Maintaining your compliance rules library: Four things that you should be doing and probably aren’t

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Often, once a project is completed, and a system has moved to a business as usual, or “live” status, many think that all of the detailed work on the rules library has been completed, and that a minimal amount of additional work needs to be performed going forward. This, however, can be a high-risk path to follow. Maintaining your rules library is crucial to keeping your system running smoothly from both a technological and operational standpoint. Doing so will also help reduce your regulatory and client satisfaction risk.

Much like a new car requires maintenance once you drive it off the dealer’s lot, your compliance rule library requires ongoing attention in order to keep it running reliably.

With that in mind, here are four things that you should be doing (which you probably aren’t), in order to keep your rule library running smoothly:

1. Keep up to date with changes in existing guidelines and adding new accounts

2. Remove closed accounts and obsolete rules

3. Reduce the amount of false violations, warnings, and data exceptions.

4. Take advantage of new capabilities of upgraded versions, or streamline existing rules

Following these four rules may place an unwanted burden on your compliance team over the short term, however ignoring them risks the prospect of far larger (and costlier) headaches in the future. As with any initiative, planning and budgeting for maintenance now will help to ensure that your compliance system continues to perform at a high level well into the future.

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 Related Post:  Four Steps to Bullet Proof Compliance Library

This article was authored by Roger Binggeli, Senior Compliance Consultant.  For more information, please contact Roger at rbinggeli@impconsults.com or Jane Stabile at jmstabile@impconsults.com.  Roger can also be reached on 617-314-7415 x118.