by Jessica Dugas, on October 25, 2016
With Halloween only days away, there is horror around every corner. All while zombies and witches are lurking in the night waiting to jump out at you, nothing is scarier to a banking professional than submitting your call reports. Four times a year, you dread the process of pulling and reviewing your data, terrified that the data isn’t accurate, and losing all confidence that you are actually compliant.
Luckily, compliance doesn't have to be so scary! Here are 3 steps you can implement to take the spook out of financial compliance.
Automate Your Data Collection Process
The best way to ensure data is accurate is by automating your data collection process. One misplaced decimal point can throw off all your numbers, so stop enabling human error and automate.
Utilize A Data Quality Engine
What if you could take a quick glance at your data and know your compliancy? This would be amazing, right? With clean data, this is possible. If you have quality data, you can easily look at your latest stats and be confident that your findings are accurate. A data quality rules engine can help minimize regulatory risk by implementing an automated system to continuously evaluate the quality of your data, so there is no guessing.
Keep Track Of Your Historical Data
A sure fire way to take the fright out of compliances, like CCAR/DFAST is to properly manage your historical data. When you can easily compare historical and present borrowing trends, determining your capital adequacy is a breeze.
Applying these three steps can help you be more confident when sending your data to the FFIEC and leave the spooking to the goblins. Do you wish to learn more about actions you can take to ensure your bank is always compliant? Talk with one of our data specialists today!
