Welcome to the Research Assistant Weekly Newsletter - a subscriber-only resource for insight into emerging compliance challenges, details on peer calls, and links to new Research Assistant reports, documents, tools, and more.

Sponsored by TCN

All RA members can participate in the conversation by joining the peer call on Mondays at 4 pm EST/1 pm PST; just look for the invite from Sara.

During this week’s Research Assistant Peer Group meeting, we discussed the question, “What software or programs do you use for compliance?” We then discussed how different members track and manage compliance within their organizations. 

The conversation explored two main approaches: using third-party vendors or building custom tools internally. Some of our members used standalone platforms, and others use tools like Excel, OneNote, and SharePoint. We also had an in-depth discussion about how SharePoint can be customized for compliance management. 

Building a Custom Tool:
Whether you use SharePoint or another method of building something customized, start by involving someone capable of designing workflows and taking ownership of the process. In SharePoint, for example, you can create lists with assigned owners, review dates, and links to your policies. Employees can access and review policies in a structured, controlled environment similar to an internal folder system. 

Key Features to Look for in a Compliance Management Tool:
Whether you opt for a vendor solution or build your own, consider including the following essential features: 

1. Policy and Procedure Storage: Ensure easy access with search capabilities.

2. Risk Assessment: Identify potential compliance risks and vulnerabilities.

3. Compliance Oversight: Assign responsibilities, generate reports, track metrics, and monitor regulatory changes and audits to ensure effective program implementation.

4. Training Management: Track and store training records and completion data.

5. Policy Updates and Archives: Maintain records of updates with archival functionality.

6. Complaint Response and Resolution: Document complaints, track resolutions, and implement corrective measures promptly.

7. Non-Conformity Management: Log potential issues, assign corrective actions, and track resolutions through updated policies, procedures, and training records. 

A Continuous Process:
Remember, compliance management isn’t a “set it and forget it” process. Whether you build a tool internally or work with a vendor, compliance must function as a living management system. It should adapt to changes, document historical and current data, and remain accessible for review and improvement. 

Documents and Crowdsourced Materials: 

• Member Questions: Recurring ACH payments, Software for VODs, Using LLMs and more… 

Top Reads: 

• Federal and State Financial Agencies Issue Guidance on Elder Financial Exploitation
• How Debt Collectors Mitigate Threats and Enhance Employee Safety
• The CFPB Proposes New FCRA Rule to Dramatically Expand Its Scope, Though Finalization is Unlikely 

Upcoming Webinars/ Other Announcements: 

• Important Announcement: All AI Notetaking Bots will be removed from Research Assistant Peer Group Meetings. This is to maintain the confidentiality of our peer members.
• Have topics you want to discuss during the peer call? Please send them to Sara_Consultant@roundtables.us  by Thursday to ensure it makes it on our agenda! 

Miss a recent newsletter? Catch up here!