Frequently asked questions

Currently, the compliance officer will manually copy and paste the regulatory requirements as “Observed Change(s)” during the initial applicability review stage, and then document his or her comments/observations. Starting the end of May 2019, the system will automatically extract and display the requirements from proposed and final rules. The compliance officer or project team would then add commentary for each requirement, such as identifying the applicability of each requirement for the specific department (impacted area) that the project relates to.

All records are retained indefinitely unless a written request is made by the client to purge the record from the system. The system automatically archives records after a certain period. Archived records can be retrieved upon request.

Compliance 1Source is a cloud-based system hosted on Amazon Web Services (AWS). However, the system can also be installed and operated from a client’s in-house server and computing infrastructure.

Yes, features can be customized if installed on the client’s in-house or private cloud server.

All Proposed Regulations, Final Regulations and Notices published by all federal banking agencies on the Federal Register are automatically pulled into the system. The Federal Register provides developer tools to make this possible. Currently, the self-regulatory organizations (such as FINRA and MSRB); the State banking, securities and insurance regulatory agencies; and foreign financial services regulatory bodies do not provide developer tools to automatically retrieve information. Changes from these regulatory authorities would need to be manually tracked and entered into the system. P2E Technologies can provide this service.