How motusbank Manages Compliance, Reduces Errors, and Cuts Costs Using Resolver

Effective compliance requires a scalable system

When Mark Pawelek joined motusbank as Chief Compliance Officer in August 2019, he was welcomed by an Excel spreadsheet built with complicated formulas and filled with the bank’s compliance data.

While the massive Excel spreadsheet served its purpose when the organization was a start-up, Mark quickly realized that the solution would not be able to scale with the bank as it continued to grow.

Automation generates effective metrics for risk and control effectiveness

To do his job well, Mark needed an automated solution. It had to deliver actionable reports for benchmarking historical trends and create a baseline to measure compliance efforts.

In addition, he wanted meaningful insights, such as metrics on inherent risk, residual risk and control effectiveness, that he could share with his board on a regular basis.

Centralized repository of compliance regulations saves time and labor costs

“One of the most impressive parts of Resolver is the centralized repository for compliance. It automatically pulls in thousands of regulations and updates them constantly, eliminating countless hours searching for regulations through government and departmental websites,” said Mark. “With every new update I would have to push the data down to the business units. It was a very time-consuming and manual process. A big part of working with the regulations is the legal interpretation. I’m not a lawyer so Resolver helps me by summarizing the regulations in non-legal terms and creates a checklist for us,” added Mark. “This one feature alone reduced the need for me to increase my headcount and hire another staff member.”

By leveraging Resolver’s in-application regulatory content, Mark and his team are confident knowing that they are always using the most relevant and up-to-date version of the regulations.

Resolver is easy to use and efficient even for non-experts

The cost of managing compliance doesn’t change based on the size of an organization. Whether the organization employs 10 or 10,000 people, the fines associated with non-compliance are the same. In a study conducted by the Ponemon Institute, it was stated that the average cost for organizations that experience non-compliance issues is estimated to be $14.82 million. For a smaller organization, this could be devastating.

Motusbank, while smaller than its parent company Meridian credit union in terms of deposits, staff and budgets, they still have to follow the same compliance process. For Mark, this means having to do more with a lot less.

For a small team to effectively oversee the compliance process of 27 individual business units, motusbank employs a decentralized approach, requiring each business unit to be aware of its own regulations, do its own risk assessments and implement its own controls.

This leads to a number of challenges: each business unit has its own specialty, like human resources, sales, etc., and none are compliance experts. In addition, many of them dread the idea of using a complicated enterprise software solution. They specifically asked for a solution that is easy to use and will help with efficiencies.

This led to Mark needing a solution that enables anyone, not just subject-matter experts, to capture complete and accurate data. He also needed a system that makes the process easy by guiding the user through a clearly defined process.

“The adoption of Resolver was painless. The users realized very quickly that it was not like other complex systems, the self-explanatory data-driven forms reduced the training time to just two hours and onboarding new employees now takes about 10 minutes,” he said.

motusbank now has a credible system that delivers the right data

As his business evolves, Mark wants to feel confident he has chosen a solution that is scalable and a good investment for many years to come. Resolver checks all his boxes.

“motusbank now has a scalable system that delivers the right data. The data is the data, and the software just works,” said Mark.

Resolver easily met the bank’s short implementation time of just two months. They are dedicated to helping motusbank harness the true power of their data and constantly work to have their customer’s back. Always.

motusbank’s wish list:

• Replace manual process with a fully automated solution
• Create one place to house all compliance data
• Make it easy for all employees to understand compliance data, not just lawyers
• Take into account existing processes and budgets
• Make it easy for users who are not compliance experts
• Painless training and onboarding – nobody likes complicated systems
• Generate reports that are visual and actionable
• Provide at-a-glance dashboards that can be personalized for senior execs
• Quick implementation over two months

Resolver has built a compliance solution based on years of experience and compliance best practices

• Reduces the need to hire an extra staff member to help manage compliance data
• Provides a central repository for all data
• Automates and monitors data constantly by pulling in thousands of regulatory records
• Eliminates the chore and countless hours of users having to source their own regulations
• Summarizes all regulations in non-legal terms; no law degree required
• Creates a compliance check list for users to work from
• Creates visual data that delivers actionable reports for benchmarking and baseline measurement
• Enables the sharing of meaningful insights on inherent risk, residual risk, control effectiveness and more

Resolver platform  

• Automates repetitive work and all compliance data
• Guides users through a clearly defined process to enable anyone, not just subject-matter experts, to capture complete and accurate data
• Provides an out-of-the-box solution which is personalized to fit with any process
• Arranges data into patterns through interactive dashboards, making it visual and actionable
• Provides at-a-glance dashboards that can be personalized for senior execs
• Breaks down data silos by integrating with existing systems

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