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Any compliance bank would invest its resources to implement IT Governance and compliance frameworks to comply with regulatory requirements. There are actual bank compliance jobs to handle these matters. At times, bank compliance manager can’t ascertain exactly what is required to achieve total compliance. To solve this problem, the organization should follow the advice of legal and audit experts.

Tackling the complexity is very essential. Planning and organizing; acquiring and implementing; delivering and supporting; monitoring and evaluating are important steps for this. The bank compliance manager should get control over the IT process.

Change standards and procedures

Impact assessment, prioritization and authorization are some of the functions of a compliance bank. There may be challenges in implementation, but they are managed in a controlled manner. These changes are assessed and logged before implementation. To achieve control on the IT Process of making changes one needs to communicate the change procedures; assess, prioritize and authorize changes; and track status and report changes.

Impact Assessment, Prioritization and Authorization

Compliance agreements are tuff to maintain. One needs categorizing all demanded changes; developing procedure for business owners; prioritizing requested changes; weighing requests and ensuring all changes are formally approved by authorities. Another fact for compliance bank to take into consideration is to change closure and documentation. Make sure the configuration information, help screens, operational procedures, application documentation, and training materials have the same changes of the management procedure. One has to constantly update business processes relating to hardware or software to avail new functionality. The documentation has to be of the same level of testing. The time limit for making the changes in the documentation plus the pre and post-change system should be determined in advance. In the absence of such a deadline, there can be challenges towards the implementation process. There are more than one resons which make such implementations difficult and bank compliance jobs have to overcome them. At times, implementing changes in the management framework causes an organizational resistance. It then becomes difficult to resolve them. With appropriate steps taken in advance, this can be avoided.

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