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SILO Compliance: An Intuitive, Yet Sophisticated Compliance Management System

Kimberly Smith, Co-Founder, SILO ComplianceKimberly Smith, Co-Founder
Keeping pace with compliance is a challenge that most companies struggle. Each change to anti-money laundering and customer due diligence regulations requires policy changes, system changes, work flow changes, and retraining staff to be fully adopted. As a result, complying with these changes can be cumbersome. Change may be necessary to keep abreast of financial crime trends as they become increasingly sophisticated with new markets and technologies. But is the high cost and disruptive impact on your organization necessary?

SILO Compliance thinks not. They embarked on a journey to develop a compliance solution that fulfills the need of the hour and assists compliance staff and senior management with making critical risk mitigation decisions with up-to-the minute information on their customer portfolios. “Having been a part of the regulated industry for quite some time, we grew frustrated with the lack of a truly effective compliance management application that addressed the practical needs of both management and compliance departments and could also adapt quickly to meet increased regulations and regulator expectations,” begins Kimberly Smith, Co-Founder of SILO Compliance. “That frustration was our catalyst to design SILO.”

The result, SILO is the foundational compliance system for organizations across jurisdictions and industries. Banks, credit unions, insurance companies, asset managers, and non-banks that must comply with anti-money laundering and customer due diligence requirements are all able to use SILO without extensive—and in some cases any—costly customization requirements or lengthy installation delays.

With a fluid and agile design that allows the user organization to grow, provides access to as many or few staff members, and adjusts to their work flow and approval processes, SILO’s design focuses on the four pillars of basic anti-money laundering compliance: customer due diligence, risk assessment, ongoing monitoring, and staff training. “Most organizations don’t use a large part of the competing complex compliance solutions that are out there. Some of those expensive bells and whistles don’t even relate to their business – or even address the regulations. Why pay for all that?”

SILO focuses on those four pillars of compliance utilizing the risk-based approach required by many regulations across jurisdictions. “Every business views risk differently,” explains Kimberly. “SILO allows our users to determine who is at higher risk with a flexible risk score feature. And our dashboards and visuals provide senior management an effective tool to help them stay aware of due diligence issues that are otherwise buried in data.”

With over a dozen built-in reports, SILO enables users to efficiently manage multiple regulatory requirements by first ensuring that anti-money laundering and customer due diligence obligations are being met. “Depending on ancillary regulations and report requirements, we can then stack complimentary compliance programs and reports onto SILO, by integrating with other systems to ensure maximum data integrity and provide the robust system a business requires.” Streamlining the workflow to attain maximum value was vital to the design. Too many businesses’ compliance hours are actually spent on activities that provide no true value to risk mitigation. They spend thousands of man-hours each year sorting, reviewing and reporting— often by way of manual processes. SILO eliminates those wasted exercises and costs by providing the tool that can do all of that for you. “An organization using SILO can generate reports on politically exposed persons, compliance statistics, and high-risk business entities with the touch of a button,” adds Kimberly. These functionalities of SILO can extend to audit preparations, where it highlights any missing information.

By taking into account the available data sets and due diligence documents, SILO presents information intuitively, allowing an organization to verify the completion of the required documentation, quickly find customers that have missing data or expired documents. “It’s all right there on their dashboard,” Kimberly explains. SILO delivers function and flexibility delivering excellence in managing regulatory requirements for a multitude of industries.