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    <title>azimuth</title>
    <link>https://www.azimuthgrc.com</link>
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      <link>https://www.azimuthgrc.com</link>
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      <title>GRC 1.0 Is Dead — And It’s Long Overdue</title>
      <link>https://www.azimuthgrc.com/grc-1-0-is-dead-and-its-long-overdue</link>
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           For over two decades, organizations have relied on a Governance, Risk, and Compliance (GRC) model that is fundamentally broken. GRC 1.0 — along with its more recent rebrand as Integrated Risk Management (IRM) — promised operational alignment, proactive compliance, and streamlined oversight. In practice, however, it delivered little more than fragmented systems, spreadsheet sprawl, and manual processes masked by marketing jargon.
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           The traditional approach centers on mapping controls to regulatory requirements. On paper, this seems rational. In reality, it means that companies are asked to translate legal frameworks into internal checklists, build and maintain custom workflows, and rely on periodic sampling — all while assuming that sampled controls reflect systemic compliance. They don’t.
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           The traditional model leaves organizations exposed in ways that are hard to justify today. It fails to identify areas where controls are missing altogether, allows existing controls to shift without notice, and gives leaders the illusion that everything is under control when it isn’t. Instead of offering clarity, compliance turns into an exercise in educated guessing. Companies are left to manage the heavy lifting — building systems, interpreting regulations, and enforcing policies — all while struggling to see whether their efforts are actually working or paying off.
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           And despite heavy investment, organizations cannot answer three foundational questions with confidence:
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            Are we actually compliant?
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            Where are we exposed?
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            What is the return on this compliance effort?
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           The answer, too often, is silence.
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           GRC 2.0: A New Model for a New Era
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           No Guesswork. 100% Compliance. The Unachievable Made Achievable.
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           Azimuth didn’t set out to improve GRC 1.0. We replaced it.
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           GRC 2.0 represents a complete shift in methodology. Rather than simply mapping controls to obligations, GRC 2.0 operationalizes compliance by connecting laws, tasks, transactions, workflows, and owners into a fully integrated, automated system.
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            ﻿
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           With Azimuth’s VALIDATOR, compliance testing moves from periodic sampling to full-population, real-time coverage. Every transaction is automatically tested — closing gaps, exposing risk immediately, and eliminating the need to hope that a sample is representative of the whole. There’s no guesswork, no patchwork, and no lag between change and response.
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           The results speak for themselves: one client reported a 680,000% increase in testing efficiency. This is not hyperbole — it reflects the leap from manual, sample-based validation to continuous, automated, full-scale testing. The cost, accuracy, and speed gains are not incremental. They’re transformative.
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           GRC That Performs at Scale
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           What GRC 2.0 Delivers That Older Systems Never Could
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            It costs less — plain and simple.
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            When you’re no longer buried in spreadsheets, manual checks, and consulting fees, the savings start to add up fast. There’s no need to patch together old systems or reinvent the wheel every quarter.
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            You actually see what’s going on.
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            It’s not about dashboards that look good — it’s about knowing where the real problems are and being able to fix them before they grow. The clarity is immediate and practical.
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            People are accountable, and it’s obvious who owns what.
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            No more chasing down emails or trying to remember who was in charge of a task. Every obligation is connected to a name, which means nothing gets lost in the shuffle.
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            Change doesn’t throw everything into chaos.
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            Regulations shift — they always do. But instead of scrambling to catch up, the system adjusts. It’s flexible in a way legacy platforms just aren’t.
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            You can finally prove that it’s working.
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            This isn’t just about staying out of trouble. With VALIDATOR, you can show what’s working, what’s not, and how your efforts are delivering real results — with numbers to back it up.
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           This is the system compliance professionals have long imagined but never believed possible. GRC 1.0 — and its rebranded cousin, IRM — simply cannot keep up with the speed and complexity of today’s regulatory landscape. They never could.
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           The Future of Compliance Is Here
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           For too long, we have tolerated tools that fall short — systems that demand excessive effort while delivering minimal clarity. Azimuth was built to meet the current moment, enabling a shift from reactive maintenance to proactive performance.
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           GRC 1.0 is over.
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           Azimuth is GRC 2.0.
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      <pubDate>Wed, 23 Apr 2025 11:31:26 GMT</pubDate>
      <author>josh@riveravenuedigital.com (Josh Irons)</author>
      <guid>https://www.azimuthgrc.com/grc-1-0-is-dead-and-its-long-overdue</guid>
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      <title>Azimuth extends relationship with Truist to enhance its automation capabilities</title>
