Wolters Kluwer Financial Services has made several updates to ComplianceOne, each of which helps institutions address their growing list of regulatory concerns. One more immediate challenge is compliance with the Fair and Accurate Credit Transactions Act’s new Red Flag Rules, which become effective on November 1, 2008.
This new version of ComplianceOne also helps institutions address an important concern tied to e-signatures, which a growing number of institutions are using as a way to close loans faster and streamline and automate document retention. Rising identity theft and other forms of electronic fraud make it harder to send documents or information safely via e-mail. But to help institutions overcome this obstacle, ComplianceOne now integrates to Wolters Kluwer Financial Services’s Secure Document Exchange (SDX). Using public key infrastructure encryption methods, the SDX solution lets institutions securely and electronically deliver documents to borrowers through secure Internet delivery.
The company claims that ComplianceOne gives financial institutions the ability to manage regulatory and operational risk tied to each of their major business lines, including lending, deposit, mortgage and IRAs, using a single technology platform. The solution features Wolters Kluwer Financial Services’s Bankers Systems compliance content that can help financial institutions meet regulatory requirements in all 51 US jurisdictions, and gives them access to the company’s real-time PCi compliance analytics solutions.
