Ncontracts Launches New Tool To Lighten Compliance Workload
Ncontracts, a provider of integrated risk management and lending compliance solutions for the financial services industry, has released an enhancement to its Ncomply solution that dramatically cuts the time mortgage companies and other financial institutions spend scoping product and service requirements.
“Normally, compliance officers spend 10 to 20 hours using Google, regulatory manuals, borrowed peer checklists, and other information to scope out the regulations that apply to just a single product or service,” says Stephanie Lyon, vice president of compliance and regulatory content strategy. “With the new Ncomply requirements builder, the work is done in 10 seconds.”
Ncomply Requirements Builder leverages Ncomply’s extensive regulatory library to empower compliance professionals to choose a product or service and generate customized lists summarizing the regulatory dos and don’ts their institution needs to address in plain, easy-to-digest English. Sourced by a team of certified compliance attorneys, the lists include citations and links to all regulations, so compliance officers know the exact part of the regulation stating the requirement, control, or risk.
Ncomply Requirements Builder is the latest addition to Ncomply, Ncontracts’ secure, centralized compliance management system (CMS) that eliminates manual processes to save time and money while reducing compliance risk. Designed and supported by compliance professionals with extensive industry experience, Ncomply can be configured to meet financial organizations’ needs for comprehensive compliance management, ensuring comprehensive, continuous exam readiness.
Ncomply Requirements Builder currently covers all federal banking regulations and an ever-expanding number of states and self-governing organizations. The initial rollout will include Federal regulations, Fannie Mae, and mortgage regulations for FL, TN, IL, CA, NY, WA. Subsequent states and non-mortgage content will be released every month. It is available to all Ncomply customers.
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