Compliance11 Announces Enhanced Affirmations and Disclosure Product
Increased Functionality Allows Financial Services Firms to Automate Supervisory Tasks
CHICAGO, IL, October 7, 2008 - Compliance11™, Inc. a leading provider of regulatory compliance management solutions, today announced that it has made significant enhancements to its Affirmations and Disclosures product which provides advanced compliance management capabilities while reducing administrative effort.
The new features provide functionality that allows employees to certify that they have completed mandated supervisory tasks such as trade blotter review and risk report analysis. The additional functionality is made possible by the new release's single disclosure forms and customizable response fields which can now be defined as dropdown boxes, radio buttons, etc.
The Affirmations and Disclosures product allows employees to certify that they have read and agree to abide by firm policies and procedures. It also allows employees to disclose information like outside business activities.
The product has transformed employee supervision for customers. "I love the system," said the CCO of a 1200 person broker dealer. "Data collection is infinitely easier and when we are done we can analyze the data in reports. I can't imagine going back to our paper-based process."
The product can be up and operational in days and start providing many benefits over traditional paper or email based processes. The software-as-a-service delivery model requires no hardware or software installation, little to no IT involvement and is cost effective for small and large firms.
Reduced Clerical Effort, Enhanced Risk Management
The Compliance11 Affirmations and Disclosure product automates manual supervision processes allowing compliance departments to focus more time on identifying and mitigating risk. "The tool made the process more efficient for both the supervisors and compliance. It has saved my department time chasing incomplete forms and allowed them to focus on risk remediation, not clerical tasks," said a senior compliance officer at a 600 person firm in New York City.
Increased Ease and Appeal for Business People
In addition to saving time, the product improves the compliance department's image with the front office and senior management. The senior compliance officer added that, "The supervisors found the manual process intrusive and frankly a waste of time. We used to get minimal responses immediately and it took a strong effort to get them to even respond. The answers were often fragmented and difficult to read. The Compliance11 product has improved the image of compliance to management."
Improved Readiness for a Regulatory Inquiry or Exam
Finally, the product leaves compliance departments well-prepared for regulatory inquiries and regulatory exams. The CCO at a large Chicago firm that was recently audited said, "The data provided from the affirmations and disclosures system was not even questioned. Being able to push a button and produce evidence for regulators gives them comfort that our firm is well managed and that our compliance house is in order."
To view a web demo of the product, visit Compliance11's website at www.compliance11.com/email-demo.php.