CSI’s WatchDOG Social Compliance Earns Endorsement from Independent Bankers Association of Texas
May 13 2014 - 9:15AM
Business Wire
- Dynamic solution simplifies compliance
management, social media communication -
The Independent Bankers Association of Texas (IBAT) has
announced its endorsement of the WatchDOG® Social Compliance
solution from Computer Services, Inc. (CSI) (OTCQX: CSVI), a
provider of end-to-end technology solutions that empower financial
institutions to remain competitive, compliant and profitable.
WatchDOG Social Compliance provides financial institutions with
advanced compliance capabilities and protection for participating
in social media across multiple online platforms.
CSI’s WatchDOG Social Compliance solution helps those
institutions new to social media, as well as more experienced
organizations, more accurately follow the processes outlined within
their unique risk assessment strategy. By implementing the
solution, financial institutions also can more efficiently manage
social media compliance with the latest regulatory requirements,
allowing them to leverage social media without the risk of
violating the growing list of compliance regulations.
“Consumers turn to social media outlets to publically share
their opinions and experiences, so the adoption of social media for
banks provides a level of insight previously unheard of just a few
years ago,” said Chris Williston, IBAT’s president and chief
executive officer. “Although the risk of compliance violations and
the added time required to engage in these outlets has many
institutions hesitant to adopt, examiners nevertheless expect
institutions to monitor and manage their social presence. WatchDOG
Social Compliance allows institutions to eliminate these
apprehensions and explore the benefits of social media with a
resource in place to mitigate risk.”
In order to help better manage bank social media participation
and strengthen brand awareness among customers, WatchDOG Social
Compliance offers users a vast range of tools and services to
further promote full regulatory compliance, including:
- Archiving all Facebook, Twitter,
YouTube and LinkedIn posts for required timeframes;
- Creating an approval process to ensure
posts meet regulatory requirements;
- Utilizing targeted search and reporting
capabilities;
- Performing reputation and sentiment
analysis; and
- Evaluating the institution’s
competitive landscape.
Based on additional guidance from the Consumer Financial
Protection Bureau (CFPB) surrounding unfair, deceptive or abusive
acts and practices (UDAAP), WatchDOG Social Compliance also
provides financial institutions with a social media monitoring tool
for managing customer complaints, and gives federal regulators the
necessary information to complete social compliance audits.
Since 1998, CSI Regulatory Compliance has provided organizations
with software solutions and consulting services focused on risk
management, watch list screening and fraud prevention. As a leader
in regulatory compliance, CSI offers solutions and services that
ensure customer success by leveraging the latest technology
advancements to consistently deliver superior results.
“As regulatory pressure continues to build with the introduction
of new compliance guidelines, a large portion of today’s financial
institutions find themselves overwhelmed with managing compliance,
which prevents them from exploring such valuable new arenas as
social media,” said Paul Koziarz, president and general manager of
CSI Regulatory Compliance. “By implementing our WatchDOG Social
Compliance solution, banks can successfully capitalize on greater
customer insight and communication capabilities available through
social media without neglecting other compliance
responsibilities.”
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed
services, mobile and Internet solutions, payments processing, print
and electronic distribution, and regulatory compliance solutions to
financial institutions and corporate customers across the nation.
Exceptional service, dynamic solutions and superior results are the
foundation of CSI’s reputation and have resulted in the company’s
inclusion in such top industry-wide rankings as the FinTech 100,
Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service
Providers List. CSI’s stock is traded on OTCQX under the symbol
CSVI. For more information about CSI, visit www.csiweb.com.
About Independent Bankers Association of Texas
Formed in 1974, the Independent Bankers Association of Texas
(IBAT) represents Texas community banks. The Austin-based group is
the largest state community banking organization in the nation,
with membership comprised of more than 2,000 banks and branches in
700 Texas communities. Providing safe and responsible financial
services to all Texans, IBAT member bank assets range in size from
$10 million to $20 billion with combined assets statewide of nearly
$165 billion. IBAT member banks are committed to supporting and
investing in their local communities. For more information, visit
www.ibat.org.
For CSIBrandon Dyce, 615-545-1675orDavid Jones,
678-781-7238orStephen Sprayberry, 678-781-7207orFor IBATHannah
White, 512-494-2864
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