      <link>https://www.azimuthgrc.com/azimuth-extends-relationship-with-truist-to-enhance-its-automation-capabilities</link>
      <description>Azimuth, a pioneer in compliance automation, announced today that it is growing its strategic partnership with Truist Financial Corp (NYSE: TFC). With this multi-year expansion of their current partnership, Truist will implement Azimuth’s VALIDATOR software, enabling the bank to deploy automated, full-population compliance monitoring across multiple consumer businesses.</description>
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           JACKSONVILLE, FL
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            — Azimuth, a pioneer in compliance automation, announced today that it is growing its strategic partnership with Truist Financial Corp (NYSE: 
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           TFC
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           ). With this multi-year expansion of their current partnership, Truist will implement Azimuth’s 
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           VALIDATOR
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            software, enabling the bank to deploy automated, full-population compliance monitoring across multiple consumer businesses.
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           This multi-year agreement broadens the partnership that began in December 2021 with an investment from Truist Ventures and integration with several of Truist’s individual business lines and products.
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           “Truist is a longstanding, trusted partner and this multi-year expansion is integral for both companies,” said Rohin Tagra, Founder and CEO of Azimuth. “Industry leaders know they must continuously innovate, and we look forward to continuing to work with Truist and we’re honored the bank chose the VALIDATOR platform as the future of compliance.”
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           In addition to increasing full-population compliance monitoring across consumer business lines and products, implementation of the VALIDATOR software will enable more comprehensive monitoring and simplify data analysis for ease of reporting. 
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           “At Truist, we are dedicated to fostering innovation that serve our clients’ best interests,” said Brad Bender, Interim Chief Information Officer. “By extending our partnership with Azimuth, we will improve efficiencies, reduce costs, and continue our commitment to leveraging the latest technology in our compliance efforts.”
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           For more information on Azimuth’s VALIDATOR software or to request a demonstration, contact 
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           sales@azimuthgrc.com
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            or visit 
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           azimuthgrc.com/contact-us
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           .
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           About Azimuth
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           Azimuth is a leading provider of regulatory compliance technology, offering innovative solutions that automate and streamline compliance processes. Our mission is to ensure fair and equitable treatment through revolutionary compliance technology, enabling financial institutions to meet regulatory requirements with ease and precision. 
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           About Truist
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           Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 commercial bank with total assets of $523 billion as of September 30, 2024. Truist Bank, Member FDIC. Learn more at 
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           Truist.com
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           .
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      <pubDate>Tue, 12 Nov 2024 12:01:22 GMT</pubDate>
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      <title>Change is Happening</title>
      <link>https://www.azimuthgrc.com/change-is-happening</link>
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           Change is happening overnight at the Consumer Financial Protection Bureau (CFPB)
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           As we await the Senate confirmation of Rohit Chopra to lead the Consumer Financial Protection
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           Bureau, there are things you can do to prepare for what’s to come. We know from Chopra’s
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           background and experience, more intense scrutiny is on the horizon to protect consumers. That
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           means companies and organizations need to step up compliance operations.
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           Under Former CFPB Director Kathy Kraninger, the bureau collected around $800 million dollars
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           in punitive fines over a two-year period. Under Chopra, I would expect to see that number
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           triple. Just compare Kraninger’s numbers to the six-year tenure of former Director Richard
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           Cordray, who collected $12 billion in fines and consumer redress, according to a Bloomberg Law
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           article, posted on August 14, 2020. Cordray went after the big banks like Wells Fargo, JPMorgan
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           Chase and Bank of America.
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           We know CARES Act compliance will be a strong focus of the CFPB under the new
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           administration. Congresswoman Maxine Waters (D-CA), Chairwoman of the House of
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           Representatives Committee on 
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           Financial Services
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           , has urged President Biden to
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           “direct the CFPB to aggressively protect consumers by enforcing the law, including protections
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           provided under the CARES Act…” You can read the full letter here.
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    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
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           The laws and rules change quite frequently, because the world is changing, and the laws and
           &#xD;
      &lt;br/&gt;&#xD;
      
