Digital resources can work hand-in-hand with people-powered compliance expertise to take your team to the next level and help regulated firms remain compliant.

Rapid digital transformation has characterised much of the last few years for a wide range of industries, and financial services is no exception. The way we operate internally and externally has changed – perhaps for good. This has forced financial services firms to adapt at pace. While change is challenging, there are several clear benefits to investing in a bit of technology for your business.

Here are our top 5 reasons to give your compliance team a digital boost:

1. Automation

We all know that compliance is crucial. Keeping up with daily, monthly, and annual compliance tasks can be tedious and time-consuming. Digitising your compliance work gives you straightforward, immediate access to your own data and is an important aspect of demonstrating compliance to the regulator.

The right software can automate this important but time-consuming work, allowing your people to spend their time on tasks that need a human touch while ensuring that you remain compliant and transparent with the regulator.

2. Evolve with the Industry

New trends, challenges, and regulations frequently arise in the financial services industry, and compliance teams must keep up. The Consumer Duty fully came into effect from July 2023 with financial services regulation lawyer Venetia Jackson asserting that “The UK financial services industry had not seen a similar regulatory upheaval since the creation of the Financial Conduct Authority (FCA) itself in 2013.” With the Duty deeply interwoven into the very fabric of how financial firms operate and serve their customers, going digital can help you and your compliance team stay on top of industry developments, new and existing regulations and ultimately better serve the end client. Selecting compliance and regulatory technology that is designed by compliance experts and updated regularly has significant downstream benefits to your organisation. Software that is grounded in practical knowledge and expertise will be able to evolve with your business and with the industry, helping your team to remain agile and up-to-date.

3. Improve Stakeholder Experiences

Digitisation benefits your team, your firm, and your clients. Within an organisation, digitising and automating processes allows employees and managers to operate smoothly and efficiently. This can save time and improve your firm’s productivity, outputs, and performance.

Externally, giving clients digital options to onboard, access your expertise, and use your services makes these processes easier, faster, and more customisable for their needs. This can promote client loyalty and engagement. Furthermore, provides firms with a key selling point for attracting new business.

4. Adapt with Agility

Since the Covid 19 pandemic, surveys have shown that many workers who can ‘WFH’ would choose to do so for part of their week. The majority of offices are now choosing a hybrid working set-up for their employees.

Whether your firm or team is exclusively working remotely, back to the workplace, or a hybrid of the two, using digital software eases workflow management, oversight, and collaboration to keep your compliance team running smoothly.

5. Next-Level Analysis and Precision

Transforming your compliance approach with digital tools can help you and your team level up your analytical capabilities. This is particularly useful for AML-related activities such as transaction monitoring and for surveying potential areas of risk within your organisation. Compliance technology improves and speeds up analysis and reduces risks, which is important for firms looking to avoid costly fines and other consequences of non-compliance.

For more insight on compliance technology options and benefits, visit https://complyportal.uk/modules/ and find out how our straightforward, comprehensive compliance technology solution can help you and your organisation.

 

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

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