Regulatory compliance consultancy R.I.S.C. Associates announces Legislation Compliance Manager (LCM), an automated legislation and compliance management program that helps mortgage servicers track and comply with new state and federal legislation. Following their success with Vendor Compliance Manager, an automated vendor management program for GLBA compliance, LCM simplifies the tracking, management and compliance with pending and passed legislation all within an intuitive, menu-driven system and centralized Management Dashboard.
"This is an outstanding solution for any company in any sector that needs to track regulatory legislation but we thought we'd begin in the financial services space and expand from there. There is an overwhelming amount of information that a mortgage servicer has to track in order to comply with the barrage of state and federal legislation. You have to be able to easily track pending legislation, legislation that's been carried over to the next session, defeated legislation and, most importantly, passed legislation. Keeping up with reviews, deadlines, tasks, possible material impact, as well as the implications of the legislation is no small task," noted Mick Kless, president of R.I.S.C. Associates. "And you have to know the status of your progress with each bill regardless of whether you're adjusting policy, notices or disclosures in-house or though 3rd parties such as outside counsel. Thus, we've automated, consolidated and centralized the process in a very easy-to-use system that incorporates Passed, Pending and Defeated Legislation Inventory, Task Assignments, Action Items, Automated Notifications, Attachments, Review Deadlines, License Fees and extensive Reporting capabilities," stated Kless. "Tracking this type of information on spreadsheets and databases just isn't practical. There are too many things that fall through the cracks or require an army to keep up with. And the price makes it a no-brainer."
LCM's Dashboard and Reporting features provide centralized management over often decentralized functions and enable the institution to view the status of any legislation, material impact, the implications of the bill, the related tasks, and the updates to any documents with a click of the mouse. Its ability to attach, view and edit documents eliminates waiting until the end-of-year audit to determine whether changes have been made, are correct and that the servicer is in compliance.
For more information, visit www.risc-corp.com.