A compliance management system is a comprehensive application that assists administrators and managers in mitigating the risks and planning, monitoring, and supervising that enforce compliance with conditional regulatory requirements and relevant laws concerning health, atmosphere, and safety. It pertains to every functional part of a company and how they treat their customers and staff.

Benefits of Integrating a Compliance Management System into Your Firm

As the world increasingly relies on technology, professional standards and regulatory requirements are becoming more stringent. Compliance management is critical since noncompliance may lead to financial and legal consequences, security problems, and reputational harm to your company. Strong compliance management systems (CMS) guarantee that your company's rules are up to date and assist in avoiding interruptions. Here is why monitoring and managing compliance inside your firm is critical.

• Analyzing security risks
• Avoiding violence
• Protecting against data breaches

Searching for Effective Compliance Management Software?

Predict360's Compliance Management Software is an effective compliance management solution! The American Bankers Association has endorsed the Predict360 Compliance Management Suite, which increases compliance levels while decreasing costs.

Businesses benefit from the compliance management platform at every stage of the compliance management process. It automates activity management, compliance monitoring, regulatory change management, tracking, document management, and many other tasks.

Features

• Executive dashboards that provide real-time compliance information and data to facilitate effective compliance management
• A centralized platform for all compliance-related data, information, conversation, and documentation.
• Incorporates with other Predict360 technologies to provide comprehensive GRC management through a single system.
• Compliance management processes for various compliance-related tasks and users have been streamlined.
• Reduces compliance expenses by fully automating compliance monitoring, lowering effort, and enhancing the efficiency of detecting infractions.
• A cloud-based compliance management system that is simple to install
• A configurable compliance executive dashboard and an integrated compliance monitoring calendar

 About 360factors Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

Third-party risk management (TPRM) is a type of risk management that involves identifying and mitigating risks associated with the usage of third-party providers for instance partners, vendors, contractors, or suppliers.

Companies with international operations cannot escape risks by relying on other parties. They can, however, identify and manage these risks, and if done correctly, they begin by recognizing the third parties who expose them to the greatest danger.

Challenges in Third-Party Risk Management

On the other hand, working with third-party providers entails a measure of risk, which necessitates caution, trustworthiness, and risk management.

Herein is the issue. Managing hundreds of suppliers with more specialized and specialist competencies is extremely difficult, and companies must include these vendors in their risk profiles. Relationships between vendor roles and internal company capabilities can produce vulnerabilities and risks destabilizing a firm in multiple areas of emphasis.

As a result, many businesses are turning to third-party risk management (TPRM) to assist them in working better and more effectively with their contractors.

Benefits of Integrating a Third-Party Risk Management System

A Third Party and Vendor Risk Management System enables organizations to perform their due diligence, rating their risks based on the information they receive from their vendors and comparing it to required practices. Organizations can access analytics and ‘red flags’ in Vendor activities to identify risks before they negatively affect the company. For example, a decreased quality of Vendor Products and Services or late deliveries could indicate the material or financial issues. Such issues can be overcome through thorough Vendor Assessments in a Vendor Risk Management System.

Predict360 TPRM/VRM Solution

Ensure business continuity with your vendors and third parties using Predict360’s Vendor Risk Management System. Use Predict360 TPRM solution to mitigate the severity of data breaches involving Third Parties, protecting the organization’s sensitive data that is shared with third parties and streamlining all vendors, suppliers, and third parties with just a few clicks of a button. The application enables organizations to monitor and mitigate risk exposure from vendors and consultants by ensuring compliance with applicable policies and procedures, regulatory requirements, and standards.

Predict360 Third Party and Vendor Risk Management manages internal activities associated with vendors and third parties and features:

• Configurable internal Assessments (questionnaires) for internal departments for vendor due diligence to manage external vendors.
• External Assessments for non-system users (third parties and vendors) that capture relevant information about vendor activities with a review workflow.
• Integrated Administration screens to configure Vendor assessments, their types, and vendors’ products and services.
• The ability to configure Vendor Risk Analysis Dimension for Vendor Risks that categorize vendors by risk levels.
• A Vendor Risk Register that captures all necessary information regarding vendors, where multiple documents can be linked, and Vendor Risk Assessments can be initiated. It enables users to create, assign, track and manage any action item or task related to a vendor.
• A workflow process for Vendor Risk Assessments that assigns tasks with due dates and notifications to be reviewed by internal Vendor owners, with the information captured on the Vendor Risk Register having linked compliance questionnaires/checklists to assess it.
• The ability to store all vendor documentation in a dedicated, centralized, and easy-to-access location.

About 360factors Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

Resolving complaints is an essential part of customer service organizations. This is why your support employees are so important, considering that even the most skilled contact center workers struggle to answer client concerns about goods or customer care. Moreover, this is another reason why a complaint management procedure is critical to the performance of a customer support and service department.

Why Use Complaints Management Software?

Phone calls, website pages, emails, and social media offer a way to file a complaint. However, what happens after that? How would customers keep informed? What steps do you take to ensure that the issue is resolved? How will you avoid future complaints?

Whereas spreadsheets are a popular approach to collecting data, problems occur when you wish to connect with the client or have numerous team members working on complaints:

• How can you tell whether another individual is focusing on a complaint?
• Are emails to and from the consumer recorded on the database, or are you required to scan email folders frequently?
• Do you employ a team of individuals who must simultaneously work on many complaints?

If you have questioned any of the following questions yourself, it might be time to adopt complaint management software, particularly when you and your staff need help to keep pace with who is doing what.

How Complaints Management Plays a Significant Role in Financial Institutions

Complaints in the banking sector have recently increased to the point that the government has intervened. Customers can register complaints with the Consumer Financial Protection Bureau (CFPB) if financial institutions cannot or are unwilling to settle their problems. Based on the CFPB site, the CFPB has examined over 800,000 complaints since around Jan 2016.

