Azimuth GRC, LLC unveiled its automated regulatory compliance software in its first module for the mortgage industry, the company announced in a press release.
The Azimuth GRC platform provides organizations with an efficient way to demonstrate compliance while eliminating time and costs.
“Today’s lenders and servicers have a huge need for more efficient, cost-effective compliance. In fact, according to the 2019 Thompson Reuters Cost of Compliance report, more than 60 percent of companies cite compliance as a major cause behind the sharp increase in the average cost to originate and service a loan),” Azimuth founder and CEO Rohin Tagra said in the release. “We built Azimuth GRC as a robust, enterprise-wide compliance management system to help mortgage companies lower costs while automatically staying on top of the rapid pace of regulatory change.”
Relying on the largest structured inventory of laws and regulations available in the mortgage industry, the platform identifies and categorizes laws and regulations that apply to an organization and allows the organization to assess their operational impact all in one place, the company stated. By doing so, lenders and servicers are able to create a seamless connection with operations and eliminate manual compliance processes and spreadsheets, as well as reduce time previously spent preparing and responding to regulatory exams.
“Azimuth GRC creates a single source of truth throughout an organization that integrates applicable regulations into their business processes, policies and procedures,” Sheryl Johnson, chief revenue officer at Azimuth, said. “This allows a company to meet regulatory expectations as well as provide board reporting and operational oversight in a completely predictable, repeatable and consistent way. There is nothing on the market like it.”
Azimuth GRC, LLC, is a Florida-based regulatory technology company focused on providing innovative software solutions to heavily regulated industries and companies to help them comply with applicable laws.