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Financial Regulation Operations Management and Automation: Building a Centralized Data Repository

SōtirIS's financial regulations application design takes the fragmented data of a financial regulatory organization and consolidates it into one integrated system. Integration and centralization enables sharing information across departments and agencies.

The solution

Examinations

The SōtirIS Financial Regulation Operations Management and Automation application allows for thorough tracking of the examination process. The examinations module helps regulatory agencies track general information about every examination such as the organization/institution, examination type, ratings, and area/scope. Additionally, resources can be tracked; multiple examiners, accountants and attorneys can be assigned along with their associated hours to help provide a complete picture of the examination process.

Keep track of critical exam processing dates such as first day letter, exit meeting, approval information, and federal agency dates allowing for ease of management and ensuring responsiveness. The examinations module also allows for tracking of violation information, and allows for management and analysis of the following ratings:

  • CAMELS & Composite
  • HC Risk & Composite
  • BSA
  • IT
  • MOECA
  • Compliance & CRA

Investigations

An objective of a financial regulatory organization's reporting is to document the progress and status of the business process flows related to various types of investigation transactions. Different identification codes, all individuals involved throughout the processes, dates of activity, enforcement actions taken and notes are recorded.

We utilize workflows to provide a guide and a streamlined user experience that leads employees through the processes that the financial regulatory organization has defined. Our workflows provide a visual indicator that reflects where the user is in the investigation process. Workflows reduce the need for training because new users are guided through the investigation data entry process. The workflows can be configured to support common methodologies that can assist with achieving highly accurate results.

Licensing

The SōtirIS Financial Regulation Operations Management and Automation application enables an organization to track various types of transaction quantities and related dollar amounts. These transactions include adding new organizations / institutions and individuals, license renewal / cancellation, applications / registrations received, granted, terminated or waived along with the associated fees.

Complaints & Resolution

The SōtirIS Financial Regulation Operations Management and Automation application was built from the ground up with the concept of tracking interactions in mind. This gives organizations the ability to track emails, meetings, phone calls and other complaints and resolution activities to begin building a history of interactions and exchanges between the organization's staff and participants, vendors, and placement facilities.

Dashboards, updated in real-time, allow managers and executives to quickly track counts, goals, and other Key Performance Indicators (KPIs) at a quick glance.

Violation & Fines

The tracking features can be used to document the payment schedules of fines, penalties and costs incurred by organizations / institutions and individuals.