The Batman of Compliance

by. Dennis Agle

We’re often asked whether the AffirmX Risk Intel Center Platform displaces compliance officers. To answer this question, I like to think about Batman and his gadgets. Bruce Wayne, although a very selfless and protective guy, wouldn’t be Batman and achieve many of his heroic feats without his gadgets: the utility belt, the Batmobile, the bat-shaped shuriken, etc. At the same time, while terribly useful, these tools could never replace Batman—but they do enhance his abilities.

It’s just the same with an institution’s compliance officer and a cloud-based solution, such as our AffirmX’s patented Risk Intel Center, which exists to enhance a compliance officer’s abilities.

The role of a compliance officer is multi-faceted. Therefore, before we dismiss the importance of the role of the compliance officer, let us carefully consider whether other solutions can accomplish the following roles in the absence of an on-site compliance officer (spoiler alert: they can’t):

  1. Monitoring new and changing regulations and determining whether they affect operations. This is a hefty task that requires patience and diligence to sort through the new regulations pumped out by the NCUA, FDIC, CFPB, etc. After digesting new rules, it is the compliance officer’s job to ascertain the effect they will have on the institution, based on its specific circumstances and needs, requiring an intimate knowledge of the institution.
  2. Keeping senior management and the Board apprised of regulatory changes. Oftentimes, that means regurgitating the regs into layman’s terms, as there may be Board members without extensive  experience in regulatory matters.
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