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    Wednesday
    Jul312013

    5 Actions to Take Now for Dodd-Frank Compliance

    It sounds like a bad joke:

    Q: How many copies of War and Peace could fit inside the Dodd-Frank Act? 

    A:  28!  

    It’s not a joke, actually; it’s a fact.  The 2010 Dodd-Frank Wall Street Reform and Consumer Protect Act contains over 400 rules, including annual compliance paperwork filing. We get a lot of questions about document management features to aid compliance.  Here are our top five (don’t worry – we’ve got answers, too):

    ·       What is the best document capture approach to ensure compliance with Dodd-Frank regulations?

    You need the ability to provide a searchable common repository for each document and transaction type (including scanned and digital documents, emails and soon-to-be social media elements).

    ·       What types of access and permissions should be considered for implementation?

    Quick accessibility searching for documents and key contents with the right permissions and security to share documents – that’s a must.  This includes internal use, as well as suppliers, partners, and vendors.  The individual role varies by company structure.  For example, an admin or CFO should have complete access and permissions, while an entry level Account Executive will have a limited view.

    ·       What is the best approach for archiving and preserving critical documents?

    If your company is wrestling with implementations issues (systems, people and process), you’re not alone! Core competencies are required to implement, support and control the risk management elements.

    ·       What level of reporting is required to track documents for compliance purposes?

    The most critical element is audit reporting (tracking every document and user with digital signatures) with preservation and archiving of documents to support compliance with the 400 rules.

    ·       How should my company catalog mobile and social media transactions?

    The implementation processes will vary based on the operating environment, but there must be a consistent and repeatable mechanism to map transactions performed in order to run an audit (similar to scanned documents, emails, and digital documents). A transactional history would work well – inquiry, meeting, proposal presented, contract awarded, etc. as one scenario. 

    What else do you need to know?  Take a look at the following key elements of the regulations:

    ·       Financial Stability Reform

    ·       Resolution Planning

    ·       Agencies and Agency oversight reform

    ·       Securitization Reform

    ·       Derivative Regulation

    ·       Investor Protection Reform

    ·       Credit Rating Reform

    ·       Volcker Reform

    ·       Compensation/Corporate Governance & Disclosure

    ·       Foreign Bank Regulations

    ·       Consumer Protection Reform

    ·       Mortgage Origination & Services

    ·       Specialized Corporate Disclosure

     

     

     

    References (2)

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