Predict360’s Complaints Management Solution

Predict360’s Issues and Complaints Management Solution provides first, second and third lines of defense the ability to manage more quickly and efficiently, track, collect evidence and collaborate on all compliance-related tasks, activities, issues, and complaints in real-time. Managers are provided with a holistic and real-time view of all compliance issues and tasks across the organization by site, business unit, and regulation. Key features include:

• Dynamic Dashboards with configurable views and segmentation
• Trend analysis to uncover complaints and issues insights
• Follow-up and resolution tracking for individual complaints
• Audit trails for enhanced accountability
• Progress tracking to monitor investigations and follow-up actions
• External complaint forms that auto-route to your compliance team and relevant stakeholders
• Priority ratings and automated notifications for critical information

About 360factors, Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

Without Risk Control Self Assessment, no operational risk management strategy is complete (RCSA). This powerful approach was established in 1987. However, it is now used by employees of all ranks and across various industries for identifying risks and assessing related controls and their efficacy. It is still regarded as an effective means of assuring governing authorities and authorities that all aims will be reached today. Several other advantages have also been recognized: Personnel will get a more excellent grasp of company operations, better understand operational risk management, and be better prepared to drive a more stringent governance program.

Why is Risk Control Self-Assessment Critical for Organizations?

The RCSA procedure is crucial for financial industry firms. Risk and Control Self Assessments assist firms in identifying problems that are occurring throughout the enterprise. The goal is to guarantee that if a weakness in the management framework or a controlling risk is not operating correctly, it may be identified and remedied. The RCSA approach is also helpful in raising employee awareness levels, and involving them in the evaluation guarantees they are aware of the risk, making them extra cautious.

Process of Risk Control Self-Assessment

• Approach
• Document Control Environment
• Identify and Evaluate the Risk
• Identify Specific Controls
• Assess and Rant the Control
• Action Planning
• Monitor RCSA Result
• Report RCSA Results
• Control Testing

Predict360 Risk Control Self-Assessment Software

Predict360's risk control self-assessment tools enable organizations to manage risks by capturing inherent and residual risk ratings and controls, along with additional details like risk owners, risk type, management comments, monetary impact, and more, employing corroborated enterprise methodologies like risk control self-assessment assessment for banks. Specific risks are also related to the legislation and/or corporate obligations that govern them.

Features

• Insight into RCSA development and risk assessments in real time
• The standardization of risk and control taxonomies facilitates risk comparison and evaluation.
• RCSA reports at the enterprise level using information from several business divisions
• Executive insight into risk issues, with the opportunity to drill down for further information

Request a demo to explore more features!

About 360factors Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

Very few businesses find enterprise risk management adoption easy—it takes a rare mix of organizational consensus, effective executive management, and awareness of various program sensitivities. Regardless of the work necessary, ERM is worthwhile because it compels most firms to take a step back and assess their risks, which is among the initial steps toward safeguarding capital and increasing shareholder value. Nonetheless, when boards and top management review ERM, they frequently come up with more concerns than solutions.

While each organization has unique challenges, the more difficult ERM difficulties are often shared by everyone and are independent of industry, region, legislation, or competitive landscapes. Management will be more able to establish and overhaul their enterprise risk management programs if they examine some of these frequent ERM difficulties and the creative solutions used by other firms.

Challenges in Enterprise Risk Management

Below are the challenges that can occur while integrating enterprise risk management:

• Lack of defined ownership and accountability for ERM implementation.
• Inadequate resources, like time, money, and human resource management.
• Poor training on ERM.
• Inadequate knowledge, skills, and competence.
• A hostile organizational culture.
• A scarcity of skilled individuals to carry out ERM.
• A need for the perception of the value or advantages of ERM.
• The absence of a data system for risk management.
• Poor change management and aversion to change.

Predict360 Enterprise Risk Management Solution

Risk management is required to guarantee that your company has a safe and secure existence. Predict360 Risk Management Software, using the 360factors platform, ensures that managers constantly have an awareness of enterprise risk on a single platform. New threats are represented in all risk indicators immediately and are available to all authorized stakeholders. In addition, our cloud-based risk suite guarantees that the most recent regulatory concerns are regularly monitored and upgraded inside the system.

Features

Proactive approaches allow firms to boost productivity, reduce resolution times, interact more efficiently, and get insight into complaints and issue trends.

• Stay current with real-time regulation updates.
• Rapid and straightforward document uploads
• Decentralize compliance to enable it to be an organizational-wide activity.
• Dismantle organizational silos that hinder risk management
• Provide risk visibility to leaders across the firm using risk management technologies.
• Interact with and agree on Risk Appetite with several other people
• Primary access compliance operations and reporting throughout all functional compliance departments
• Integrated legal terminology understanding for speedy parsing of new legislation
• Includes Dodd-Frank, SOX, FINRA 4210, HMDA, BSA/AML CFPB, RESPA, FATCA, fair lending rules, AISMD, and many more

About 360factors, Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

Legal and marketing departments must adopt a flexible approach to marketing compliance to stay on top of quickly changing requirements. Every bank is constantly looking for software that can give a wide range of features and capabilities to enable a simplified user experience. On the other hand, banks seek control over their compliance and the regulatory evaluation of critical papers. Furthermore, financial institutions are looking for cutting-edge solutions to help them evaluate compliance results and effectively manage regulatory and marketing operations. This is where Predict360 Marketing Ad Review Application can be helpful for your firm.

