Solution helps institutions better manage risks associated with social media use
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Today, many conversations between financial institutions and their customers are occurring within the public domain. Increased social media usage among consumers has forced institutions to significantly revamp their traditional communication techniques. Because of this, many banks and credit unions are hesitant to join the social media conversation for fear of saying the wrong thing and the potential compliance penalties that may follow.
ATTUS Technologies, Inc., an affiliate company of Computer Services, Inc. (CSI) (OTCQX: CSVI) and a leading regulatory compliance solutions provider, today introduced its WatchDOG Social Compliance solution to aid financial institutions in managing their risk assessment strategy surrounding social media compliance. By implementing the solution, financial institutions can more easily comply with regulatory requirements, allowing them to actively participate in social media without the risk of incurring compliance violations.
“The use of social media in the financial industry continues to grow at an extremely rapid pace, and institutions need assistance successfully mitigating the compliance risks associated with this new communication channel,” said Tom Fedell, president and general manager of ATTUS Technologies. “Our WatchDOG Social Compliance solution allows customers to adequately manage the regulations associated with the Truth in Lending Act, Gramm-Leach-Bliley Act and other regulatory guidelines, supporting their efforts to safely take advantage of social media’s many valuable offerings.”
As part of WatchDOG Social Compliance, ATTUS provides customers with an array of comprehensive tools to further ensure total regulatory compliance:
- Archive all Facebook, Twitter, YouTube and LinkedIn posts for required timeframes;
- Create an approval process within the institution to ensure posts meet regulatory guidelines;
- Utilize targeted search capabilities;
- Perform reputation and sentiment analysis; and
- Evaluate the institution’s competitive landscape.
In conjunction with recent guidance from the Consumer Financial Protection Bureau (CFPB) surrounding unfair, deceptive or abusive acts and practices (UDAAP), WatchDOG Social Compliance provides users with a comprehensive method for managing customer complaints as part of the solution’s key offerings. In addition to ensuring institutions are in compliance with regulatory guidelines, the solution provides federal regulators with the information necessary to complete their annual assessments.
“To stand out in today’s fiercely competitive business world, financial institutions must actively keep up with the latest trends prevalent among their valued customers,” Fedell continued. “Social media has quickly become the new frontier for financial institutions and customers to consistently communicate. By tapping into the suite of tools our WatchDOG Social Compliance solution delivers, both new and experienced users can manage their social media compliance with greater ease and efficiency.”
About ATTUS Technologies, Inc.
ATTUS Technologies, Inc. is a trusted partner, simplifying compliance and risk management. We are an industry leader in software and services for regulatory compliance, homeland security and fraud prevention. ATTUS serves more than 5,000 clients with solutions that provide compliance with the requirements of the Gramm-Leach-Bliley Act (GLBA), the USA PATRIOT Act, the Office of Foreign Assets Control (OFAC), the Financial Crimes Enforcement Network (FinCEN), the Bureau of Industry and Security (BIS), anti-money laundering regulations, the Bank Secrecy Act (BSA), the Dodd-Frank Act, Regulation CC and Regulation E. ATTUS, a wholly owned subsidiary of Computer Services, Inc. (CSI), is based in Charlotte, N.C. For more information about ATTUS, visit www.attustech.com.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core banking, payments processing, Internet, card services, risk assessment, fraud prevention, network management, managed services, regulatory compliance and document delivery solutions to financial institutions and corporate entities across the nation. Technology planning, personal account management and world-class customer service explain why CSI is known as one of the nation's premier providers of technology solutions for the financial services industry. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.
ATTUS Technologies, Inc.
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Source: ATTUS Technologies, Inc.