Why should I implement Compliance Management Software?
There are several reasons why individuals or firms may struggle to adapt to new operations and technologies in the financial services industry. These reasons can be broadly categorised into financial, operational, cultural and regulatory challenges. This article outlines some of the main issues firms and individuals face, and provides our solutions to help break down these barriers.
| Barrier Category | Issue | Description | Solution |
|---|---|---|---|
| Financial | High Initial Costs | The upfront investment required for new technology, such as IT infrastructure upgrades, software development, and training, can be substantial. This financial burden can be particularly challenging for smaller firms or individuals with limited resources. | ComplyPortal offers competitive pricing with a user-license fee structure that decreases the price per user, the more that are added. Additionally, by acting as an all purpose business and compliance management tool, there is significant cost saving compared to investing in separate individual software. |
| Financial | Ongoing Maintenance Costs | Maintaining new technology systems often requires substantial financial investment. This includes costs for system upgrades, cybersecurity measures and compliance with regulatory requirements. | ComplyPortal puts the client at the heart of its focus and development. As a result, there aren’t any hidden fees. System upgrades come as part of our commitment to providing a valuable service with cybersecurity and compliance forming the core foundations of our platform. |
| Operational | Complexity of Integration | Integrating new technology with existing legacy systems can be challenging as these systems may not be compatible or may require extensive modifications. Transferring large volumes of data from old systems to new ones can be complex and risky, potentially leading to data loss or corruption. Firms may lack the in-house technical expertise required to manage complex integration projects, necessitating the hiring of external consultants and leading to additional costs. | ComplyPortal has the capacity to embed portals to legacy systems to create a more coherent user experience. Our client services team is on hand to fully onboard and ease potentially time-consuming set-up admin. This ensures information is imported securely and accurately, whilst tailoring the software to your bespoke organisational needs. |
| Operational | Disruption to Business Operations | Staff may need time to adapt to new systems, which can temporarily reduce productivity and efficiency. During the transition period, there is a higher risk of operational errors, which can lead to financial losses and regulatory non-compliance. | ComplyPortal’s onboarding process is fast and efficient. The client services team is on hand to support every step of the way with training on the system’s modules, and setup to ensure maximum efficiency and minimal errors. |
| Cultural | Resistance to Change | Individuals and firms may be comfortable with their current systems and processes, making them reluctant to switch to new technology. Organisational culture that values stability and routine over innovation can hinder the adoption of new technology. | ComplyPortal offers an easy-to-use platform which allows you to schedule automatic notifications, streamlining processes and helping to mitigate breaches. By enhancing efficiency and ensuring timely communication, these benefits significantly drive workforce adoption and foster a positive attitude towards change. |
| Cultural | Lack of Skills & Training | Without adequate skills and training, employees may struggle to understand and effectively utilise new technologies, leading to underperformance and inefficiencies. | The ComplyPortal team offers training at no cost and the Client Services team is on hand for queries and further training at any stage. |
| Regulatory | Compliance & Regulatory Uncertainty | Unclear or evolving regulatory frameworks can create uncertainty about how new technologies should be implemented and managed, making firms hesitant to adopt them. | ComplyPortal works with our internal compliance and regulatory experts on horizon scanning to ensure we are up-to-date with all requirements and update all our regulatory templates. |
| Regulatory | Data Privacy & Security Concerns | Financial institutions handle sensitive customer data, and any breach can lead to severe financial and reputational damage. Firms may be hesitant to adopt new technologies that could potentially expose them to higher risks of data breaches. | ComplyPortal: 1. Maintains a 99% uptime. 2. Is hosted in an ISO 27001 certified secure facility. 3. Has a 1MVA power supply. 4. Has a UPS capacity of 200kVA with N+1 resiliency. 5. Has protected connections with TLS encryption technology and two-factor login authenticator. |
Adapting to new operations and technologies in the financial services industry is a multifaceted challenge that involves financial, operational, cultural and regulatory considerations. While there are significant hurdles, there are also strategies that can help mitigate these challenges. Firms that proactively address these issues are more likely to successfully navigate the complexities of technological adoption.
ComplyPortal recognises that all these reasons may provide barriers to individual and collective firm-wide attitudes to change. However, careful consideration has been made to ensure our solution addresses each of the highlighted issues and more.
To discover how ComplyPortal can meet your Business and Compliance Management needs and put at ease any barriers to change of your own, book your bespoke, complimentary demo today:
Find out more about how the ComplyPortal platform can help firms adapt to new regulatory expectations at: https://complyportal.uk/modules/
About ComplyPortal:
First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring.
ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others:
- Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes.
- Approvals: authorise request and keep track of workflows
- Registers: lists controlled by the Compliance officer, but easy for staff to view.
- Risk: map and control risk areas to effectively identify and manage risk for your firm.
- Training: access our LMS platform for all Compliance and Governance Training
CLICK HERE TO GET STARTED!
