Bank of America Corporation

Kimberly A Laight

Peter John Haines

David R Cormak

Burl Edwin Allen, Jr

Dennis J McInerney

Jennifer G Ackerman

Christine B Doyle

Anita W Sabol

Jennifer B Francois

Laurie A Venzon

Rick Hajda

Charles F Bowman

Janine D Thomas

A method and system for determining effectiveness of a compliance program may include collecting subjective data related to effectiveness of the compliance program and means therefore. The method and system may also include collecting objective data related to effectiveness of the compliance program and means therefore. The method and system may further include calculating compliance effectiveness scores in response to a combination of the subjective data and objective data and means therefore.

Method and system for determining effectiveness of a compliance program

This invention provides a compliance assessment system and tool for efficiently assessing compliance programs and managing compliance program assessments across an organization. Compliance activities are measured against a group of Compliance Program Element Requirements (CPR's) that are used to assess LOB compliance programs. The CPR's define the minimum standards for the LOB's documentation and execution of its compliance program. Assessment results are documented and a compliance program assessment data sheet is developed. A rating is also provided for the status of the documentation supporting the compliance program and the effectiveness of the execution of the compliance program. From these inputs the tool of the invention automatically calculates a score representative of the adequacy and effectiveness of the compliance program. The tool also assigns a color code based at least in part on the score. Reports may be generated that can be used to determine compliance trends.

Compliance program assessment tool

Growing community of inventors

Greensboro, NC, United States of America

Kimberly A Laight