Digital resources can work hand-in-hand with people-powered compliance expertise to take your team to the next level.
Rapid digital transformation has characterised much of the last year for a wide range of industries, and financial services is no exception. The way we operate internally and externally has changed – perhaps for good – and 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:
- Automation
We all know that compliance is crucial. Keeping up with daily, monthly, and annual compliance tasks can be a tedious endeavour. 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.
- Evolve with the Industry
New trends, challenges, and regulations frequently arise in the financial services industry, and compliance teams must keep up. Going digital can help you and your compliance team stay on top of industry developments and new and existing regulations. Selecting a 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.
- 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, and provides firms with a key selling point for attracting new business.
- Adapt with Agility
Since the first wave of lockdowns around the world, countries have shifted in and out of lockdowns to mitigate the impact of the Covid-19 pandemic. As vaccinations and boosters continue to be rolled out and some countries look to ‘re-opening’, surveys have shown that many workers who can ‘WFH’ would choose to do so for part of their week once offices are fully open.
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.
- 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 like 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.
- 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.
- eKYC solution: perform comprehensive searches, including client identity verification, document authenticity, and more for a comprehensive KYC and AML approach
