Strengthening banks' compliance with financial requirements through sustainable practices

When the Norwegian financial requirements were published, it was no easy task for Norwegian banks. These new requirements present a number of challenges when it comes to complying with the requirements while promoting sustainable practices.

Challenges such as lack of documentation and reporting, inadequate risk management, errors in the processing of personal data, and weak internal controls and audits are some of the most common issues. But how can you ensure you meet all regulatory requirements, promote sustainability and avoid costly mistakes?

The solution can be to implement a robust quality system. Read below about how this system can help:

1. Lack of documentation and reporting: Challenges exist in ensuring correct and complete documentation of all transactions, as well as reporting suspicious activities to the FSA.

Automate documentation processes: The document management system has a defined process flow that ensures correct document management.

Integrate reporting systems: The non-conformance system can be delivered as an integrated part of a complete management system. As part of TQM Enterprise, incidents and actions in the non-conformance module can be linked to elements in the risk module, procedures, documents or other.

2. Insufficient risk management: Effective risk management is critical to the financial stability of banks. A quality system can improve risk management by:

Offer risk management modules: These modules help identify, measure and manage different types of risk, including credit risk, market risk and operational risk.

Automate monitoring and reporting: This ensures that risks are monitored and reported systematically

Use risk analysis tools: The tools enable continuous assessment and management of risks.

3. Errors in the processing of personal data: Banks are required to follow strict privacy and data protection rules under the GDPR. Quality systems help:

Privacy and data protection: With our certificates, these are important guidelines that we follow as a supplier and system manager. 4human TQM is certified on 4 standards: ISO 9001, ISO 27001, ISO 27018 and ISO 27701.

Encryption and security measures: 4human TQM Protects sensitive data from unauthorized access.

4. Inadequate internal control and auditing: Strong internal control systems and regular audits are essential to ensure compliance with regulatory requirements. Having a quality system can help:

Robust internal control systems: Supports the creation and maintenance of systems that ensure compliance.

Audit: Helps with the planning, execution and documentation of audits.

Corrective actions: Identifies and implements corrective actions to correct errors and deficiencies quickly and efficiently.

By implementing a quality system, banks can strengthen their processes and systems, reduce the risk of errors, promote sustainability and ensure full compliance with financial requirements. This is not just a matter of avoiding fines and legal issues, but also of building trust with customers and enhancing reputation.

Want to know more about how 4human TQM can help you? Get in touch with us for a demo and see how we can help take your company to new heights in terms of quality, sustainability and compliance.

Want to know more?

Download our webinar recording and gain valuable insight into how our advanced tools efficiently and reliably help the banking sector navigate regulations. Ensure solid risk management and optimal internal control with 4human TQM solutions.