Springhouse Compliance president Starr Largin was interviewed recently by Superb Crew on Springhouse Compliance's banking compliance education and audit management solutions. Here is the article below:
The founders behind Springhouse Compliance have a plethora of experience serving the banking industry. The impetus behind their company was to address the pains that they have heard from community banks and develop solutions to address those needs. Their flagship products address compliance education and audit management. Here is an interview with president and founder Starr Largin.
Q: Could you provide our readers with a brief introduction to Springhouse Compliance?
A: Springhouse Compliance was formed to deliver affordable, high-quality software solutions and services to US financial institutions. Its flagship solutions are FiHub, which delivers comprehensive online training solution for compliance officers and board members and AuditBridge, a solution that streamlines audits and examinations for financial institutions.
Q: What makes FiHub compliance education different from other compliance education platforms?
A: When we started developing our FiHub compliance education suite, we contacted various financial institutions asking them what their compliance struggles were. The two main areas they mentioned were challenges with continual education for their employees and regulatory updates. Employees were stating they did not have time to view a 45- 60 minute webinar and they were tired of the same old training methods. We listened to their feedback and developed our FiHub to address what they really wanted. With FiHub’s compliance education, we provide short courses in whiteboarding or animation style. We took each regulation and broke it down into different components with an average course time being 7 – 14 minutes. For example instead of BSA being an hour-long webinar we have 8 – 10 courses covering CTRs, SARs, Beneficial Ownership, OFAC, CDD/EDD, etc.
Q: You’ve recently enhanced your FiHub compliance education and training solution with gamification; could you tell us something more?
A: The gamification was developed with the intentions of making learning fun. Employees earn coins for answering industry-related educational trivia questions that can be redeemed for prizes. This encourages them to login into the system daily and reminds them to complete their training and also helps to make learning fun.The prizes are at the expense of Springhouse Compliance and not the financial institution. When you make something fun and competitive then you will attract the user.
Q: What features are included in the FiHub compliance product?
A: FiHub Premium provides financial institution with various training tools for the employees and board of directors. Educational training is available through the online educational courses for their employees and additional training is offered through monthly recorded training webinars that are viewable upon demand. However, financial institutions are required to train their board of directors on certain areas such as Regulation O, Regulation B (Fair Lending), UDAAP and BSA. Within FiHub we provide webinars for these topics with the presenter being well known compliance expert, Blair Rugh. Other features are Regulatory Updates, discounts to seminars/conferences, CommitteeLink (another Springhouse Compliance solution), etc.
Q: What are regulatory updates?
A: Regulatory changes are rampant and constant and financial institutions may struggle with implementing the ongoing regulatory changes. Compliance is already a full time job, but then these compliance officers have to implement all the new regulatory changes that are released every year by the regulators. Not only is the compliance officer responsible for implementing the changes, but he or she must also educate institution employees on these changes. Within FiHub Premium we provide Regulatory Updates that include recommendations for policy and procedure changes based on regulatory changes, rule/regulation change warning system, implementation checklist, training webinar and additional documentation to train employees on the regulatory change.
Q: Can you explain the different tools you’re creating and what they do?
A: In addition to FiHub, another solution we offer is AuditBridge that provides an integrated solution for audit and risk management.
Q: How does AuditBridge help financial institutions?
A: AuditBridge delivers a complete integrated audit management solution for the audit lifecycle from planning and execution through to reporting. Tracking audit exceptions can be difficult and time consuming. AuditBridge streamlines the auditing function for internal audits and external audits.
Q: Risk Assessment are a hot topic among the regulators. How can AuditBridge help with the risk assessment function for the financial institution?
A: Within AuditBridge financial institutions may develop institution wide risk assessments documenting the complete rating process (inherent, risk controls and residual). Various templates are provided giving scoring guidelines for each assessment criteria.
Q: Who are the primary clients of Springhouse Compliance?
A: Our products are designed for all financial institutions including banks, mortgage companies, credit unions, consulting firms, farm credit, etc.
Q: What are your plans moving forward?
A: Springhouse Compliance strategy is to provide affordable products to financial institutions for all of their compliance and auditing needs. We are continually updating our solutions to best meet our clients’ needs. We have recently published a magazine COMPLYNOW from Springhouse Compliance that can be viewed on our website.