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Compliance and Risk Management for Banking Institutions

Banking Regulations Supported

ANX can help organizations comply with over 550 regulations and standards. Typically, the ones below are most important to our banking clients:

 

• GLBA
• FIEC
• Basel II
• BITS Shared Assessment
• Identity Theft Red Flag
• PCI DSS
• Bank Secrecy Act
• SOX 404 (including COSO, COBIT, and 15 others)
• State Privacy / Breach Notification Laws (over 75 laws)
• International Privacy Laws (over 40 laws, including EU Data Privacy and PIPEDA)
• Direct Marketing Related Laws (US and International)

 

Banking Customers Served

While ANX provides a wide range of services to clients from SaaS to consulting, the ones below are most commonly requested by our banking clients. Please click the service to learn more.

 

• TruComply
• TruPCI
• TruAware
• Managed Risk and Compliance Services
• Security Index Assessment (SIA)
• Disaster Recovery / Business Continuity Planning
• Other Consulting Services

 

The pace of regulatory reform and enforcement in the financial services sector has quickened dramatically with the Obama administration. It is more important than ever for banking institutions to implement effective and comprehensive compliance and risk management programs which can keep pace. However, banks and credit unions face these challenges under historic financial pressure. Clearly, a more cost-effective method of scaling compliance efforts is necessary.

 

Top compliance and risk management challenges for banks include:

 

• Regulatory Audits (FDIC, OTS, OCC, NCUA, SEC, FINRA)
• Internal Audits
• Identity Theft Red Flags
• Vendor and Third-Party Compliance Management
• Sarbanes Oxley Compliance

 

ANX can help banking institutions manage all these and more through TruComply. TruComply is an easy-to-use governance, risk and compliance application which can be fully implemented with a few weeks. Banking clients can use TruComply to manage both internal and vendor compliance.

 

Additionally, banking institutions with a merchant acquiring operation must monitor merchants’ PCI DSS compliance status and risk exposure. Merchant banks currently use TruPCI to manage PCI DSS compliance across tens of thousands of merchants. TruPCI is a modular service which can be configured to meet the needs of different merchant levels – from the most cost conscious Level 4 merchant to the most demanding Level 1.

 

Additionally, ANX consultants can assist banking clients by providing project-based services such as compliance / security assessments and disaster recovery and business continuity planning. Alternatively, for clients who lack the resources and skills to keep up with their compliance burdens, ANX consultants can perform most IT compliance and risk management tasks through ANX’s Managed Compliance and Risk Services.