           rules are changing to meet those needs. That can create a challenge to update your operations.
           &#xD;
      &lt;br/&gt;&#xD;
      
           Half the battle is knowing about them, and then the other is implementing the changes to
           &#xD;
      &lt;br/&gt;&#xD;
      
           comply with them.
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    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
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    &lt;span&gt;&#xD;
      
           I’ve been in regulatory compliance for more than two decades. While it is one of the most
           &#xD;
      &lt;br/&gt;&#xD;
      
           complicated and ever-changing fields, I have loved solving issues for the big banks. After the
           &#xD;
      &lt;br/&gt;&#xD;
      
           2008 financial crisis, I experienced first-hand how the CFPB changed the industry and it’s one of
           &#xD;
      &lt;br/&gt;&#xD;
      
           the reasons I founded 
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="https://www.azimuthgrc.com/" target="_blank"&gt;&#xD;
      
           Azimuth GRC
          &#xD;
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    &lt;span&gt;&#xD;
      
           .
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Rohin Tagra
           &#xD;
      &lt;br/&gt;&#xD;
      
           Founder &amp;amp; CEO Azimuth
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;span&gt;&#xD;
      &lt;span&gt;&#xD;
        
            GRC
           &#xD;
      &lt;/span&gt;&#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;</content:encoded>
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      <pubDate>Wed, 18 Sep 2024 13:30:49 GMT</pubDate>
      <guid>https://www.azimuthgrc.com/change-is-happening</guid>
      <g-custom:tags type="string" />
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    <item>
      <title>Azimuth Closes Series A With Investment from Detroit Venture Partners</title>
      <link>https://www.azimuthgrc.com/azimuth-closes-series-a-with-investment-from-detroit-venture-partners</link>
      <description />
      <content:encoded>&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;strong&gt;&#xD;
      
           JACKSONVILLE, FL
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    &lt;/strong&gt;&#xD;
    &lt;span&gt;&#xD;
      &lt;span&gt;&#xD;
        
            — Azimuth GRC, a compliance automation pioneer, today announced 
           &#xD;
      &lt;/span&gt;&#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="https://www.detroit.vc/" target="_blank"&gt;&#xD;
      
           Detroit Venture Partners
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
            has joined its series A, bringing the total round to $6.3 million.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
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    &lt;span&gt;&#xD;
      
           Detroit Venture Partners is the venture capital arm of Rock Ventures, a for-more-than-profit organization which is made up of nearly 100 separate businesses spanning fintech, sports, entertainment, real estate, startups and more.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
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           “
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="/services"&gt;&#xD;
      
           Azimuth’s VALIDATOR
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
            product simplifies compliance with automated full-population testing, reducing cumbersome manual compliance activities to make an immediate impact in the mortgage and lending space. We are thrilled to partner with Rohin and the Azimuth team as they drive much-needed innovation in the regulatory tech space,” said Jared Stasik, partner at Detroit Venture Partners.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
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    &lt;span&gt;&#xD;
      
           The investment from DVP rounds out the 
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="https://www.prnewswire.com/news-releases/azimuth-grc-secures-series-a-financing-led-by-mosaik-partners-301365512.html" target="_blank"&gt;&#xD;
      
           company’s series A
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
           , led by 
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="https://mosaikpartners.com/" target="_blank"&gt;&#xD;
      
           Mosaik Partners
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
           . The funds will help fuel 
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="/our-story"&gt;&#xD;
      
           the growth of the Azimuth team
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
           , product suite and go-to-market efforts. Azimuth GRC is the first and only company to codify every state and federal law on one platform and tie them directly to controls.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           “2021 has been our year – from bringing on investors with the expertise in RegTech and mortgage to securing a new office space and a projected revenue growth of 300 percent,” said Rohin Tagra, founder and CEO of Azimuth GRC. “Eliminating the arduous manual processes typically needed for regulatory compliance is our mission, and this capital helps us do that faster.”
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;h3&gt;&#xD;
    &lt;span&gt;&#xD;
      
           About Azimuth GRC
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/h3&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Azimuth GRC revolutionizes the world of regulatory compliance by being the first and only company to codify every state and federal law on one platform, changing the culture of compliance by taking 
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="/why-financial-institutions-still-rely-on-sample-based-manual-compliance-testing"&gt;&#xD;
      
           manual compliance
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
            work done on paper spreadsheets and automating it. Led by founder and CEO Rohin Tagra, Azimuth GRC is the only company bold enough to offer VALIDATOR, a software that provides daily automated tests of an entire portfolio to determine compliance with all applicable laws and regulations.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;h3&gt;&#xD;
    &lt;span&gt;&#xD;
      
