating. Financial institutions today face more regulations,
higher regulator expectations, and steeper penalties. Consider
the following:
- Financial institutions cannot escape
the short-term pressures associated with regulatory compliance
such as Basel II, AML, and new security mandates around dual
factor authentication. (Financial Insights, January
2006)
- Financial institutions with less than
$5 billion in assets will have spent a combined $7.9 billion on anti-money
laundering (AML) programs between September 2002 and
the end of 2005 (Celent).
- 94 percent of US banks reported increased
AML costs in 2005, with
almost one-third saying their costs have more than doubled over
the last three years (KPMG).
- The total compliance costs for Sarbanes-Oxley
(SOX) averaged $116,800
annually for banks with less than $15 billion in assets (Risk
Management Association).
Besides fines and civil money penalties,
the costs of noncompliance can
include voiding of contracts, restrictions on business
activities, and damaged reputations of institutions and
individuals.
So the Question is, What is
Your Institution Doing to Minimize Your Regulatory Burden — Without
Increasing Your Risk?
Let Open Solutions help. Our outsourcing solutions
enable our clients to respond to evolving regulatory requirements,
and we have been helping our clients with regulatory compliance
for almost 40 years in every line of our business. With our Regulatory
Management Toolkit, Open Solutions and its partners have developed
a comprehensive suite of services addressing the wide range of
regulatory compliance challenges facing the industry today. Regulatory
compliance is, and will remain, the responsibility of your financial
institution. However, the Regulatory Management Toolkit will
provide you with expert guidance and operational efficiencies
to enhance your existing compliance program.
Power Tools, Power Players
The Regulatory Management Toolkit (the Toolkit) is a suite comprised
of Web-based products (self-assessment tools) and services delivered
through our trusted business partners. A bundled package with
extensive scalability for institutions of all sizes, the Toolkit
enhances operational efficiencies to facilitate your assessment,
remediation and monitoring of key regulatory compliance requirements.
To best support your institution, Open
Solutions has leveraged the expertise of business partners
with specific regulatory compliance and risk management credentials.
Partners include Strohl Systems®,
Total Risk Solutions; Orion Ventures, NetDiligence and ARMA International.
Scaled to Your Financial Institution
The
Toolkit is a bundled package of services that can be scaled to
address your institution’s specific
needs. Pricing is customized based upon modules selected and
your asset size. Instead of purchasing, managing and maintaining
separate regulatory compliance tools on your own, the Toolkit
is a single-source solution billed through Open Solutions.
It requires no major capital outlay; rather, the cost is broken
into incremental monthly installments, making it affordable
to institutions of all sizes.
The Time is Now
Are you doing
it right? Are you sure? With the Regulatory Management Toolkit,
Open Solutions and its partners stand ready to provide you with
the information, tools and services your business needs to enhance
your regulatory compliance efforts. Whether it's assessment only,
provision of action items to your compliance team, "boots
on the ground" remediation assistance, and/or ongoing monitoring,
the Regulatory Management Toolkit supports you in the costly
and complicated regulatory compliance environment today and tomorrow.
For more information, please contact Peter M. Buffone, product
manager, at 800.767.5822 ext. 6016 or via email at peter.buffone@opensolutions.com.
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