Financial Back-Office Compliance
Financial back-office compliance is the confirmation that a provider of a service or a manufacturer or supplier of goods adheres to all the requirements, regulations, legislation, and specific standards of a contract.
Ongoing maintenance and tracking of expiring certificates, licenses, permits and contracts is necessary to ensure compliance. Manual tracking of such documents and expirations leaves businesses prone to a lapse in compliance. Such a lapse exposes businesses to untold costs in liability.
Maintaining compliance is crucial for financial institutions. It safeguards them from hefty fines, reputation damage, and even legal repercussions. Moreover, a strong compliance culture fosters trust with clients and investors, demonstrating the institution’s commitment to responsible financial practices.
Implementing a solution like ICG’s Vendor Onboarding portal is a great way to ensure your vendors’ compliance with your requirements. Ongoing maintenance is provided in the cloud-hosted Onboarding portal by automatically tracking and notifying vendors and internal contacts in your organization of approaching expirations. Our solution provides our clients peace of mind that their Vendor Master Data is up to date and eliminates any risk of liability.
Watch this high level demonstration to learn more about ICG’s Vendor Onboarding solution. Or contact us today for your own personalized demo!