           About Detroit Venture Partners
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/h3&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Since 2010, Detroit Venture Partners has been committed to backing and founding early stage tech companies that we believe move the world forward. DVP was founded by Dan Gilbert, Rocket Mortgage Founder and Chairman, with a vision to grow Detroit’s entrepreneurial community. We partner with visionary founders and help our portfolio companies succeed by leveraging the more than 100 companies within the Rock Family of Companies, including Rocket Mortgage, Cleveland Cavaliers, Bedrock, and StockX.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;h3&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Media Contact
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/h3&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
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           Emylee Eyler
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      &lt;span&gt;&#xD;
        
            ﻿
           &#xD;
      &lt;/span&gt;&#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;a href="mailto:pr@azimuthgrc.com" target="_blank"&gt;&#xD;
      
           pr@azimuthgrc.com
          &#xD;
    &lt;/a&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;</content:encoded>
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      <pubDate>Wed, 18 Sep 2024 13:10:48 GMT</pubDate>
      <guid>https://www.azimuthgrc.com/azimuth-closes-series-a-with-investment-from-detroit-venture-partners</guid>
      <g-custom:tags type="string" />
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    </item>
    <item>
      <title>Applying Innovation to Stay Ahead of Regulatory Change</title>
      <link>https://www.azimuthgrc.com/applying-innovation-to-stay-ahead-of-regulatory-change</link>
      <description />
      <content:encoded>&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Financial institutions nationwide are facing a growing challenge of remaining compliant while evolving in an ever-increasing, cost-pressure environment.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           According to a recent survey from 
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="https://www.accenture.com/hk-en/insights/consulting/compliance-risk-study" target="_blank"&gt;&#xD;
      
           Accenture
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
           , the overwhelming majority of compliance executives expect the cost of compliance to rise as much as 30% over the next two years, yet only six out of ten expect an increase in operational funding.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Meanwhile, the cost of non-compliance has never been higher. As examples, 
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="https://www.consumerfinance.gov/about-us/newsroom/cfpb-doj-order-trident-mortgage-company-to-pay-more-than-22-million-for-deliberate-discrimination-against-minority-families/" target="_blank"&gt;&#xD;
      
           Trident Mortgage Company
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
            was ordered to pay over $22 million earlier this year for engaging in redlining and 
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="https://www.mass.gov/news/national-mortgage-servicer-to-provide-32-million-in-relief-to-massachusetts-homeowners-in-settlement-with-ags-office" target="_blank"&gt;&#xD;
      
           Fay Servicing, LLC
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
            recently agreed to provide $3.2 million in relief to customers to settle allegations that it engaged in unfair and deceptive conduct.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
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    &lt;span&gt;&#xD;
      
           Accenture argues that compliance leaders face a 
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="https://www.accenture.com/hk-en/insights/consulting/compliance-risk-study" target="_blank"&gt;&#xD;
      
           new challenge
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
           : “dealing with multiple strands of complex change, happening simultaneously across the enterprise, and at warp speed.”
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
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           Additionally, 
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="https://www.fitchratings.com/research/non-bank-financial-institutions/us-non-bank-mortgage-servicers-face-increasing-regulatory-scrutiny-08-02-2022" target="_blank"&gt;&#xD;
      
           Fitch Ratings
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
            says that non-bank mortgage lenders and servicers should expect increased regulatory scrutiny. The current administration has promised more vigorous oversight, particularly around Fair Lending, UDAAP and mortgage servicing.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
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    &lt;span&gt;&#xD;
      
           With a greater spotlight on regulatory compliance, most compliance executives believe technology can help. According to Accenture’s survey, 93% of respondents believe that advanced technologies like artificial intelligence (AI) will streamline compliance, but 37% say their companies are not prioritizing compliance technology.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
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  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Even worse, many mortgage lenders and servicers still rely on manual compliance processes and spreadsheets to manage compliance efforts. This is time-consuming and inefficient. It’s also prone to errors and opens institutions up to greater risk.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Mortgage lenders and servicers have over 7,000 laws and 32,000 requirements to know, understand and comply with. How are you managing them? It’s impossible to keep up when relying on manual, archaic processes.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           This method also requires in-house compliance experts. Finding and retaining talent has become increasingly difficult across all industries, but especially for compliance teams. What happens when an employee leaves? Are you able to easily replace that position? Can you continue to manage compliance efforts while you evaluate candidates? Plus, consider the institutional knowledge lost when an employee leaves.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           The regulatory environment continues to evolve with more promised changes coming soon. Financial institutions must embrace technology to stay ahead.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Institutions can enhance their compliance management efforts by taking manual work done on paper spreadsheets and automating it across the enterprise. As a result, they improve accuracy and efficiency, reduce costs and regulatory risk, and expand coverage.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
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    &lt;span&gt;&#xD;
      
