AffirmX Compliance Assessment and Monitoring

We represent compliance products and services for the financial services industry provided by AffirmX, LLC (www.affirmx.com). These services are focused on the compliance assessment and monitoring needs of banks, savings and loans and credit unions. Compliance can now move from a typically reactive process to a much more PRO-ACTIVE process, providing the information you need to improve your compliance performance.

For banks and other financial institutions, the world of compliance is ever changing and ever growing in complexity and scope. Financial institutions have found it increasingly burdensome to maintain the level of knowledge in and compliance with the myriad of regulations that existed prior to the recent Great Recession as well as those that arose from legislation spawned by that economic event. Unlike years past, today's failure to comply with these regulations, especially with respect to consumer products and services now carries with it the very real threat of significant fines, bad publicity and additional regulatory oversight. 

AffirmX was created by former regulators, auditors and financial consultants to provide a more efficient way for financial institutions to supplement their compliance personnel and practices. The Risk Intel Center by AffirmX does this through a multi-step process:

1.     Institution policies, procedures, practices and personnel are reviewed with respect to the regulatory requirements to which they are subject. An initial baseline risk profile is created and provided to the institution.

2.     Based on the initial assessment, an ongoing review process is designed for the institution that sets out an ongoing schedule for the institution to provide information - loan files, deposit account files, etc. These files are reviewed by REAL PEOPLE who are experts in their field for compliance with the laws appropriate to the specific transactions. The results of these reviews are uploaded back to the institution's AffirmX Risk Platform, providing real time indicators of changes in compliance performance as well as potential risk factors. This information is immediately available to senior management, department heads, compliance or other internal entities as designated by the institution.

3.     Additional support (for an additional fee) is available from a related entity, AdviseX if the institution requires more robust support in terms of developing policies or updated complaince requirements.

In addition to the standard compliance requirements (Bank Secrecy (BSA), Anti-Money Landering (AML), Community reinvestment (CRA) and Fair Lending), additional modules can be added for IT Security, Enterprise Risk and Advertising/Marketing review and compliance.

AffirmX is constantly reviewing changes in regulations as well as how regulators are interpreting and enforcing these requirements on a real time basis. This places AffirmX in a position to inform its clients about these changes and to modify the review of institution files to mirror regulatory activities.

Contact us today to schedule your free demonstration of how the Risk Intel Center from AffirmX can help you improve your compliance.