Azimuth GRC LLC announced the official release of its automated regulatory compliance software in its first module for the mortgage industry. The innovative Azimuth GRC platform provides organizations with an efficient way to demonstrate up-to-the-minute compliance with industry regulations while eliminating time and costs previously spent on manual compliance tasks and processes.
“Today’s lenders and servicers have a huge need for more efficient, cost-effective compliance. In fact, according to the 2019 Thompson Reuters Cost of Compliance report, more than 60 percent of companies cite compliance as a major cause behind the sharp increase in the average cost to originate and service a loan),” Azimuth GRC LLC CEO Rohin Tagra said in a press release. “We built Azimuth GRC as a robust, enterprise-wide compliance management system to help mortgage companies lower costs while automatically staying on top of the rapid pace of regulatory change.”
Azimuth GRC was designed to be a fully configurable compliance platform, capable of automating regulatory change management throughout any mortgage organization, the release states. Relying on the largest structured inventory of laws and regulations available in the mortgage industry, the platform can identify and categorize laws and regulations that apply to an organization and enables the organization to assess their operational impact all in one place. By doing so, it is intended to allow lenders and servicers to create a seamless connection with operations and eliminate manual compliance processes and spreadsheets, as well as reduce time previously spent preparing and responding to regulatory exams.
“Azimuth GRC creates a single source of truth throughout an organization that integrates applicable regulations into their business processes, policies and procedures,” Azimuth GRC Chief Revenue Officer Sheryl Johnson said in the release. “This allows a company to meet regulatory expectations as well as provide board reporting and operational oversight in a completely predictable, repeatable and consistent way. There is nothing on the market like it.”
The Azimuth GRC platform includes a complete library of federal and state regulations, benchmarked business requirements based upon applicable rules and regulations, and established mapping and workflow to business departments, owners and processes. The platform’s mapping and workflow modules allow companies to link their control environment to each specific business process, creating a consistent pathway from each individual statute to the organization's specific controls. The platform also incorporates risk management through a regulatory impact assessment, pinpoints any gaps, and updates the dashboard to easily track workflow throughout the operation.