In the new presidential administration, it is intended that new financial regulations will be set up to ensure that a financial crisis of this magnitude will never happen again. These new regulations will fundamentally change the landscape of the financial services sector, and ensuring compliance with the continuous stream of new rules that will appear over the next several years will prove both complex and onerous for most financial services organizations.

For this blog post, we wanted to look at where/how Business Process Management (BPM) fits into the compliance picture. BPM can enforce and manage compliance at the business process level – the level at which compliance objectives are either met or missed. It can also support adherence to and track requirements across multiple regulatory standards. BPM can achieve compliance on an on-going, long-term basis because of the:

•Documented processes that insure consistent information gathering;
•Automation and enforcement of consistent, repeatable processes and compliance-driven controls at both the employee and system level;
•Complete audit trails of every process performed, with all of the details required to meet regulatory standards and demonstrated compliance in real-time; and
•Flexibility to meet and maintain compliance with increasing and dynamic regulatory requirements over time.

Companies in financial services need to be prepared for the choppy regulatory waters ahead. A process driven compliance strategy makes sense for all of the reasons stated above, and most importantly in keeping pace with the increasingly evolving regulatory environment to come.

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