Provana Named Most Promising Compliance Technology Solution Provider for These Reasons
- November 9, 2021
- Category: Compliance Management
CIO Review in its recent issue published the annual list of 20 companies that are transforming businesses with their compliance technology solutions. Provana topped the list and was named the most promising compliance technology solution provider by the enterprise technology magazine, earning the prestigious tag for helping small to mid-size businesses (SMBs) achieve industry-led compliance in an effective and stress-free manner. To read the full feature article in print, click here.
Clearly, SMBs and large enterprises have different organizational DNA. Each take a different approach to the allocation of resources and Governance, Risk and Compliance (GRC). Given that SMBs rarely have time and energy to re-configure their operating procedures, successful implementation of GRC programs has always been a significant challenge for SMBs. Provana’s compliance automation solution–Integrated Policy Audit and Compliance Software (IPACS)–addresses this elephant in the room.
If you’re evaluating compliance management solutions, take a look at the 4 reasons why Provana was named best-in-class:
Current on new regulations
Several IPACS functionalities assist SMBs in disseminating the latest regulatory changes to their employees and have controls in place. IPACS encompasses guidelines from the CFPB, (Consumer Financial Protection Bureau), which in turn helps SMBs perform proactive audits to manage compliance and conduct internal trainings on the latest regulations. The build-in compliance framework ultimately helps manage vendor risks by enabling SMBS to perform audits remotely instead of on-site or manual audits.
A wholesome platform
The compliance platform unifies different channels where the consumer may have reported any dissatisfaction with their treatment by an agent. SMB clients can accumulate all such incidents together in a central place with IPACS and respond to these complaints in line with the state and federal guidelines.
IPACS is also integrated with Provana’s speech analytics platform, ICAP, which identifies compliance issues by prompting an automated review of each agent-consumer interaction. This way, the client’s compliance team doesn’t need to check every CFPB violation or professional misconduct manually. There is more to IPACS. If a lawsuit is filed against the client, IPACS triggers a bona fide error defense to mitigate expensive penalties arising from such situations.
Seamless transition of workflows
IPACS easily integrates with the client’s collection software to import all customer data, identifies exceptions, and automates workflows. To implement the solution, Provana’s team analyzes the client’s “as-is” compliance framework and then migrates all those workflows into IPACS within six to eight weeks, keeping the client’s core framework intact.
Strong ongoing support
Provana differentiates its compliance platform with supplementary excellent support and consulting expertise. The provider identifies compliance gaps and then helps clients remediate them before they go through an official CFPB audit. Any compliance-related service provided by the team, whether enforcing an existing compliance framework or performing vendor audits, is tunneled through IPACS, which acts as an operating system to maintain transparency.