Frequently asked questions
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Can information from a completed project for a proposed regulation be transferred to a new project when the regulation becomes final?
Yes, work product from a completed project for a proposed rule can be imported to a new project for the finalized rule. The observed regulatory changes, Business Impact Assessment, and Gap Analysis can be imported to a new project workflow.
Does the system automatically extract the regulatory requirements of a proposed or final rule change?
Currently, the compliance officer will manually copy and paste the regulatory requirements as “Observed Change(s)” during the initial applicability review stage, and then document his or her comments/observations. Starting the end of May 2019, the system will automatically extract and display the requirements from proposed and final rules. The compliance officer or project team would then add commentary for each requirement, such as identifying the applicability of each requirement for the specific department (impacted area) that the project relates to.
How long are records retained in the system?
All records are retained indefinitely unless a written request is made by the client to purge the record from the system. The system automatically archives records after a certain period. Archived records can be retrieved upon request.
Whose server is the software application on?
Compliance 1Source is a cloud-based system hosted on Amazon Web Services (AWS). However, the system can also be installed and operated from a client’s in-house server and computing infrastructure.
Can features be customized?
Yes, features can be customized if installed on the client’s in-house or private cloud server.
Which regulatory changes are automatically pulled into the system?
All Proposed Regulations, Final Regulations and Notices published by all federal banking agencies on the Federal Register are automatically pulled into the system. The Federal Register provides developer tools to make this possible. Currently, the self-regulatory organizations (such as FINRA and MSRB); the State banking, securities and insurance regulatory agencies; and foreign financial services regulatory bodies do not provide developer tools to automatically retrieve information. Changes from these regulatory authorities would need to be manually tracked and entered into the system. P2E Technologies can provide this service.
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JACQUELINE MADUNEME
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