An Increasingly Complex, Costly Regulatory Environment

More and more, financial institutions are being bombarded with compliance and regulatory requirements on a daily basis. And the complexity and cost of compliance are escalating. Financial institutions today face more regulations, higher regulator expectations, and steeper penalties. Consider the following: 

• Financial institutions cannot escape the short-term pressures associated with regulatory compliance such as Basel II, AML, and new security mandates around dual factor authentication. (Financial  Insights, January 2006)
• Financial institutions with less than $5 billion in assets will have  spent a combined $7.9 billion on anti-money laundering (AML) programs  between September 2002 and the end of 2005 (Celent).
• 94 percent of US banks reported increased AML costs in 2005,  with almost one-third saying their costs have more than doubled  over the last three years (KPMG).
• The total compliance costs for Sarbanes-Oxley (SOX) averaged  $116,800 annually for banks with less than $15 billion in assets  (Risk Management Association).

Besides fines and civil money penalties, the costs of noncompliance  can include voiding of contracts, restrictions on  business activities, and damaged reputations of institutions  and individuals.

So the Question is, What is Your Institution Doing to Minimize Your Regulatory Burden — Without Increasing Your Risk?
Let Open Solutions help. Our outsourcing solutions enable our clients to respond to evolving regulatory requirements, and we have been helping our clients with regulatory compliance for almost 40 years in every line of our business. With our Regulatory Management Toolkit, Open Solutions and its partners have developed a comprehensive suite of services addressing the wide range of regulatory compliance challenges facing the industry today. Regulatory compliance is, and will remain, the responsibility of your financial institution. However, the Regulatory Management Toolkit will provide you with expert guidance and operational efficiencies to enhance your existing compliance program.

Power Tools, Power Players
The Regulatory Management Toolkit (the Toolkit) is a suite comprised of Web-based products (self-assessment tools) and services delivered through our trusted business partners. A bundled package with extensive scalability for institutions of all sizes, the Toolkit enhances operational efficiencies to facilitate your assessment, remediation and monitoring of key regulatory compliance requirements.

To best support your institution, Open Solutions has leveraged the expertise of business partners with specific regulatory compliance and risk management credentials. Partners include Strohl Systems®, Total Risk Solutions; Orion Ventures, NetDiligence and ARMA International.

Scaled to Your Financial Institution
The Toolkit is a bundled package of services that can be scaled to address your institution’s specific needs. Pricing is customized based upon modules selected and your asset size. Instead of purchasing, managing and maintaining separate regulatory compliance tools on your own, the Toolkit is a single-source solution billed through Open Solutions. It requires no major capital outlay; rather, the cost is broken into incremental monthly installments, making it affordable to institutions of all sizes.

The Time is Now
Are you doing it right? Are you sure? With the Regulatory Management Toolkit, Open Solutions and its partners stand ready to provide you with the information, tools and services your business needs to enhance your regulatory compliance efforts. Whether it's assessment only, provision of action items to your compliance team, "boots on the ground" remediation assistance, and/or ongoing monitoring, the Regulatory Management Toolkit supports you in the costly and complicated regulatory compliance environment today and tomorrow.

For more information, please contact Peter M. Buffone, product manager, at 800.767.5822 ext. 6016 or via email at peter.buffone@opensolutions.com.