           Automation also allows teams to reallocate time to high-value activities that drive business growth. Deloitte recently pointed to this, indicating that organizations that utilize automation see fewer signs of operational inefficiencies and “could ultimately boost organizational collaboration, free up time for strategic thinking and drive greater employee engagement.”
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Automation and modern technology can better support leaner teams. It may also help retain them.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           To stay ahead of regulatory change, Azimuth GRC is transforming how institutions manage compliance:
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           With Azimuth GRC’s revolutionary platform, 
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="https://www.azimuthgrc.com/solutions/" target="_blank"&gt;&#xD;
      
           Validator
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
           , financial institutions are taking manual compliance processes and fully automating and managing them across the enterprise. Compliance teams increase efficiencies and can allocate their time towards more impactful work.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Azimuth GRC is the only company to provide full-population compliance testing of the entire loan portfolio. Financial institutions can quickly and efficiently test entire portfolios in minutes, eliminating any unknowns, ensuring adherence with all requirements, and delivering a fair and equitable experience for all customers.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           With Validator, institutions can test entire portfolios against all laws and regulations, including the CARES Act and the 
          &#xD;
    &lt;/span&gt;&#xD;
    &lt;a href="https://www.azimuthgrc.com/" target="_blank"&gt;&#xD;
      
           CFPB Servicing Module
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
           . With thousands of laws and requirements to know, understand and comply with, financial institutions can better manage their compliance efforts with confidence.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Furthermore, institutions can increase the frequency of testing. Instead of testing for a regulation every few years, financial institutions and lenders can test each month or even daily, ensuring they are always compliant in a constantly evolving environment.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;a href="https://www.azimuthgrc.com/book-a-demo/" target="_blank"&gt;&#xD;
      
           Schedule a demo today
          &#xD;
    &lt;/a&gt;&#xD;
    &lt;span&gt;&#xD;
      
