By taking the proper steps to implementing a flexible system forregulation, organizations can not only improve processes, but canalso stay ahead of the curve as compliance regulations continue toevolve.

A recent Bank Tech report suggested tips for adaptingto the constantly changing compliance market, particularly forfinancial institutions that endure the most strict complianceparameters.

Invest in the right technology. Mostexecutives who have yet to make the complete transition to adigital environment, oftentimes assume that by adopting newcompliance technology they will be sacrificing the foundation thathelps their business continue to grow and thrive. That couldn't befurther from the truth. In reality, regulatory compliance softwareplatforms will not only help organizations to adhere to the latestcompliance standards, but they can also help streamline a business'internal processes to make the company and its employees moreefficient.

For financial institutions, when it comes time to move data tothe cloud, the issue of security arises, and rightfully so. Banksand credit unions are the largest institutions reliant oncompliance and regulatory standards due to customer data andconfidential information. Beyond just protecting their customers,the biggest objective for financial organizations is to documentand archive data as well as analyze patterns of behavior. Thishelps banks and credit unions learn their customers' spendinghabits to improve company goals and profit margins year over year.By investing in a system that provides analytical tools, it allowsthem the opportunity to grow and change by having access to datathat can help them improve for future business.

Put compliance at the top of your to-do list.There is something motivating about a New Year that inspirescompanies to put everything negative that happened in the previous12 months behind them and move forward with a fresh start. In 2014,if you haven't already begun reevaluating your compliance plan,make sure it is a top priority this year. Why? Because being up todate on the latest regulatory guidelines further portrays yourinstitution as a compliant establishment that is taking thenecessary precautions to expand using the right tactics.

For banks and credit unions, the DoddFrank Wall Street Reform and Consumer Protection Act wasdesigned to prevent future financial distress by increasing theamount of compliance statues they have to adhere to. The reformbasically pits the world's most powerful oil, gas and miningcompanies against human-rights groups and advocates to weakencorruption and poverty in resource-rich nations. There are a numberof other reforms and laws currently awaiting finalization thatpinpoint regulation for other verticals as well.

Be prepared to implement change. If you arefollowing the same guidelines to reach the same goals you werefocused on last year, you cannot expect to see any growth orchange. By first recognizing the improvements necessary to takeyour business to the next level, you are already on your way tomaking a difference. Many organizations have begun integratingtheir compliance and risk management departments to streamlineprocess and mitigate risks. According to Bank Tech,alignment between compliance, risk management, IT, andline-of-business functions has never been more critical, and newprojects to replace or establish reporting and analyticinfrastructure require a plan that extends to budget and resourcemanagement, training, and governance.