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Optimizing
Banking/Financial Compliance
Taking a holistic approach to sustain prudential,
systemic risk, misuse, confidentiality, credit
allocation, and liquidity risks
WGA's team of experts are individuals with Big 4
risk consulting backgrounds and cross-industry hands-on
experience. Our professionals work with you to evaluate
your company's compliance requirements, design and
implement a regulatory compliance program that
utilizes technology solutions to successfully monitor,
review, report, and detect weaknesses.
Bank Secrecy Act (BSA) / Anti-Money Laundering (AML),
Title III of the USA Patriot Act (31 CFR 103)
BSA was first enacted in 1970. BSA requires US
Financial institutions to record cash purchases,
negotiable instruments, the filing of reports for daily
cash transactions exceeding $10,000 dollars andto report
suspicious activity that signify tax evasion, money
laundering or other criminal activity. BSA has been
amended several times, most recently by Title III of the
USA Patriot Act. BSA/AML reporting requirements, even
with the advent of software to monitor and identify
(structuring) transactions, still result in a tremendous
burden on financial institutions. WGA helps our
financial industry clients with getting better at
addressing BSA/AML requirements, measuring and improving
BSA/AML organizational awareness by leveraging a
combination of technologies, reducing manual processes
and innovating automated reporting capabilities.
Fair
Credit Reporting Act (FCRA)
FCRA regulates the collection, sharing and use of
customer credit information. US Financial institutions
struggle with the requirements of providing copies of
individuals credit reports, managing and responding to
disputed negative credit information, and suppressing
negative credit information based upon ever changing time
limits. The requirement to just inform consumers of negative
credit information in a timely manner continues to be
challenge. WGA helps our financial industry clients by
working to identify
FCRA
challenges, apply the right technology solutions to automate
FCRA requirements and work through FRCA compliance issues.
Federal Reserve Regulations
Equal Credit Opportunity Act (ECOA), Home Mortgage
Disclosure Act (HMDA), Reserve Requirements for Depository
Institutions, Electronic Funds Transfer Act, Limitations on
Interbank Liabilities, Loans to Insiders, Privacy of
Consumer Financial Information and many, many more. WGA
works with financial industry clients to tailor an
integrated approach to reducing the burden of maintaining
Federal Reserve requirements. We have developed a number of
commodity techniques to immediately reduce on-going
compliance costs to allow financial clients to reallocate
capital to higher value growth strategies.
Basel
Accords, Basel II
Originally published in 2004, Basel II is an
international standard that banking regulators can use when
creating regulations about the capital requirements banks
should set aside for to protect against financial and
operational risks banks face. The final version of Basel II
focused on; 1) capital allocation should be directly related
to risk, 2) Separating operational risk from credit risk,
and to quantify both, 3) Align economic and regulatory
capital more closely. In July of 2008, the OCC issued
further guidance on the implementation of Basel II to US
banks on the heels of the US subprime meltdown. The OCC
identified the need for a strong focus on operational risk,
specifically to the monitoring and immediate response to
failed internal processes, people and systems, even events
external to the bank. Additionally, banks should also
include more rigor in determining capital adequacy related
to interest rate risk in the banking book, and liquidity
risk. WGA's risk management practice team members can help
your organization address the challenges of the adoption and
implementation of Basel II.
How WGA Can Help
As former executives,
WGA's core practice team members were responsible for
financial egulatory compliance requirements at
global financial institutions. We will
assess the current environment, identify
potential weaknesses, and assist you addressing
any areas of concern.
Whether you’d like independent verification of the
effectiveness of your current compliance efforts
or you need a framework developed specifically for your
organization, you can trust WGA to provide you with the
expertise you need to protect your most valuable information
assets.
To find
out more about WGA's work
in this capability area, please
contact the practice.
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Perspectives |
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Mark
Partner
WGA Texas |
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"Top-performing financial organizations are
leveraging an adaptable and integrated
enterprise risk management approach to address
the next wave of regulations and to reduce
costs. "
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