            to learn how Azimuth GRC enables institutions to have an innovative automated approach to sustainable compliance management.
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;</content:encoded>
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      <pubDate>Wed, 18 Sep 2024 11:58:51 GMT</pubDate>
      <guid>https://www.azimuthgrc.com/applying-innovation-to-stay-ahead-of-regulatory-change</guid>
      <g-custom:tags type="string" />
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    <item>
      <title>Why Financial Institutions Still Rely on Sample-based Manual Compliance Testing</title>
      <link>https://www.azimuthgrc.com/why-financial-institutions-still-rely-on-sample-based-manual-compliance-testing</link>
      <description />
      <content:encoded>&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Despite advancements in technology, most financial institutions today still rely on sample-based manual compliance testing. But is this really the best approach? 
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           No. And here’s why. 
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Let’s take a portfolio of one million loans. To get a 95% confidence interval with a 5% error rate, you would only need to test 383 loans. That means you have 999,617 unknowns that could leave you open to risk. 
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           What happens when that sample isn’t a true representation of your portfolio? Or, what happens when your sample is different than the regulator’s? As financial institutions continue to prioritize the customer experience, what happens if you have problems you’re unaware of? 
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
&lt;/div&gt;&#xD;
&lt;div data-rss-type="text"&gt;&#xD;
  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Sample-based testing leaves significant room for non-compliance, yet it’s still the preferred method for two primary reasons: 
          &#xD;
    &lt;/span&gt;&#xD;
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           1. Financial institutions lack the technology to quickly and accurately test entire portfolios. 
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           Many institutions today still rely on manual, labor-intensive processes, cobbling together spreadsheets and using SharePoint to manage compliance efforts. For those institutions, testing a few hundred items is much more doable than testing a million. The problem is that this process is ineffective, prone to errors and exposes institutions to greater risk. 
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           By investing in technology and automation, financial institutions can eliminate manual processes and improve accuracy and efficiency while also reducing costs and regulatory risk. Ultimately, institutions can expand coverage at a lower cost. 
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           Compliance teams are also more confident in their efforts while reallocating staff and resources to handle high-impact tasks that drive business growth. This is important as compliance expertise remains scarce, especially for smaller markets outside of major cities. With leaner teams, technology can fill in the gaps. 
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           2. Financial institutions are afraid of what they’ll uncover. 
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            In a manual world, it’s much easier to correct issues if it’s only a handful. Correcting hundreds of issues can be overwhelming. This is a major concern many institutions have. 
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           The problem is that when it comes to regulatory compliance, the phrase, “what you don’t know won’t hurt you” doesn’t apply. In fact, what you don’t know can lead to consent orders, reputational damage and even impact your customers’ experience.
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           Rather than avoiding 
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           full-population testing
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            simply because of a fear you’ll uncover more issues than you can handle, having full transparency is more powerful. Financial institutions can review and prioritize issues based on severity and build a culture of compliance. They can also have greater confidence in their portfolios. 
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           Full-population testing is inevitable and responsible.
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           The cost and complexity of compliance continues to increase. To keep pace, financial institutions must transform their 
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           compliance management
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            efforts with automated full-population testing. 
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           Check back for our next blog on how the most innovative institutions are testing entire portfolios in minutes to quickly determine compliance with all laws and regulations.
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           Want to transform your compliance management efforts? 
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           Schedule a demo today
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            to learn how you can leverage full-population testing.
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      <pubDate>Wed, 18 Sep 2024 11:19:17 GMT</pubDate>
      <guid>https://www.azimuthgrc.com/why-financial-institutions-still-rely-on-sample-based-manual-compliance-testing</guid>
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      <title>The Imperative for Full-Population Testing in Regulatory Compliance</title>
      <link>https://www.azimuthgrc.com/full-population-testing</link>
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           In the financial sector, the evolution from traditional sample-based manual testing to full-population testing marks a critical shift. This advancement is not merely technological but represents a fundamental reevaluation of compliance management strategies. Full-population testing ensures the integrity of financial institutions and protects consumers by offering complete coverage of every transaction, making it an indispensable tool in today’s regulatory landscape. 
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           The Case Against Sampling: A Call for Full-Population Testing 
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           Historically, institutions relied on sampling for compliance testing—a method that now seems outdated given today’s technological advancements. Sampling’s major flaw lies in its limited scope. Typically, only a small percentage (as low as 0.04%) of transactions are tested, risking significant oversight and potentially leaving institutions vulnerable to non-compliance penalties. In a data set of 100,000, potentially only 40 will be tested. 
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            In contrast, full-population testing offers a more reliable and insightful approach. It’s not only feasible but also more cost-effective than manual sampling, thanks to technological advancements. With full-population testing, institutions gain frequent and comprehensive insights into their compliance status, enhancing decision-making and strategic planning. 
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           Why Full-Population Testing Is Essential 
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           Full-population testing involves scrutinizing every item within a dataset or portfolio, ensuring adherence to all applicable laws and regulations. This method offers a stark contrast to sample-based testing, which only examines a subset of data, potentially overlooking critical compliance issues.  When regulators find an issue, they require full population testing. 
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            Comprehensive Coverage and Accuracy: Full-population testing eliminates the reliance on inferential statistics used in sampling methods, which can miss non-compliant transactions. This comprehensive approach ensures that institutions capture every compliance anomaly, no matter how minor. 
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            Efficiency and Cost-Effectiveness: Modern solutions like 
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            Azimuth’s VALIDATOR
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             transform full-population testing into an efficient process. These automated systems can analyze vast datasets in minutes, significantly reducing the labor and time traditionally required for compliance checks, thereby lowering operational costs and accelerating product time-to-market. 
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            Proactive Risk Management: By identifying compliance issues early, full-population testing prevents minor discrepancies from escalating into significant problems, maintaining system integrity and public trust. 
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            Agility in Regulatory Change Management: As regulations evolve, full-population testing systems quickly adjust, ensuring continual compliance and demonstrating institutional agility. 
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            Insightful Data Analysis: This testing method extends beyond compliance, offering insights that can drive strategic decisions and operational improvements. 
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           Azimuth’s Revolutionary Approach with VALIDATOR 
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           Azimuth is pioneering this field with 
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           VALIDATOR
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            , a product that quickly automates compliance testing across entire portfolios. VALIDATOR also offers actionable insights into potential risk areas. 
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           Integrated with Azimuth’s OMNIA and LINEAGE, VALIDATOR is part of a comprehensive compliance management ecosystem that ensures seamless information flow across all lines of defense—from understanding legal mandates to enforcing controls and executing tests. 
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           The move towards full-population testing is not just a technological upgrade but a necessary evolution to meet higher regulatory expectations and manage risks effectively. Azimuth’s VALIDATOR and its integrated solutions represent the cutting edge of this transformation, providing the tools needed to navigate the complexities of modern regulatory environments confidently. As the industry progresses, full-population testing isn’t just an option; it’s becoming the standard. 
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            ﻿
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           Learn how Validator can help your organization. 
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    &lt;a href="https://www.azimuthgrc.com/book-a-demo/" target="_blank"&gt;&#xD;
      