Predict360 Marketing Ad Review Application

The Predict360 Marketing Ad Review tool automates the handling of ad reviews. It delivers rich analytics and dashboards and operates on a consolidated platform to make both internal and external compliance requirements simple to grasp. Marketing Compliance Software uses Tableau to translate risk and compliance data into usable information for diverse stakeholder audiences, resulting in sophisticated business insight.

The Predict360 Marketing Ad Review application automates all internal and third-party ad reviews to ensure compliance with the terms of service, marketing regulations, and instructions, whether the compliance team needs a sign-off on internal marketing department ads or external partner ads from partner FinTechs. Compliance may accept requests via workable forms, procedures, and operational dashboards thanks to the app.

Features

• Reporting on workflow phases, such as who evaluated every stage and any accompanying checklists or remarks.
• A workflow mechanism that distributes responsibilities to approvers based on data from the ad submission form and connected compliance surveys used to evaluate the advertising.
• Configurable first- and second-level users regularly.
• Marketing Ads Approved and Live, Marketing Ads by Status Overall, Marketing Ads Under Review, Marketing Ads by Quarter, Marketing Ads by Product, and more are shown on operational dashboards with flexible reporting widgets.
• Configure advertising kinds, link them to checklists and evaluations, and assign reviewer responsibilities via an integrated administration interface.
• Review step and result email alerts
• A customizable, external online form for non-system people that collects pertinent ad information like marketing campaign description, target description, feedback, campaign start and finish dates, importance, advertised items, regulatory category, who ought to be alerted, file uploads, and much more.

About 360factors, Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

The Risk Control Self Assessment is used to recognize and analyze operational risks and assess the efficiency of the organization's controls in mitigating such risks. As such, it gives several advantages to enterprises, ranging from improved control efficacy to increased business efficiency. However, an RCSA must be incorporated into the company's operational risk management process rather than being a stand-alone effort.

RCSA may play a vital role in spreading awareness of risk management throughout the business and enhancing the company's risk culture, in addition to assisting in assessing operational risks and identifying shortcomings in controls. It also helps with compliance and governance and reinforces external and internal auditors' work.

8 Steps of Risk Control Self Assessment

1. Determine your company's goals.
2. Determine the operating model
3. Determine the danger.
4. Examine the danger (using likelihood and impact)
5. Compare to your appetite
6. Determine issues and solutions
7. Track and assess
8. Management of Incidents

Risk Control Self-Assessment can be completed in a variety of methods. One approach is to run RCSAs in response to specific occurrences, for instance, a cyberattack or a power failure. Another strategy is to concentrate on specific organizational processes and identify possible hazards. After an RCSA is completed, it should be evaluated daily, like annually. RCSAs could also be amended between reviews following shifts in the risk environment.

Predict360’s Risk Control Self-Assessment Software

Predict360's risk control self-assessment tools enable organizations to manage risks by capturing inherent and residual risk ratings and controls, along with additional details like risk owners, risk type, management comments, monetary impact, and more, employing corroborated enterprise methodologies like risk control self-assessment assessment for banks. Specific risks are also related to the legislation and corporate obligations that govern them.

Features

• Insight into RCSA development and risk assessments in real time
• The standardization of risk and control taxonomies facilitates risk comparison and evaluation.
• RCSA reports at the enterprise level using information from several business divisions
• Executive insight into risk issues, with the opportunity to drill down for further information

Request a demo to explore more features!

About 360factors Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

Businesses have traditionally valued customer feedback. For various reasons, good complaint management is crucial. The most obvious explanation is that dealing with client complaints is a fundamental aspect of customer service. Most businesses, meanwhile, use complaint data for far more than merely responding to complainants. This information can indicate issues with service delivery, allowing the company to enhance its operations. Increased synergy in financial firms enables risk and compliance executives to go one step further and harness complaint data for insights and forecasts in their respective areas.

Advantages of Complaints Management System

• Providing the necessary levels of safety
• Increasing the effectiveness of complaint handling and client satisfaction
• Providing additional chances to improve
• Taking care of client issues while being compliant
• Providing information about your customer service team

Impediments to Effective Complaint Management

The usage of different software tools, including email, spreadsheets, shared files, CRM and ticketing systems, and so on, frequently creates impediments to compelling issue and complaint management:

• Unresolved complaints must be included due to a lack of insight into the issue.
• Multiple email channels used to address complaints cause confusion and delays between departments and among staff.
• Because complaints are prioritized manually, significant issues may be overlooked while minor concerns are addressed.

Predict360’s Complaints Management Solution

Predict360’s Issues and Complaints Management Solution provides first, second and third lines of defense the ability to manage more quickly and efficiently, track, collect evidence and collaborate on all compliance-related tasks, activities, issues, and complaints in real-time. Managers are provided with a holistic and real-time view of all compliance issues and tasks across the organization by site, business unit, and regulation. Key features include:

• Dynamic Dashboards with configurable views and segmentation
• Trend analysis to uncover complaints and issues insights
• Follow-up and resolution tracking for individual complaints
• Audit trails for enhanced accountability
• Progress tracking to monitor investigations and follow-up actions
• External complaint forms that auto-route to your compliance team and relevant stakeholders
• Priority ratings and automated notifications for critical information

About 360factors, Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

Risk Control Self-Assessment is a procedure for evaluating operational dangers and the effectiveness of risk management measures. The objective is to guarantee that all enterprise risk management goals are achieved in a reasonable amount of time.

In the following ways, a facilitated RCSA can assist a bank in improving its control environment:

• Increasing awareness of the company's objectives and the vital role that internal control plays in achieving them.
• Employee empowerment to carefully create and execute control processes and improve functioning control procedures.

RCSAs (Risk Control Self-Assessments) are an essential component of risk management. The RCSA method entails risk stakeholders to self-assess the risks that affect their departments and the effect of the regulations that have been implemented. RCSA reports allow management to maintain a close eye on the firm's risk exposure and rapidly reduce any new risks.

