Mergers and acquisitions, industry consolidation, rapidly evolving dynamic markets, increasing regulatory and investor scrutiny – these are but a few of the challenges that financial services companies face today. In order to increase revenue and improve operational efficiencies in a highly competitive market, financial services companies must lower the risk of non-compliance, while at the same time addressing the costs associated with being compliant. Revenue growth, efficiency, and compliance – these three goals are often in conflict; but, with QAI’s support and solutions, these goals actually work together, not against each other.
- Compliance (Sarbanes-Oxley, Gramm-Leach Bliley and Check 21)
- Loan processing
- Claims processing
- Forms processing
- Financial statements and reporting
- Trade confirmations and notifications
- Investment applications
- Accounting processes
The Sarbanes-Oxley Act requires that all publicly traded companies maintain all correspondence, communications, electronic documents, faxes and application data and records between themselves and their public auditors for five years. It requires the CEO and CFO to sign certifications that the statements in the quarterly report are true and can be supported with all necessary documentation. Sarbanes-Oxley requires companies to be able to supply records supporting public assertions about their financial statements and prevents retaliation against employees who report abuse. It also mandates that all communications, documents and workflows should both originate and be stored on central servers to ensure that management always has copies of every stored document and is able to utilize software and hardware products to better protect and access their centrally stored information.
Gramm-Leach Bliley Compliance
This act stipulates that financial institutions have an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers’ non-public personal information. As a result, financial institutions have an obligation to protect against any anticipated threats or hazards to the security or integrity of customer records, and to protect against the unauthorized access to, or use of such records or information, which could result in substantial harm or inconvenience to any customer. Financial organizations cannot disclose non-public information about their customers and can’t use or share the info except to perform a service on behalf of the client, with their permission.
For more information, contact QAI and download our Banking and Financial Services White Paper.