Fortent, a provider of information and technology to the risk and compliance market, today announced the launch of Fortent Inform, a tool designed to help financial institutions streamline their management of regulatory information.
As a web-based, centralized source of compliance information and analysis, Fortent Inform will provide cost and time savings for organizations and reduce their overall compliance budgets.
"Fortent Inform is the first workflow tool of its kind, offering financial institutions accurate, current information that can be easily disseminated throughout the entire organization," says Sandy Jaffee, CEO of Fortent. "By ensuring that all compliance and business line personnel are using the right information in their everyday business, institutions can significantly lower the cost of compliance activities and lessen their regulatory risk."
For the financial sector, the increased number of regulatory requirements that have emerged since 2001 has created a marked demand for streamlined information to curb costs. Large banks can spend more than $100 million each year on compliance with federal and state regulations, with roughly one-third of this cost earmarked for accumulating and disseminating the latest regulatory information and advising employees of the impact.
Fortent Inform provides a single source for U.S. federal and state financial regulations and related documents such as guidance, speeches, and reports, reducing the risk of inconsistent interpretation of important "legs and regs." Fortent Inform's "Enforcement Calendar" tracks enforcement actions, trends, and penalties. Content can be customized to an organization's particular needs or vulnerabilities, with screening tools that sort information by business line, job function, or regulatory agency.
Sold as an institutional site license, Fortent Inform notifies all business lines and job functions of the regulatory impact on their day-to-day operations. Financial institutions can edit and send Fortent Inform updates to groups of employees, who affirm that they have read the documents.
Fortent Inform's "auditability" function allows financial institutions to track the information flow to employees and create a history for investigators or auditors conducting a bank's legally mandated risk management assessment.
"Fortent Inform is an important part of Fortent's offerings in the compliance value chain, providing clients an integral component in their entire enterprise risk management system," says Ms. Jaffee. "In a recent survey by the American Bankers Association, U.S. bankers identified that meeting BSA and other AML regulatory requirements is their #1 compliance priority, and we are committed to easing the logistical and cost burdens that these regulations pose."