6 Steps of the RCSA Process

The RCSA process is essential for financial industry businesses. Risk Control Self-Assessments assist companies in identifying issues that are occurring throughout the organization. The goal is to ensure that if a vulnerability in the risk management plan or a risk control is not going to perform ideally, it can be identified and fixed. The RCSA method is also helpful in raising employee awareness levels, and involving them in the evaluation guarantees they are aware of the risk factors, making them more careful.

Following are the six ways of the RCSA process:

• Step 1 – Document Control Environment
• Step 2 – Identification of risks
• Step 3 – Risk Evaluation
• Step 4 – Control Identification and Evaluation
• Step 5 – Corrective Actions
• Step 6 – RCSA monitoring

Predict360’s Risk Control Self-Assessment Software

Predict360's risk control self-assessment tools enable organizations to manage risks by capturing inherent and residual risk ratings and controls, along with additional details like risk owners, risk type, management comments, monetary impact, and more, employing corroborated enterprise methodologies like risk control self-assessment assessment for banks. Specific risks are also related to the legislation and/or corporate obligations that govern them.

Request a demo to explore more features!

Features

• Insight into RCSA development and risk assessments in real time
• The standardization of risk and control taxonomies facilitates risk comparison and evaluation.
• RCSA reports at the enterprise level using information from several business divisions
• Executive insight into risk issues, with the opportunity to drill down for further information

About 360factors Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

Often, a firm fails due to a lack of monitoring and control, poor strategic management, and incorrect resource allocation. This is despite a solid business plan and a compelling product or service. Using the risk management method protects firms from known and unforeseen risks. 

A robust risk management strategy necessitates adhering to the appropriate risk management methods, fulfilling the previously mentioned goals, and transforming the organization into a much more efficient and competitive entity. However, to ensure this risk control and management approach, a methodology must be implemented in each of the company's divisions, with the ability to deal immediately with all forms of risks that may develop, as far as practicable. 

The Goal of An Enterprise Risk Management Strategy 

Enterprise risk management entails detecting company hazards, anticipating them, and developing plans to mitigate and capitalize on them. The idea is not to accept the danger. Fantastic business executives research business risks, analyze them, and control them in this way, transforming a threat into a tremendous chance that, in return, improves the company's financial performance. 

As a result, risk management converts risks into benefits, allowing us to foresee them and ensure the attainment of the goals we set for ourselves. In brief, your responsibility as a firm is to assess your level of risk exposure, identify its source, and devise measures to limit that exposure to typical business hazards. 

What is An Effective Risk Management Process? 

Every company must have a risk management strategy in place. The first step is to identify all the hazards in the business. After all of the threats have been discovered, they must be assessed. Then, the most severe hazards must be prioritized above all others. After identifying the most significant risks, the following stage is to allocate ownership for the chance. If a considerable risk is to be effectively handled, it must be assigned to a team or individual. We cannot just identify hazards and ignore them; we must guarantee that someone is aware of the risk. 

This entire risk management method is not a one-time effort but a continuous process. The risk management process must be executed regularly to guarantee that any new risks are discovered and to identify any modifications in the criteria weights or intensity of any risk. Employing the appropriate strategy may alert firms to new hazards, allowing them to plan for and control the issue before it becomes a reality. Any company that wishes to be more conscious of the risks it encounters should consider how to enhance risk management inside its organization. 

Predict360 Enterprise Risk Management Solution  

Risk management is required to guarantee that your company has a safe and secure existence. Predict360 Risk Management Software, using the 360factors platform, ensures that managers constantly have an awareness of enterprise risk on a single platform. New threats are represented in all risk indicators immediately and are available to all authorized stakeholders. In addition, our cloud-based risk suite guarantees that the most recent regulatory concerns are regularly monitored and upgraded inside the system. 

Features 

Proactive approaches allow firms to boost productivity, reduce resolution times, interact more efficiently, and get insight into complaints and issue trends. 

• Stay current with real-time regulation updates.  
• Rapid and straightforward document uploads 
• Decentralize compliance to enable it to be an organizational-wide activity. 
• Dismantle organizational silos that hinder risk management 
• Provide risk visibility to leaders across the firm using risk management technologies.
• Interact with and agree on Risk Appetite with several other people 
• Primary access compliance operations and reporting throughout all functional compliance departments  
• Integrated legal terminology understanding for speedy parsing of new legislation 
• Includes Dodd-Frank, SOX, FINRA 4210, HMDA, BSA/AML CFPB, RESPA, FATCA, fair lending rules, AISMD, and many more 

About 360factors, Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

Businesses take compliance management seriously because it is required. However, many firms would like to be more satisfied with the results. Despite how often resources they devote to compliance management, the consequences appear to be the same. This is since managing compliance is more than just a process that can be enhanced by expanding the number of staff working on it. There are mitigating factors in adherence to standard personnel. Organizations that truly want to impact must examine their compliance management structure and make fundamental changes.

4 Ways of Improving Compliance Management

You will find several ways to improve compliance management. However, the following four methods will be helpful for your firm:

1. Make compliance more visible.
2. Standardize compliance information
3. Automate the tedious aspects of compliance management
4. Establish a compliance culture

Compliance management systems perform so effectively since these procedures are carried out with the assistance of a software solution. Compliance management systems provide specific compliance workflows instead of ad hoc solutions and processes constructed from off-office productivity apps such as Excel and Word. This allows organizations to reach better compliance and significantly boosts the pace of many compliance activities.

Searching for a Compliance Management Software?

