Jack Henry Adds New Policy Management Solution to Governance, Risk, and Compliance Suite
- Risk Management
- 16.12.2022 09:35 am
Jack Henry™ today launched a new policy management solution to its Governance, Risk and Compliance (GRC) Suite. It will streamline policy creation, review, approvals, attestations and exceptions with workflows, documentation, and storage within a single platform. As a result, financial institutions can maintain compliance with improved ease, consistency and accuracy.
Financial institutions will have a heightened need for secure, convenient and flexible policy management practices as new policies are employed to maintain compliance with regulatory standards. Jack Henry’s policy management solution makes it easier to manage all policies throughout their lifecycle by streamlining the annual review and update process to appropriately reflect regulation and control changes. Users can also use the interactive dashboard analytic capabilities for further insight into policy status, reviews, exceptions, and approvals. The solution also serves as a document repository for all financial institution policies as well as providing policy attestation functionality.
Friendship, Ind.-based Friendship State Bank already sees improved consistencies across the organization with Jack Henry’s new policy management solution. Rebecca Boyce, Data Processing Manager at the bank, said, “Jack Henry’s entire GRC Suite helps boost efficiencies and reduce stress on our internal operations while mitigating risk. The addition of GRC Policy Management will help us create and manage financial policies and procedures that align with our organization’s overall mission. It also equips us with the necessary information to pass upcoming examinations, allowing our employees to focus on building and nurturing client relationships.”
The new solution is fully integrated with Jack Henry’s other GRC solutions, including risk management, business continuity management, and vendor management, to offer the community and regional financial institutions a holistic view of risk and allow for greater efficiency in managing security, operations, and controls.
Allen Eaves, managing director of information security and technology at Jack Henry, said, “Improving operational efficiencies is a strategic goal for community banks and credit unions. This policy management solution, integrated in our robust GRC platform, supports our mission to provide the technology financial institutions need to improve efficiencies, innovate faster, and serve the ever-evolving needs of the people in their communities.”