We read with some interest an article written by Susan Feinberg, Big Demands for Small Banks. This article was published on August 6, 2012 on the Computerworld web site. What caught our attention in this article was Ms. Feinberg’s observation ” . . . that small banks may have to start investing in compliance technology instead of customer-support technology and improvements to operational efficiency.” in order to comply with new proposals published by the US Federal Reserve, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).
Fortunately, we think that many of these banks have implemented SharePoint (either 2007 or 2010). As we noted in several posts to this blog published in the fall of 2011, there is an excellent history of SharePoint implementations that have delivered highly useful information for Governance, Risk & Compliance (GRC) requirements. Most of these implementations have emphasized SharePoint metadata, and taxonomy to deliver this information. Therefore, we don’t see why small banks with working implementations of SharePoint 2010 enterprise edition ought to look much farther than to SharePoint, itself, for the computing resources required to satisfy the new reporting standards proposed by the above mentioned regulatory agencies.
Certainly, we offer video training content on this topic, either via subscriptions to all of the video training content on our website, www.visualsp.com, or through a purchase of a training DVD that we offer, SharePoint 2010 Term Store & Taxonomy. For a small bank with a 5 person team of SharePoint support personnel, the cost of equipping each member of the team with a thorough understanding of how to work with metadata, the Term Store & taxonomy for reporting purposes, via a purchase of an enterprise use license for our DVD, will amount to a one time charge of $200.00 per team member — merely 10% of the cost of sending each member to an in-person training class on the same topics.
Once a team of specialists is trained in the procedures required to implement SharePoint 2010 enterprise edition for regulatory reporting services there ought to be little reason to purchase any additional software to meet compliance requirements. As such, implementing SharePoint in this manner truly represents a highly efficient method of achieving compliance. If your bank faces a substantial new burden of compliance reporting requirements, but you have a working implementation of SharePoint 2010 enterprise edition in place, you ought to carefully consider achieving compliance with regulations with your SharePoint computing working environment. We can certainly help you frame your needs and develop a plan to achieve your objectives. You can either telephone us at +1 630-786-7026 or contact us via email with any questions you may have about this video, the InfoPath 2010 set, and possible applications for individual as well as organizational-level viewing and use.
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