If you are finding the perfect compliance management solution for your firm, look nowhere else! Predict360’s Compliance Management Suite will do all your work in just a few minutes.

The American Bankers Association has endorsed the Predict360 Compliance Management Suite, which increases compliance levels while decreasing costs.

Businesses benefit from the compliance management solution at every stage of the compliance management process. It automates tracking, document management, compliance monitoring, regulatory change, activity management, and many other tasks.

Features

• A configurable compliance executive dashboard and an interconnected compliance management plan
• Incorporates with other Predict360 technologies to provide comprehensive GRC management through a single system.
• Reduces compliance expenses by fully automating monitoring and enforcement, lowering effort, and enhancing the efficiency of detecting infractions.
• Executive dashboards that provide real-time compliance data and information to facilitate preventive compliance management
• A centralized platform for all compliance-related data, information, conversation, and documentation.
• The cloud-based compliance monitoring system is simple to install.
• Compliance process procedures for various compliance-related tasks and consumers have been streamlined.

About 360factors, Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

Risk management methods in US enterprises are coming under increased governmental and private scrutiny. The diversity, quantity, and acceleration of risks are all rising, making enterprise risk management increasingly challenging. Businesses are continually battling fires and attempting to reduce risk by taking remedial steps, and this reactive strategy lengthens reaction times and may put these businesses out of business altogether.

Increased breaches, compliance failures, and new guidelines from business licensing groups, the SEC, customers, and the Board of Directors are causing leaders to rethink their risk management strategy and change to Integrated Enterprise Risk Management (ERM).

Attributes of Effective Enterprise Risk Management

Organizations that use effective Enterprise Risk Management (ERM) can:

• Enhance the risk information required to enable strategic choices throughout the enterprise.
• Identify, analyze, prioritize, treat, and monitor ongoing hazards consistently.
• Risk management begins with strategy development and continues through corporate culture and execution.
• Predict dangers and implement additional preventative measures and solutions.
• Integrate risk management with performance.
• Recognize risks and interdependencies to assist promote productivity, revenue, and reputation.

A proactive risk management strategy is used in effective ERM, which minimizes expenses, enhances capital allocation, preserves the business image, optimizes procedures, and generates a more harmonious atmosphere. It enables firms to be more successful, to remain a step ahead, and to be ready when new risks occur.

Predict360 Enterprise Risk Management Software

Predict360's Enterprise Risk Management Software helps enterprises to identify, measure, evaluate, and mitigate risk. It assesses the reputational, financial, environmental, legal, and safety effect and the possibility of a risk at the business unit level. It delivers a fully integrated ERM system that enables firms to reduce risk while making strategic decisions.

Features

Proactive approaches allow firms to boost productivity, reduce resolution times, interact more efficiently, and get insight into complaints and issue trends.

• Stay current with real-time regulation updates.
• Rapid and straightforward document uploads
• Decentralize compliance to enable it to be an organizational-wide activity.
• Dismantle organizational silos that hinder risk management
• Provide risk visibility to leaders across the firm using risk management technologies.
• Interact with and agree on Risk Appetite with several other people
• Primary access compliance operations and reporting throughout all functional compliance departments
• Integrated legal terminology understanding for speedy parsing of new legislation
• Includes Dodd-Frank, SOX, FINRA 4210, HMDA, BSA/AML CFPB, RESPA, FATCA, fair lending rules, AISMD, and many more

About 360factors Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

The method by which a firm manages the risk of conducting business with people outside the organization is known as third-party risk management. It is typically used to evaluate third parties in the sales force or distribution network, as third parties can be a significant source of risk. For instance, most bribery charges do not include cash subsidies from corporations to government officials; the payment is made via a third party.

Companies with international operations cannot escape risks by relying on other parties. They can, however, identify and manage these risks, and if done correctly, they begin by recognizing the third parties who expose them to the greatest danger.

Challenges in Third-Party Risk Management

On the other hand, working with third-party providers entails a measure of risk, which necessitates caution, trustworthiness, and risk management.

Herein is the issue. Managing hundreds of suppliers with more specialized and specialist competencies is extremely difficult, and companies must include these vendors in their risk profiles. Relationships between vendor roles and internal company capabilities can produce vulnerabilities and risks destabilizing a firm in multiple areas of emphasis.

As a result, many businesses are turning to third-party risk management (TPRM) to assist them in working better and more effectively with their contractors.

Importance of Third-Party Risk Management

Third parties can create security breaches, although they are required for many organizational operations. Fortunately, there are procedures that businesses and organizations may implement to increase third-party security. Your firm may avoid potential complications from these collaborations by using security measures such as monitoring risk indicators and third-party inventories.

When searching for ways to improve third-party security, leveraging automation via third-party financial institutions and technologies is a viable choice. Depending on third parties may be risky; thus, implementing third-party risk management is critical to an organization's safety and profitability.

Predict360 TPRM/VRM Solution

Ensure business continuity with your vendors and third parties using Predict360’s Vendor Risk Management System. Use Predict360 to mitigate the severity of data breaches involving Third Parties, protecting the Organization’s sensitive data that is shared with third parties and streamlining all Vendors, suppliers, and third parties with just a few clicks of a button. The application enables organizations to monitor and mitigate risk exposure from vendors and consultants by ensuring compliance with applicable policies and procedures, regulatory requirements, and standards.

