Virtual Compliance Office Helping Banks Efficiently Manage Risk

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New Service from Bank Solutions Group LLC Provides Financial Institutions with 30-40% Reduction in Compliance Costs

Consulting firm Bank Solutions Group, LLC (BSG), launches Virtual Compliance Office. The proprietary solution, backed by industry–leading consultants, enables banks to efficiently and effectively manage risk while meeting the increasingly complex regulatory requirements.

“We have seen a significant uptick in demand for solutions that enable banks to better manage risk and regulatory requirements,” explains Les Riedl, Senior Managing Partner, BSG. “Compliance and risk management are an on-going process and requires expertise in a variety of complex areas. Our tailored solutions help banks significantly reduce the costs associated with risk management and compliance.”

Virtual Compliance Office incorporates the best practices gleaned from decades of experience in the industry, providing banks with all of the tools and support necessary to effectively and efficiently manage risk while meeting regulatory requirements. Virtual Compliance Office can be an alternative to internal staff or can be tailored to supplement a bank’s internal compliance staff. The solution addresses key areas from Enterprise Risk Management, Risk Assessment and Mitigation, Fair Lending, UDAAP, HDMA, RESPA to BSA.

“With an increased focus on risk management and compliance, banks will need to ensure their policies and procedures are meeting the new standards,” adds James DeFrantz, Risk and Compliance Practice Manager, BSG. “Virtual Compliance Office will help ensure that financial institutions are well positioned to exceed any of the new regulatory requirements.”

About Bank Solutions Group, LLC

Bank Solutions Group, LLC is a management consulting firm that helps banks, credit unions and other financial services client-partners in meeting complex business challenges to achieve higher performance and gain competitive advantage. BSG is headquartered in Atlanta with teams in eight U.S. cities and has an international presence in eleven countries in North America, South America, Europe and Asia Pacific.

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Rick Caldwell
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