The objective of the Assessment Phase of the VisageSolutions process is to provide the client with a clear and independent assessment of the overall viability of its existing compliance system and operational risk strategy.  The Assessment Phase allows VisageSolutions to: 

• Conduct on-site meetings with client Executive Management, Compliance Personnel, and other accountable parties both internal and external.
• Complete analysis of policy manuals pertinent to compliance and/or risk management.
• Identify areas of compliance, possible non-compliance, and those needing additional research.
• Prepare and deliver to Executive Management a complete and comprehensive report on findings to include time lines for completion of remediation and suggested personnel accountability.

Typical Regulations included:

Regulation	Description
Bank Secrecy Act of 1970	Designed to prevent financial services providers from being used as intermediaries for or to hide transfers or deposits of money derived from illegal acts. Banks are required to establish and maintain a written, board approved program to establish a system of internal controls with daily monitoring and independent testing.
USA Patriot Act	Requires Banks to establish a customer identification program to verify identity; maintain records of information gathered and determine whether the potential customer appears on any list of "suspect persons" supplied to the Bank by the Government.
Federal Information Security Management Act of 2002	Banks must create a board approved program establishing safe guards to ensure the security and confidentiality of customer information against unauthorized access resulting in harm to the customer.
Regulation Z	Simplistically, the Truth in Lending Act.  Refers to the true "cost of credit". Lender must disclose to the customer the circumstance under which a finance charge is imposed and an explanation of its calculation.  Disclosure must include amount financed, finance charge, annual percentage rate and total of all payments at maturity.
Regulation X	Real Estate Settlement Procedures Act.  Covers all consumer real estate transactions.  The regulation is a consumer protection statute requiring financial disclosures and is designed to prevent kickbacks.
Regulation E	Establishes the rights, liabilities and responsibilities of consumers who use electronic funds transfer.  Use of a debit card, for example, constitutes an electronic funds transfer.
Regulation H	Defines the requirements for membership of state banks in the Federal Reserve System.  Includes minimum capital ratios and requirements for certain types of loans.
Regulation B	Also known as the Equal Credit Opportunity Act, prohibits discrimination in banking practices on the basis of race, color, religion, national origin, sex, marital status, or age (as long as the applicant is of age).
Regulation O	Relates to financial transactions involving Directors, Principal Officers and Shareholders and their related interests. Includes both direct and indirect accommodations and emphasizes normal underwriting processes.
Fair Debt Collection Practices Act	Aimed at eliminating abusive practices by third party debt collectors.  Includes a provision for consumers to dispute debt information
Regulation AA	Provides consumers with a forum to protest unfair and/or deceptive practices utilized by a state chartered Bank
CRA	The Community Reinvestment Act is designed to prevent "redlining" and to encourage financial institutions to meet the credit needs of all members of its community