Cost-Saving, efficient, and effective

Automated Testing and Monitoring

  • Intelligent and interactive

  • Customizable by users

  • Emulates human performed testing and monitoring procedures

  • Fully integrated with compliance and operational risk assessments

  • Risk assessments dynamically updated with live test results

ORM Internal Control Module

A strong risk management capability is vital in order to maintain a robust compliance program. Effective risk management programs will have documented controls, including automated internal controls and controls monitoring. Regulators and internal and external auditors will look for documented control monitoring and testing results in order to build confidence that significant risks are actively managed. More importantly, these are real risks of doing business and surprises can chip away at business results.

Regulators tell the industry what needs to be achieved, but not how to do it. From the perspective of doing the right things for consumers, keeping compliance costs down, meeting the regulatory mandates, and supporting your management decisions, automation is a must. Without automation, the work can be beyond labor intensive and is neither efficient nor sustainable in the long term. Manual testing and monitoring depend on legacy sampling methodology that was the only practical approach with manual capabilities, but always leaves the vast majority of items untested and unmonitored. There is always the chance that the problem will not show up in the samples – even statistical samples – or it will show up in your examiners’ sample when it did not show up in your own.

There is a solution to help you eliminate the legacy sampling methodology and screen all statements the items you want to test or monitor to validate for accuracy and compliance. This can sound overwhelming, but with ORM as a partner in the industry and software designed to meet your financial institution’s needs, it is a logical, efficient, and affordable option.

ORM has been successfully providing automated compliance solutions to clients for over 15 years. The focus has always been on doing the right things and achieving regulatory and audit excellence. One of the many ways ORM can meet this objective is to partner with clients to automate compliance mandates such as account monitoring, due diligence, and risk assessments. ORM, can link the risks to the controls, automate the controls, generate reports to support the controls, monitor for effectiveness, and test all controls using the entire population rather than a sample.

The ORM platform has proven to be a highly effective tool in meeting examiner expectations for performing internal control functions, including testing (quality control monitoring, statement validations, and more) and managing other regulatory risks (with more added on an as-needed basis).

Here are a few ORM offerings and highlights:

  • It is intelligent and interactive. Customized questionnaires—based on the institution type and customer base—guide users in performing quality control and other review functions, with test attributes customized using the logic of subject matter experts.
  • Its artificial intelligence tools can independently perform audits, validations, and other internal control functions without human interaction.
  • Automation allows for fewer employees, fewer errors, fewer reimbursements to customers—not a random sample but all.
  • Its Integrated Compliance Library, which includes banking laws, regulations, and regulatory requirements, is updated quarterly.
  • Mapping of regulatory risks to test attributes enables real-time dashboards of compliance monitoring and testing.
  • Examiner-ready risk assessment reports are generated in real time or on a designated schedule.

Interested in learning more about your options for automated testing and validation using artificial intelligence as well as other modules that are linked for a seamless risk management function?