How to Help Banks With Regulatory Compliance
By Austin Gray, Marketing –
Banks have a lot of regulations to keep track of. More effective measures need to be put in place to help them maintain compliance.
With the increasing rules and regulations, banks are obligated to constantly demonstrate their professionalism and compliance to regulations. These rules are intended to help the bankers provide better, more trustworthy service to their customers. However, it’s common to find employees who do not comply with the rules.
Another problem with maintaining compliance is that with so many regulations and security measures, companies end up spending extensive amounts of effort and time in documenting regulations. Employers spend countless hours overviewing and ensuring the safety of the business. This is a huge resource drain on each company.
Creating a Culture of Compliance
Banks need a strategy to help get their employees on board with compliance. For starters, banks must reinforce the structure of compliance within their industry by creating a culture of compliance and honesty. Employers create this kind of culture by helping each employee understand the rules and regulations, and also making them aware of the penalties they will face if compliance is not met.
Bank employers must also enforce the ideals of professionalism and honesty to create this culture of compliance. If banks can successfully instill this culture with their employees, their companies will see improved employee performance and effectiveness in the long run.
Using Technology to Detect Compliance Breaches
After instilling a culture of compliance with their staff, banks may still find employees not meeting compliance standards, especially if they are participating in deceptive, corrupt activities. Then comes the time to look for a way to screen employees for compliance breaches.
EyeDetect®, the newest development on the lie detection market, can provide one such solution. This technology can identify fraud and deception with 85 percent accuracy. It is by far one of the most accurate and advanced technologies to detect lies and fraud.
In countries where lie detection screening is permissible, banks may use this test as a way to screen prospective and existing employees to determine their commitment to compliance.
