The ‘Dreaded’ Dodd-Frank: Is Your Data Compliant?
I can’t check my email without reading something about Dodd-Frank. It’s been a headliner at every conference I’ve attended this year.
At MBA’s 98th Annual Convention, U.S. Rep. Spencer Bachus demonstrated both the length and detail of the new regulatory legislation by carrying on stage – and then dumping – a box filled with thousands of pages of regulations affected by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
While a bit dramatic, it highlighted how huge and complex data requirements imposed by Dodd-Frank are. For banks, there are new reporting requirements for compliance and risk mitigation, as well as new records that must be captured. Where to begin, right?
Your top priority is to make sure your systems are secure, auditable, traceable and flexible enough to quickly adapt to any new regulations. By leveraging an enterprise content management (ECM) or document management solution, you will have the tools to ensure consistent record keeping while guaranteeing the right information is available to the right people.
It will also give you the ability to automate document retention in a secure system, provide consistent disposition and immediately respond to audit requests and legal concerns. You can also control revisions of documents and instantly track changes to records, making traceability a non-issue. And your increased visibility into information and processes will help you adapt to new regulations.
Your second priority is to consolidate records and reporting across your institution’s different departments and regions in order to comply with Dodd-Frank’s new reporting requirements. The right ECM solution captures, stores, manages and shares any type of documentation – including reports from the core – in one easy-to-use interface.
It also gives financial institutions the ability to allow for instant and secure access to reports and documentation across the enterprise, regardless of geographical location. This helps you meet the Dodd-Frank requirements, but it also provides increased ability to analyze data, so you can make better decisions and support your institution’s growth initiatives.
All eyes are on Wall Street and the legislation that affects it. Banking divisions, affiliates and their disparate data sources need to be better integrated and more transparent than ever before.
Stay out of negative headlines, avoid hefty penalties, comply with reporting requirements and focus on achieving your goals by using an ECM solution to manage your documents and data.