Predict360 Third Party and Vendor Risk Management manages internal activities associated with vendors and third parties and features:

• Configurable internal Assessments (questionnaires) for internal departments for vendor due diligence to manage external vendors.
• External Assessments for non-system users (third parties and vendors) that capture relevant information about vendor activities with a review workflow.
• Integrated Administration screens to configure Vendor assessments, their types, and vendors’ products and services.
• The ability to configure Vendor Risk Analysis Dimension for Vendor Risks that categorize vendors by risk levels.
• A Vendor Risk Register that captures all necessary information regarding vendors, where multiple documents can be linked and Vendor Risk Assessments can be initiated. It enables users to create, assign, track and manage any action item or task related to a vendor.
• A workflow process for Vendor Risk Assessments that assigns tasks with due dates and notifications to be reviewed by internal Vendor owners, with the information captured on the Vendor Risk Register having linked compliance questionnaires/checklists to assess it.
• The ability to store all vendor documentation in a dedicated, centralized, and easy-to-access location.

About 360factors Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

For years, a statistic has been widely circulated in the customer service profession. According to Lee Resources, for every client that files a complaint, 26 other consumers experienced the same experience but fled rather than complain.

The number of non-complaining customers may be more or fewer, but the point is that not all disgruntled consumers express their dissatisfaction. When people take the initiative to reach out and complain, it's because they desire you to understand that you messed up in their eyes.

Complaints are chances to improve things.

No doubt, responding to consumer complaints is difficult, but it gets much simpler if you have a complaint management plan.

An Effective Complaints Management

Complaint management is most successful when you have a precise and regular system. To guarantee consistency throughout your firm, personnel must be notified of how to deal with every phase of this procedure, from the initial acknowledgment and appraisal of it, through all the investigations and responses to the final follow-up with the client. Whereas each company's complaint management procedure may be slightly different, here are several general criteria for a good complaint management approach:

• Look into what's wrong and why.
• Recognize the issue and sympathize with the consumer (some individuals want to be heard!)
• Make things right (correct the problem and/or give something more) by following up.
• Reiterate the issue so that you and the customer are on the same page.

Searching for Exceptional Complaints Management Software?

Predict360’s Issues and Complaints Management Solution provides first, second and third lines of defense the ability to manage more quickly and efficiently, track, collect evidence and collaborate on all compliance-related tasks, activities, issues, and complaints in real-time. Managers are provided with a holistic and real-time view of all compliance issues and tasks across the organization by site, business unit, and regulation. Key features include:

• Dynamic Dashboards with configurable views and segmentation
• Trend analysis to uncover complaints and issues insights
• Follow-up and resolution tracking for individual complaints
• Audit trails for enhanced accountability
• Progress tracking to monitor investigations and follow-up actions
• External complaint forms that auto-route to your compliance team and relevant stakeholders
• Priority ratings and automated notifications for critical information

About 360factors, Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

Banking, Financial Institutions, and Insurance (BFSI) is a highly regulated business with many compliance-related tasks that must be carried out correctly for appropriate and risk-free activities. With the growth in linked activities across different firms, it has become increasingly challenging to succeed in the market using simple compliance management solutions.

How Should You Handle an Ever-Increasing Number of Regulatory Compliances?

When the frequency of compliance activities was minor, it was simple to handle them using numerous solutions. Nevertheless, the development of cross-functional activities has resulted in a rise in the number of critical rules, making it impossible to juggle too several solutions. Because of the fast growth in requirements, a single system that can simplify the entire organization's activities is required. An answer will cover the whole business and will significantly improve the management of compliance-related operations.

Challenges

The following are the primary problems that make compliance management difficult:

• Using many technologies across several departments raises costs and fosters data distrust, making it difficult for risk and compliance leaders to make timely choices.
• Risk and compliance systems designed to solve basic compliance procedures do not cut it in today's reality.
• GRC (Governance, Risk, and Compliance) requirements have made manual ways of achieving operational excellence difficult. This is not cost-effective and poses a significant difficulty.
• With a growth in the number of compliance management activities, it is challenging to acquire a comprehensive perspective of the organization to generate appropriate actions in terms of driving business plans and recognizing anomalies related to vital assets.

Artificial Intelligence: The Ideal Compliance Management Tool

Artificial intelligence (AI) appears to be the perfect answer for compliance management. It aids in automating the corporate risk and compliance management process and provides a company with maximum insight into all risk and compliance-related areas of the firm.

Advantages of an Automated Compliance Management System

Predict360's Compliance Management Software, for example, eliminates the need for manual intervention and tackles all difficulties by applying its internal logic for decision-making.

Features

• Executive dashboards that provide real-time compliance information and data to facilitate effective compliance management
• A centralized platform for all compliance-related data, information, conversation, and documentation.
• Incorporates with other Predict360 technologies to provide comprehensive GRC management through a single system.
• Compliance management processes for various compliance-related tasks and users have been streamlined.
• Reduces compliance expenses by fully automating compliance monitoring, lowering effort, and enhancing the efficiency of detecting infractions.
• A cloud-based compliance management system that is simple to install
• A configurable compliance executive dashboard and an integrated compliance monitoring calendar

About 360factors Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

The Risk Control Self-Assessment, an operational risk assessment method, is employed to recognize and analyze operational risks and evaluate the effectiveness of the firm's procedures in handling such risks. Simply put, it gives several perks to enterprises, ranging from improved control efficacy to increased business efficiency. However, an RCSA must be incorporated into the company's operational framework for risk management rather than being a stand-alone effort.

Self-Assessment may play a vital role in creating awareness of operational risk throughout the business and enhancing the firm's risk culture, in addition to assisting in assessing operational risks and identifying shortcomings in controls. It may also help with compliance and governance and reinforce internal and external auditors' work.

RCSAs can be completed in a variety of methods. One approach is to run RCSAs in response to specific occurrences, for instance, a cyberattack or a power failure. Another strategy is to concentrate on specific organizational processes and identify possible hazards. After an RCSA is completed, it should be evaluated daily, like annually. RCSAs could also be amended during assessments following shifts in the risk context.

