Why companies are investing in compliance automation in the first place? The automation conversation is being highlighted like never before thanks to the growing interest in the efficiency of compliance activities and the understanding that without technology firms are relying on weak compliance monitoring.
Why Compliance Automation?
Compliance automation delivers significant business benefits and has the potential to do much more.
Compliance software is a solution that automates processes to increase compliance efficiencies and improve monitoring as required by regulators. That is why is so important for firms to invest in compliance technology in the first place.
In 2020, the compliance technology conversation grabbed more attention than never before among financial services due to the new working circumstances, where most of the workforce has to move to the home office very suddenly. The circumstances pressured regulators and compliance departments to quickly act to monitor conflicts of interest and prevent individuals from taking market advantage.
Companies with compliance software installed didn’t face as many difficulties to monitor employees working from home, on the other hand, some organizations had to quickly adapt and use this opportunity to learn and implement technology to meet regulatory requirements in the monitoring of conflicts of interest during the pandemic.
Compliance software then becomes a current and actionable trend that can give these firms more control and oversight into employees’ compliance activities, giving companies the ability to positively transform an important part of their business by:
- Allowing compliance managers to access data and insights in real-time
- Automating manual and repetitive tasks to free up compliance team time
- Improving overall firms’ compliance with employees being able to input information in the system at any time, anywhere.
It is impossible to deliver all these benefits without technology. Solutions like MyComplianceOffice helps business to enhance compliance and show regulators that the compliance team is monitoring and managing conflicts of interest in these challenging times.
The Business Needs
The dream of any compliance officer is to have a solution that meets exactly their business needs. Understandably, a big organization would have completely different needs from a small firm. The approach “one size fits all” is not ideal as companies have different regulatory requirements. However, all companies require technology that works across the organization and jurisdiction. The perfect solution consist of a modern technology with a modular approach, which means that companies can purchase what is needed and in the future if the needs grow other features can be added.
It also means that firms should look for a solution that is not static, solutions that can evolve, have adds-on and support changes as businesses grow or move to another jurisdiction.
MCO modular approach and focus on clients’ needs enable firms to save costs while addressing all compliance requirements from regulators.
Continuous Compliance Improvement
When using a fully integrated solution the view into the employee conduct risk is enhanced. Compliance can have instant insight on employees’ requests, responses, and access real-time reporting, in addition to dashboards that facilitate insights.
All these features allow compliance to gear towards continuous improvement in the processes. With great tools, compliance can rethink processes and quickly act when needed to any issue that occurs. The possibility to spend less time in manual and repetitive tasks make compliance a more agile department and will encourage employees to work together to maintain compliance.
Like businesses, compliance technology is built for growth. If you accept that technology is static, your firm might be in danger. The regulatory landscape is an ever-changing environment, so the technology you use to manage these demands should change at the same pace or it will become obsolete.
Compliance must ensure the use of technology to facilitate the monitoring of conflicts of interest and the monitoring of compliance, as well as take advantage of advances in new technology such as accessing the software via a mobile app.
All these qualities of a future-proof compliance solution will help your organization to build better compliance process and keep your firm on the top of the risks emerging.
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