Watchfire Announces New Banking Compliance Solution
WALTHAM, MA, August 22, 2005 – Regulatory compliance directives are driving banks to more closely monitor and optimize their online properties. However, these directives are often a costly and time-consuming burden for banks. To help ensure online compliance initiatives remain effective while minimizing the potential resource drain on the institution, Watchfire, a provider of enterprise software and services to manage online risk, today announced the availability of a new Banking Compliance module.
Banking Compliance is a module of Watchfire® WebXM(tm), a solution that automates the scanning, analysis and reporting of online security, privacy, quality and compliance issues across corporate web properties.
From advertising trigger terms to rate disclosures, from web linking relationships to customer identification programs, the Banking Compliance module analyzes web content and verifies that language and items on the website comply with federal consumer protection requirements including the Equal Credit Opportunity Act, the Truth in Lending Act and the Truth in Savings Act.
Given the pace in which website content changes, the risk of noncompliance is great. A single regulatory violation, or a widespread pattern of violations, can lead to negative outcomes such as increased regulatory scrutiny, fines, lower ratings, restricted activities, lawsuits and brand damage. Banks need solutions to minimize these risks and satisfy regulator expectations for ongoing compliance monitoring. The WebXM Banking Compliance module provides measurable information that compliance and legal professionals, internal auditors and e-business executives require to self-assess and self-correct their most intricate online regulatory problems.
“Today, banks face increasing internal control challenges as regulations and industry guidelines that affect their daily operations continue to multiply. These challenges are only compounded in the dynamic online channel,” said Peter McKay, president and CEO, Watchfire. “Watchfire has taken its significant experience in the financial services market and developed a new Banking Compliance module to automate the cumbersome and daunting process of identifying online compliance risks specific to the banking industry for faster resolution and prevention.”
The WebXM Banking Compliance module is designed to help identify issues relating to each of the following regulations/legislation. Reports can be customized to an organization’s own specifications and legal interpretations:
* Consumer Protections: Non-deposit Investments
* Electronic Fund Transfer Act
* Equal Credit Opportunity Act
* E-Sign Act
* Expedited Funds Availability Act
* Fair Housing Act
* FDIC Membership Advertisement
* Home Mortgage Disclosure Act
* NCUA Insurance Advertisement (for credit unions only)
* OFAC Sanctioned Countries
* Truth in Lending Act
* Truth in Savings Act
* USA PATRIOT Act: Section 326
* Weblinking Relationship Protection
In addition to specific banking regulations, the WebXM platform provides a wide range of compliance reporting via the Privacy and Security modules. Banks striving for overall compliance will utilize these additional modules for comprehensive Gramm-Leach-Bliley (GLBA) or Children’s Online Privacy Protection (COPPA) management.
Watchfire counts many of the world’s largest banks as clients including Bank of America, SunTrust Banks Inc. and Wells Fargo.
For more information on the WebXM Banking Compliance module, please visit:
http://www.watchfire.com/products/webxm/compliance.aspx
About Watchfire
Watchfire provides software and services to manage online risk. More than 250 enterprise organizations and government agencies, including AXA Financial, SunTrust, Boots PLC, Veterans Affairs and Dell rely on Watchfire to monitor, manage, improve and secure all aspects of the online business including security, privacy, quality, accessibility, corporate standards and regulatory compliance. Watchfire’s alliance and technology partners include IBM Global Services, PricewaterhouseCoopers, TRUSTe, Microsoft, Interwoven, EMC Documentum and Mercury Interactive. Watchfire is headquartered in Waltham, MA. For more information, please visit www.watchfire.com
Watchfire, WebXM, WebQA, Bobby, AppScan, PowerTools, the Bobby Logo and the Flame Logo are trademarks or registered trademarks of Watchfire Corporation. All other products, company names, and logos are trademarks or registered trademarks of their respective owners.