           Register for a demo today
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           .
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      <pubDate>Thu, 20 Jun 2024 12:46:04 GMT</pubDate>
      <guid>https://www.azimuthgrc.com/full-population-testing</guid>
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      <title>Azimuth Selected for ICBA ThinkTECH Accelerator</title>
      <link>https://www.azimuthgrc.com/icba-think-tank</link>
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           Fintech to join sixth cohort to advance regulatory and compliance capabilities for community banks
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            ﻿
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           JACKSONVILLE, FL — Azimuth, a compliance automation pioneer, announced today its selection to the Independent Community Bankers of America’s (ICBA) ThinkTECH Accelerator Program, which kicks off January 8, 2024, in Atlanta.
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           The sixth cohort selected for ICBA’s ThinkTECH Accelerator program was handpicked for its community bank-focused offerings primed to support several critical community bank needs, including analytics, automation, and compliance. This is the first of two planned accelerator programs for 2024 as part of ICBA’s shift to year-round programing and increased investment in ThinkTECH initiatives to support continuous development and advancement of community bank innovation.
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           “As a growing presence in the global financial services market, we are thrilled to participate in the ICBA ThinkTECH Accelerator, a vital source of community banking innovation since 2019,” said Azimuth Founder and CEO Rohin Tagra. “Azimuth is transforming the way community banks manage regulatory compliance by leveraging automated full-population compliance testing, empowering them to quickly assess their entire portfolio, saving them time and money.”
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           Azimuth provides a scalable, efficient, and technologically advanced solution for managing the complexities of regulatory compliance while providing a fair and equitable experience for customers.
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           The company has unveiled a suite of innovative products – Validator, Validator HMDA, and Validator 1071, each tailored to address distinct compliance challenges in the financial sector. Validator revolutionizes compliance management by transforming complex regulations into actionable data, enabling organizations to efficiently meet and anticipate compliance demands. Validator HMDA, specifically designed for the Home Mortgage Disclosure Act, streamlines the reporting process, ensuring accuracy and efficiency in mortgage-related data submission. Validator 1071 aids financial institutions in accurately reporting credit application data for small businesses, including those owned by women and minorities, facilitating compliance with these critical new requirements. Together, these products showcase Azimuth’s commitment to leveraging advanced technology for more efficient, accurate regulatory compliance across the financial industry.
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           Since its inception, the ICBA ThinkTECH Accelerator has connected the most innovative fintech companies with more than 1,400 community bankers and industry leaders — identifying and designing workable solutions that solve for today’s modern banking needs. Participants receive mentorship from a distinguished network of industry stakeholders through an immersive 10-week bootcamp and present their refined offerings to community bank executives during a demo at ICBA LIVE 2024 in Orlando.
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           “We are pleased to have Azimuth join us as a member of our latest ThinkTECH accelerator cohort,” ICBA Executive Vice President and Chief Innovation Officer Charles Potts said. “With compliance such a key concern for today’s community bankers, it is critical they have solutions that can help them effectively find and address any gaps in their regulatory management as well as create more efficient processes to help cut costs.”
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           About Azimuth
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           Azimuth revolutionizes the world of regulatory compliance by being the first and only company to codify every state and federal law on one platform, changing the culture of compliance by taking manual compliance work done on paper spreadsheets and automating it. Led by founder and CEO Rohin Tagra, Azimuth is the only company bold enough to offer VALIDATOR, a software that provides daily automated tests of an entire portfolio to determine compliance with all applicable laws and regulations.
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           About ICBA
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           The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.
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           As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.
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      <pubDate>Thu, 20 Jun 2024 12:46:03 GMT</pubDate>
      <guid>https://www.azimuthgrc.com/icba-think-tank</guid>
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      <title>The Strategic Decision in Regulatory Compliance: Buy vs. Build with Azimuth Validator</title>
      <link>https://www.azimuthgrc.com/buy-vs-build</link>
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           In today’s rapidly evolving financial landscape, banks and lenders are faced with a critical decision: build their own compliance testing platforms or invest in a proven solution like 
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           Azimuth Validator
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           . This choice has far-reaching implications for operational efficiency and financial management. Opting for Azimuth Validator accelerates compliance capabilities, offers substantial cost savings, and reduces risk. 
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           Building an in-house solution demands a comprehensive, sustained commitment. The process includes designing and building the platform, encompassing everything from gathering functional requirements and planning design and architecture to procuring software and infrastructure. Legal analysis is a critical step, involving the identification and cataloging of relevant federal and state laws and translating these into actionable compliance requirements. Moreover, test design and development require writing precise test requirements, designing algorithms, and developing robust functional tests. Beyond the initial build phase, ongoing expenses include regulatory change management, platform maintenance, and continuous resource allocation for operations—estimated at $8 million annually. 
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           However, building an in-house system presents several challenges, including ensuring the availability and expertise of dedicated staff, the risk of technology failures, and potential budget overruns which often exceed initial estimates, requiring ongoing financial commitment. 
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           Conversely, choosing Azimuth Validator offers immediate and compelling advantages: 
          &#xD;
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            Rapid Deployment:
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      &lt;span&gt;&#xD;
        
