John M. Schobel, CEO and Founder
“We enable banks to concentrate their energy and expense towards market-facing operations rather than dealing with compliance requirements,” begins John M. Schobel, CEO and Founder of RegEd. “RegEd solutions enable our clients to cost-effectively meet regulatory compliance obligations, and continuously identify and mitigate risk.”
In the banking sector, managing compliance effectively and holistically has become non-negotiable due to regulator scrutiny. Building compliance solutions in-house is not a viable option for banks, owing to the development expense and subsequent expense required to drive increased efficiency across the solution’s lifetime. Today banks recognize that valuable IT cycles are better spent on customer experience and driving innovation. And, while large banks have GRC systems implemented, many never extend those solutions to address core compliance needs. GRC systems are highly purposed to risk management and build out to address compliance management is expensive. As a result, banks end up managing discrete compliance functions in generic tools such as spreadsheets and SharePoint®, creating compliance risk exposure for the bank.
RegEd, with two decades of experience, helps banks mitigate risk, comply with regulations, and manage governance with their powerful compliance platform and enterprise solutions. Using a consultative approach, the company helps clients achieve unparalleled levels of operational efficiency. Since its founding, RegEd has evolved to market leadership, providing sophisticated compliance and credentialing solutions hallmarked by workflow management, BPA, hierarchy management and integration with internal solutions and external regulatory gateways. Catering to the industry’s largest financial services firms, RegEd implements enterprise solutions that address the myriad of complex requirements across state, FINRA, OCC, CFPB and other banking regulators.
Today it’s critical for banks to ensure a strong first line of defense and conduct self-audit activities across their branch networks. RegEd offers an Enterprise Branch Audit Management solution that drives consistency in the process, enabling banks to plan, schedule, conduct, remediate, and report on branch and other audits.
Debra Freitag, Chief Strategy Officer and Bank Market Executive
In one instance, RegEd implemented Branch Audit Management in a large retail bank across thousands of branches, driving a uniform, consistent and repeatable audit program that enabled early identification and remediation of issues ahead of regulatory examinations, avoiding potential violations and fines.
Risk associated with sales practices and employee conduct is high on the radar of regulators. RegEd’s Enterprise Conflicts of Interest Management (COI) solution enables banks to recognize, monitor, and resolve conflicts and code of conduct issues among its employees. The company also delivers a single, integrated Enterprise Marketing and Advertising Review solution that drives efficiency in the processes for marketing and advertising by managing the processes associated with submission, review, approval, and document management, ultimately enabling the timely and compliant launch of sales campaigns.
RegEd solutions are implemented in 80 percent of the nation’s largest financial services firms with more than 1 million end-users. “RegEd’s enterprise, extendable platform, which delivers robust functional capability and a high-quality user experience, in combination with high focus on client satisfaction, has resulted in clients starting with one or two solutions and then cost-efficiently expanding to 6, 8, 10 plus solutions over time,” says Debra Freitag, the company’s Chief Strategy Officer and Bank Market Executive. “These banks and financial services firms benefit from iterative ‘greater good’ development, because RegEd solutions have evolved using best practices from hundreds of implementations.”
The company has eight customer advisory boards that help shape their product roadmap and future vision. By continuously focusing on making the compliance process frictionless and embedding compliance through systemized processes, RegEd looks to drive new levels of efficiency. “We will continue to focus on enhancing our solutions to enable banks to automate and streamline compliance processes to meet regulatory obligations and proactively manage compliance,” concluded Mr. Schobel.