By, David Walls
Development on CompliancePro 3.0 has hit its share of delays along the way, but we can finally begin to see the end of the tunnel.
For many, the changes will seem very insignificant, but to the common man, it’s a complete reprogramming (imagine jumping from Windows 95 all the way to Windows X, skipping Vista and Millennium Editions along the way.) Every page has been re-engineered. To get it to market, most of the system will simply look like a cleaned up version of what was there before, but take a closer look and you will surely see the vast differences.
First of all, ABS will no longer care which browser you choose to utilize. IE 9 or above, Chrome or Firefox and we should be just fine. Peel another layer back, and we’ll see some of the initial new bells and whistles. The calendar can be center-specific, so having a completed indicator next to a file review for Reg. CC, won’t likely match up with your Consumer Lending center anymore. Reports will not need to be run to see what topics are being tested in a certain department.
Another key new feature will be the administrator’s ability to establish their own set of labels for issues. We’ll have a space limitation of some sort, 32 characters most likely, but if issues need to be labeled “Pending Department Response” or “Waiting on Review,” that will now be a possibility. Of course, a user could retaliate against the assignment of the issues by labeling them “Never going to happen.” Either way, the greater flexibility within Issue Management should reinforce the examiners already positive response to banks being proactive about compliance with CompliancePro.
The last teaser for now relates to those pesky systemic issues we find through file reviews. If question number four is wrong on 45% of the records in my sample, would it not stand to reason that in most cases, the corrective action along with the risk rating need to be the same. This will now be a choice. The system can identify those issues that have arisen from the same question in the same file review, and permit you to make edits to the issue management of more than one at a time. This should… correction… this WILL enhance the efficiency of using CompliancePro for monitoring and issue management.
Most institutions wont load a major update in December. Therefore, the plan is to release this update soon, but if Quality Assurance is not satisfied by December 1, then look for a bit more polish to be added and CompliancePro 3.0 in your inbox this coming January.