Our country's focus on preventing terrorism has created a dramatic increase in rules and regulations imposed upon financial institutions. While many requirements are coming from different directions, businesses will benefit from integrated compliance solutions. Technology is available to prevent duplication of effort, thereby saving time and money.

Description of Integrated Compliance Solutions

Web-based technology to verify ID is a service that can be integrated with other solutions. After ID verification and storing of data, it works with other programs to examine risk, increase efficiency, and protect against identity fraud. Some examples of integrated compliance solutions that work with ID verification are new account examiners and fraud detectors.

In most cases, if integrated compliance solutions are used, workers will only have to key data in once. This will save time by avoiding duplication of effort. Mandates assigning critical deadlines continue to be issued. The deadline for HIPAA security mandate was set as April 2005, while the deadline for provider identifiers was set as 2007. Many programs are capable of adding new screens and tasks to meet each new deadline.

Integrating programs will boost employee morale by saving time and energy. Success depends upon establishing an atmosphere of cooperation. Employees should be encouraged to comply because it strengthens and protects our country, which is a morally positive thing to do. Just doing the minimum to avoid penalties will not ultimately create a successful program.