Senior management can utilize an RCSA to conduct top-down risk assessments, which may also be done from the bottom up. Companies may work mixed top-down and bottom-up RCSAs to evaluate corporate strategy and local operational risks.

Process of Risk Control Self-Assessment

• Approach
• Document Control Environment
• Identify and Evaluate Risk
• Identify Specific Controls
• Assess and Rant the Control
• Action Planning
• Monitor RCSA Result
• Report RCSA Results
• Control Testing

Importance of Incorporating Risk Control Self-Assessment Software

1. Motivates both employees and managers to take ownership of internal controls.
2. It allows you to concentrate your attention on essential information in addition to formal controls.
3. It serves as a feedback system from the bottom up.
4. Assist organizations in being more proactive.
5. Minimize audit risks.
6. More thorough and pertinent information is provided.
7. Promotes the credibility and visibility of internal audits.
8. Examining the complete control spectrum.

Here’s How Predict360 Risk Control Self-Assessment can be Beneficial for Your Company

Predict360's risk control self-assessment tools enable organizations to manage risks by capturing inherent and residual risk ratings and controls, along with additional details like risk owners, risk type, management comments, monetary impact, and more, employing corroborated enterprise methodologies like risk control self-assessment assessment for banks. Specific risks might also be related to the legislation and/or corporate obligations that govern them.

Features

• Insight into RCSA development and risk assessments in real time
• The standardization of risk and control taxonomies facilitates risk comparison and evaluation.
• RCSA reports at the enterprise level using information from several business divisions
• Executive insight into risk issues, with the opportunity to drill down for further information

Request a demo to explore more features!

About 360factors Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

Compliance is the framework to guarantee that your firm, healthcare institution, or agency of law enforcement is adhering to the various rules, laws, and regulations that regulate your sector and the approach your organization uses.

A compliance management system is created to ensure the compliance structure runs smoothly. It is the procedure for making your policy handbook, managing professional development and training, and compiling evidence of compliance for certifying organizations and government authorities.

Third-party audits, internal audits, reports and documentation, technological applications, and security measures are all used by the compliance management system. Furthermore, it depends on a team of individuals that understand the intricacies of compliance and endeavor to keep their firm functioning smoothly.

Understand Compliance Management in Easier Way

Compliance management involves managing an organization's systems, strategies, and processes to ensure that all personnel follows national, regional, and local ordinances, government regulations, accrediting requirements, and codes of conduct. Workplace compliance is often divided into two categories:

1. Corporate compliance is the process through which a corporation ensures its personnel follows internal policies, procedures, rules, and performance and behavioral standards.
2. The manner a company complies with external laws, regulations, and norms is referred to as regulatory compliance.

Why Compliance Management Holds Great Importance?

Compliance management, expressed, protects you from any sort of trouble.

There are restrictions, laws, and procedures to prevent someone from violating privacy, revealing another confidential identity, stealing, or conducting fraud.

Laws, regulations, and rules exist to require individuals to work for the benefit of their clients, patients, and consumers since people don't always do so. 

On the other hand, compliance management reduces risk and fosters a compliance culture. Moreover, it guarantees that individuals know, understand, and adhere to the rules, laws, and norms.

Here is How You Can Improve Your Compliance Management with Predict360’s Compliance Management Software

The American Bankers Association has endorsed the Predict360 Compliance Management Suite, which increases compliance levels while decreasing costs.

Businesses benefit from the compliance management solution at every stage of the compliance management process. It automates tracking, document management, compliance monitoring, regulatory change, activity management, and many other tasks.

Features

• A configurable compliance executive dashboard and an interconnected compliance management plan
• Incorporates with other Predict360 technologies to provide comprehensive GRC management through a single system.
• Reduces compliance expenses by fully automating monitoring and enforcement, lowering effort, and enhancing the efficiency of detecting infractions.
• Executive dashboards that provide real-time compliance data and information to facilitate preventive compliance management
• A centralized platform for all compliance-related data, information, conversation, and documentation.
• The cloud-based compliance monitoring system is simple to install.
• Compliance process procedures for various compliance-related tasks and consumers have been streamlined.

About 360factors, Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.

As per Forbes, 63% of customers will abandon a firm after only one negative encounter, and approximately two will not stand in line and over two minutes for help. Complaint management is to resolve consumer complaints, find areas for development, and provide better goods or services. Hardly any firm likes to hear customer support complaints, yet even the finest companies may occasionally get terrible customer feedback. 

Handling complaints is an essential part of customer service organizations. This is why your support employees are so important, considering that even the most skilled contact center workers struggle to answer client concerns about goods or customer care. Moreover, this is another reason why a complaint management procedure is critical to the performance of a customer support and service department. 

How Complaints Management Plays a Significant Role in Financial Institutions 

Complaints in the banking sector have recently increased to the point that the government has intervened. Customers can register complaints with the Consumer Financial Protection Bureau (CFPB) if financial institutions cannot or are unwilling to settle their problems. Based on the CFPB site, the CFPB has examined over 800,000 complaints since around Jan 2016. 

Organizations should be willing to receive and respond to complaints in a reasonable timeframe, and the right approach to do so is to establish a unique complaint management procedure. Complaint management software solutions assist firms in implementing systems and expediting remedies, preventing consumers from escalating their complaints to the CFPB. 

Predict360 Complaints Management Software  

Predict360's Issues and Complaints Management Solution enables first, second, and third lines of defense to monitor, track, obtain data and interact in real-time across all compliance-related operations, actions, challenges, and complaints. Administrators are given a comprehensive and real-time picture of all compliance concerns and duties across the organization, broken down by region, corporate level, and legislation. 