             Validator is ready-to-use, significantly reducing the deployment time for compliance testing by up to 30 months. 
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    &lt;/li&gt;&#xD;
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            Cost Efficiency:
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      &lt;span&gt;&#xD;
        
             It avoids the hefty $26 million cost of internal development, with a first-year operational expense of only $4.5 million. 
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      &lt;/span&gt;&#xD;
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      &lt;span&gt;&#xD;
        
            Reduced Execution Risk:
           &#xD;
      &lt;/span&gt;&#xD;
      &lt;span&gt;&#xD;
        
             Validator’s capabilities are continually refined by compliance experts, ensuring high reliability and accuracy. 
           &#xD;
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    &lt;/li&gt;&#xD;
    &lt;li&gt;&#xD;
      &lt;span&gt;&#xD;
        
            Focus on Core Business:
           &#xD;
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      &lt;span&gt;&#xD;
        
             It allows internal resources to focus on strategic business initiatives instead of managing compliance technology. 
           &#xD;
      &lt;/span&gt;&#xD;
    &lt;/li&gt;&#xD;
    &lt;li&gt;&#xD;
      &lt;span&gt;&#xD;
        
            Predictable Costs:
           &#xD;
      &lt;/span&gt;&#xD;
      &lt;span&gt;&#xD;
        
             Fixed subscription rates eliminate the need to scale resources for regulatory changes. 
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    &lt;/li&gt;&#xD;
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    &lt;br/&gt;&#xD;
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  &lt;p&gt;&#xD;
    &lt;span&gt;&#xD;
      
           Azimuth Validator provides immediate access to a comprehensive inventory of laws, requirements, and tests for swift implementation. It includes automated regulatory updates ensuring systems always align with the latest regulations, and it dramatically reduces both startup and annual operational costs compared to building an in-house system. 
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    &lt;/span&gt;&#xD;
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            ﻿
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    &lt;span&gt;&#xD;
      
           For banks and lenders, investing in a ready-made solution like Azimuth Validator offers a strategic advantage. The need for full-population testing in regulatory compliance is increasingly critical as regulations become more stringent. Azimuth’s Validator offers an efficient, reliable, and cost-effective solution, making it an invaluable tool for any financial institution aiming to enhance its compliance operations and mitigate associated risks. 
          &#xD;
    &lt;/span&gt;&#xD;
  &lt;/p&gt;&#xD;
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  &lt;/p&gt;&#xD;
&lt;/div&gt;</content:encoded>
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      <pubDate>Fri, 19 Apr 2024 12:46:04 GMT</pubDate>
      <guid>https://www.azimuthgrc.com/buy-vs-build</guid>
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