Problem
- Audit happens on past events and not current state.
- Compliance data is scattered across different systems & cannot be traced directly to the rule.
- Teams evolve and institutional knowledge of the original members may not be available.
- Examiners want to review the status of prior findings.
- Agencies want information for both direct and supporting processes; Governance, Policies & procedures, Systems, Controls, Testing, Reporting, Validation Documentation, Training.
- Reviews, comments & approvals - additional evidence of your compliance efforts are not easily available at the section level.
Collecting information takes about 85% of the time spent in this phase. An average bank undergoes approximately 5-10 reviews per year. Hence, this is a significant drain on operating costs.
Solution
Supervisory exams normally follow specific guideline published in their examination manuals & are organized by the Section Number(s). BCube links work products directly to the rule library and delivers an end-to-end traceability at the section of the rule. With this agency centric organization and firm wide reporting your demonstration of compliance to a supervisory review is ready to go with minimal time and effort.
Steps to Adopt BCube to Solve This Problem
Contact us to find out how BCube Analytics simplifies one of the most pervasive industry issue - managing supervisory exam.