At the one-year milestone of the enactment of the Dodd-Frank Act, consulting firm Protiviti has launched a suite of resources for organizations struggling to understand and respond to the law’s still evolving requirements.

Based on feedback from clients and insights from industry leaders and regulators, the firm is offering a new online diagnostic tool and regulatory intelligence software, as well as thought leadership, designed to ease Dodd-Frank compliance confusion.

“It was clear from the outset that we would not know how all of the provisions of the Dodd-Frank Act would be implemented by now given their complexity,” said Carol Beaumier, a Protiviti executive vice-president and leader of the firm’s Regulatory practice. “Organizations know these regulations are looming, but the timing and scope of many provisions remain unclear. The uncertainty has left some institutions immobilized and others trying their best to move forward based on educated guesses. Protiviti’s new Dodd-Frank resources are designed to eliminate some of that uncertainty by delivering up-to-date intelligence and tools for developing a smart compliance strategy.”

 

 

Protiviti’s new Dodd-Frank offerings include:

• The Protiviti Dodd-Frank Diagnostic Tool—This complimentary online tool (www.protiviti.com/DoddFrankDiagnostic) enables banks, broker-dealers, and mortgage companies to identify quickly the components of Dodd-Frank that are most relevant to their business. The tool offers a high-level overview of the key areas of concern based upon the services a company provides, its asset size, holding company structure, and the regulatory agency of concern. Protiviti plans to expand its proprietary Dodd-Frank Diagnostic Tool in the future to address other types of financial services companies.

 

 

• The Governance Portal for Regulatory Reform—Protiviti and law firm Morrison & Foerster LLP have teamed to enhance Protiviti’s Governance Portal, a governance, risk and compliance software solution, with the addition of Morrison & Foerster’s proprietary FrankNDodd database system. The governance portal is designed to help organizations determine the status of regulatory developments and changes; assess regulatory risk; assign accountability and track status of implementation efforts; monitor and evidence compliance; and demonstrate risk management practices to regulators, customers and other stakeholders. FrankNDodd is Morrison & Foerster LLP’s proprietary platform for all things Dodd-Frank. This online resource, which provides commentary, summaries, user guides, alerts, and tracking capabilities, is available on a subscription basis.

 

 

• New Insights—A special edition of Protiviti’s FS Insights publication, There Are More Questions Than Answers, this offers a look at what is behind the delays, changing views, and differences of opinions around the Dodd-Frank Act.

“By offering these resources, we hope that those companies that may be tempted to wait until final rules are issued will begin the implementation process sooner rather than later,” Beaumier said. “Failure to address the regulatory reform challenge proactively exposes companies to noncompliance and increased cost, and most importantly, loss of market share to more proactive competitors.”

http://www.protiviti.com/en-US/About-Us/Media-Center/Press-Releases/Pages/Dodd-Frank-One-Year-Later-Protiviti-Unveils-New-Tools.aspx

http://www.protiviti.com/en-US/About-Us/Media-Center/Press-Releases/Pages/Morrison-Foerster-Protiviti-On-Dodd-Frank-Compliance-Software-Solution.aspx