Features 

• External complaint forms that are automatically routed to the company compliance team and relevant parties 
• Dynamic Dashboards featuring view configuration and division 
• Specific complaint follow-up and response recording 
• Prioritized ratings and automatic alerts for vital information 
• Closely monitoring investigations and follow-up activities 
• Audits improve transparency 
• Trend analysis to reveal insights about complaints and concerns 
• Closely monitoring investigations and follow-up activities 

About 360factors Inc. 

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information. 

Vendor Risk Management (VRM) and Third-Party Risk Management (TPRM) are programs that organizations employ to assess their relationships with third parties or vendors for potential risks. The most common types of risks an organization will want to evaluate the regulatory, operational, financial, and reputational.

The purpose and function of TPRM and VRM are similar: the core process is to identify, assess, monitor, and mitigate risk.

Several terms (e.g., Third Party Risk Management, Supplier Relationship Management, Vendor Risk Management) are routinely used to assess and manage the risk posed to your organization by outside entities.

In either case, the concept is the same: this is the process by which an organization manages the risks posed by outside companies or other organizations that provide its services or products.

Benefits of Integrating a Vendor Risk Management System

A Third Party and Vendor Risk Management System enables organizations to perform their due diligence, rating their risks based on the information they receive from their vendors and comparing it to required practices. Organizations can access analytics and ‘red flags’ in Vendor activities to identify risks before they negatively affect the company. For example, a decreased quality of Vendor Products and Services or late deliveries could indicate the material or financial issues. Such issues can be overcome through thorough Vendor Assessments in a Vendor Risk Management System.

Third-Party and Vendor Risk Management with Predict360

Ensure business continuity with your vendors and third parties using Predict360’s Vendor Risk Management System. Use Predict360 to mitigate the severity of data breaches involving Third Parties, protecting the Organization’s sensitive data that is shared with third parties and streamlining all Vendors, suppliers, and third parties with just a few clicks of a button. The application enables organizations to monitor and mitigate risk exposure from vendors and consultants by ensuring compliance with applicable policies and procedures, regulatory requirements, and standards.

Predict360 Third Party and Vendor Risk Management manages internal activities associated with vendors and third parties and features:

• Configurable internal Assessments (questionnaires) for internal departments for vendor due diligence to manage external vendors.
• External Assessments for non-system users (third parties and vendors) that capture relevant information about vendor activities with a review workflow.
• Integrated Administration screens to configure Vendor assessments, their types, and vendors’ products and services.
• The ability to configure Vendor Risk Analysis Dimension for Vendor Risks that categorize vendors by risk levels.
• A Vendor Risk Register that captures all necessary information regarding vendors, where multiple documents can be linked, and Vendor Risk Assessments can be initiated. It enables users to create, assign, track and manage any action item or task related to a vendor.
• A workflow process for Vendor Risk Assessments that assigns tasks with due dates and notifications to be reviewed by internal Vendor owners, with the information captured on the Vendor Risk Register having linked compliance questionnaires/checklists to assess it.
• The ability to store all vendor documentation in a dedicated, centralized, and easy-to-access location.

Seeing a firm going bad is difficult when things are proceeding well; however, leaders must constantly be prepared for the worst-case situation. Integrating enterprise risk management throughout your overall company's strategy is critical to operating a successful firm.

"Risk is the probability of an event happening that will affect the attainment of objectives," following the Institute of Internal Auditors. Risk is defined by its impact and likelihood."

Whereas enterprise risk management (ERM) is the process of identifying and mitigating risks to reduce their effect and safeguard your firm.

Risk and company ownership go alongside one another. Understanding how to take reasonable risks is an essential leadership skill, and risk aversion can stifle progress. Leveraging risks may give your organization solid and tangible outcomes, such as increased market share and profits.

Leaders must control their company results in this complicated connection by developing an enterprise risk management strategy.

Enterprise Risk Management is a never-ending cyclical process. It scans the scene for recognized dangers while preparing for unexpected changes that might disrupt operations.

ERM Process

• Identify
• Assess
• Monitor
• Mitigate

Significance of Enterprise Risk Management

Here are some of the reasons why enterprise risk management must be included as part of every business strategy:

• A corporation with an enterprise risk management framework has a systematic approach to decision-making and risk-taking.
• Assessing hazards and dangers might assist your firm in mitigating their effect or avoiding them entirely.
• Knowing about current regulatory issues, such as wage rules, may help you choose the correct technologies to stay in compliance.
• Risk awareness enables a business to make well-informed selections with high returns.
• Enterprise risk management is a company-wide approach that involves all employees. This strengthens the corporation in general and removes vulnerable points.

Predict360 Enterprise Risk Management Solution

Risk management is required to guarantee that your company has a safe and secure existence. Predict360 Enterprise Risk Management Software, using the 360factors platform, ensures that managers constantly have an awareness of enterprise risk on a single platform. New risks are immediately represented in all risk indicators and available to all authorized stakeholders. In addition, our cloud-based risk suite guarantees that the most recent regulatory concerns are regularly monitored and upgraded inside the system.

Features

Proactive approaches allow firms to boost productivity, reduce resolution times, interact more efficiently, and get insight into complaints and issue trends.

• Stay current with real-time regulation updates.
• Rapid and straightforward document uploads
• Decentralize compliance to enable it to be an organizational-wide activity.
• Dismantle organizational silos that hinder risk management
• Provide risk visibility to leaders across the firm using risk management technologies.
• Interact with and agree on Risk Appetite with several other people
• Primary access compliance operations and reporting throughout all functional compliance departments
• Integrated legal terminology understanding for speedy parsing of new legislation
• Includes Dodd-Frank, SOX, FINRA 4210, HMDA, BSA/AML CFPB, RESPA, FATCA, fair lending rules, AISMD, and many more

 About 360factors Inc.

360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.