Auditing & Regulation
Factom Harmony Integrate provides a single, comprehensive, secure and unalterable document catalogue that eliminates the costs of document assembly and saves lenders time by consolidating document storage. With this streamlined platform, lenders can quickly and easily provide the auditors with credentials to the associated files, removing the risk of lost or missing documents.
Loan reviews for compliance all require accurate and complete loan files for a successful audit. We provide lenders with a blockchain based document audit solution that supports review and assembly of the necessary loan documents for all audit types. Using the Factom Harmony collaborative blockchain platform supports storage of the audit results, findings, exceptions ratings, comments and defect reporting on each document.
Documentation errors are the #1 source of defects. These errors create false impressions of poor quality and generate excessive costs and challenges to the Quality Control process for any business. The Factom Harmony Integrate solution provides a single, comprehensive, secure and unalterable document and data catalogue that eliminates the costs of document assembly and saves time and money by assuring a single source for final documents. Harmony eliminates duplicate documents, lost documents, document issues, and exceptions.
Factom can be used for controlling/monitoring document version of various documents/templates used internally and externally by financial institutions. For many processes, regulators require documentation of each template version (to prove data lineage). Publishing cryptographic hashes during each step of a mission-critical business process can provide an irrefutable “proof of existence”. Factom provides transparency in an otherwise opaque process.
In a world filled with regulation and compliance, Factom Harmony Integrate is enabling companies to add an additional level of security with blockchain technology. The Factom network enables information integrity, data authentication, privacy, identity management and access control, all in real time. From banking, healthcare, insurance and fair lending, creating a decentralized, auditable process and record is the future of compliance. Compliance regulation is a constantly moving target, leaving companies with changing regulatory updates that must be followed. From a single industry to cross industry regulations, architecting a system with Factom allows your company to thrive not just survive.
Factom Harmony Integrate allows you to:
Secure key data and documents for the future.
Retain key data and documents for risk decisions (Credit Decisions, Underwriting Decisions).
Defend key data and documents for highly regulated environments (Loan Servicing, Bankruptcy and Foreclosure, Litigation).