Introduction to Compliance System

Regulatory Compliance is one of the top priorities of Financial Institutions because non-Compliance can result in heavy monetary penalties and legal proceedings as well. They work in a dynamic environment and need to comply with federal consumer protection regulations, emerging technology, and market globalization. Therefore, there is a need for an effective ComplianceManagement System (CMS). It helps them to maintain legal Compliance and manage Compliance risks associated with the business.

They need to develop an integrated CMS for the overall structure of product design, delivery, and administration that can maintain legal Compliance across the entire product and service lifecycle.

Components of CMS

An effective CMS is commonly comprised of the following three interdependent components:

1. Board and Management Oversight

The board of directors and senior management of an institution have the responsibility to develop and administer a CMS to comply with federal consumer protection laws. They illustrate clear expectations and policy about Compliance, appoint a Compliance officer, allocate resources to Compliance functions according to the complexity of the institution’s operations, conduct ComplianceAudits. 

2. Compliance Program

A financial institution needs to establish a written organized Compliance program that will serve as a training tool for its employees, prevent regulatory violation. It ensures an efficient and successful operation. An effective Compliance program includes these components – policies, procedures, Compliance training, monitoring, and consumer complaint response.

3. ComplianceAudit

The board of directors determines the scope of an Audit and when it should be conducted. The Audit complements the internal monitoring system and helps management to identify Compliance-related risks.

These three components in an institution should be strong and working together to manage its Compliance responsibilities successfully.

If you are responsible for your institution’s technology infrastructure, make sure you are using updated Compliance software offering several benefits. Here is the solution for all your Compliance requirements – the COMPLIANCE iNBOX.


1. Comprehensive Coverage

COMPLIANCE iNBOX provides a seamless platform to address all of your Governance, Risk, and Compliance (GRC) needs. It covers all major laws and acts – Income Tax, Labour Laws, Corporate Laws, federal Compliances, etc. It comprises automatic tracking mechanisms. You can quickly trace workflows. Automatically get updates on regulatory requirements, automatic organization of Compliance documentation, conduct Audits, get alerts, and also display proof of Compliance.

2. Dashboard

Have a comprehensive view of Compliance, Tasks, Resources on a single screen. Be updated with the status of every Compliance and Audit activity in the organization. Easy reports in the form of charts and graphs.

3. Workroom

Strategic task creation, assign, track, and review for Resource Engagement Management. Overall control with role-based access to owners and managers. Encrypted User IDs and Passwords.

4. Dataroom

Integrated document Management – store, quick access, retrieve, share documents. Secure data sharing. AWS hosting with all data security protocols.

5. E-Audit feature

AuditPlan tracker, view work in progress, and manage various applicable Audits, assessments. Independent access to Auditors.

6. Compliance Calendar

Get alerts and notifications of upcoming Compliance events, so that you never miss the due date.

7. Integrated Chatroom

Quick instructions with faster internal communication. Trace history.

Hence, you can handle your financial filings with ease by using COMPLIANCE iNBOX.

BA Fintech (a joint venture between Boston Financial Advisory Group and Avanze Tech Labs) has an excellent product known as COMPLIANCE iNBOX (CiB). It is a Compliance management software that integrates and streamlines the approach to Compliance management. It promises timely and accurate Compliance without the typical cost and hassles associated with the activity. Its Dashboard provides a comprehensive view of the status of various Compliances and Audit activities across an entire business on a single screen. It generates dynamic reports which present information in the form of charts, tables, and data grids which greatly simplify the decision-making process for Promoters and senior personnel and lets them focus on the core business. 

Why not give us a call & find more about us? We are here to help you.

Also, we provide free training & support regarding the use of COMPLIANCE iNBOX.

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