Technology may help with optimising work, but compliance professionals are just as important as ever
It is no secret that ‘going digital’ has been the trajectory for financial services for some time – even before the Covid-19 pandemic sped up the digitalisation process. The fourth industrial revolution has seen many industries turn to technology to gain efficiencies and seek greater digital transformations in their business – whether that be software that can carry out tasks once completed by humans, or digital methods of managing work. At ComplyPortal we know just how useful regtech and other compliance management software can be, but we believe technology is becoming more and more necessary to help compliance professionals do their day-to-day jobs.
The Appeal of Compliance Technology
Regulatory and compliance management technologies have been developed to provide solutions for compliance professionals. Regtech specifically exists to provide digital ways of fulfilling compliance obligations – for example, improved record-keeping to demonstrate compliance to the regulator, or detailed analysis and monitoring to minimise enterprise-wide risk. Compliance management technology supports organisations by offering more efficient methods of task management or better access to important documents. What’s more, with many staff still working from home, or combining remote and office-based work, the ability to manage workflows and access data remotely continues to be a key benefit of compliance technology.
The Limitations of Software
While technology provides efficiency and ease, it cannot replace particular human skills. For example, consulting with colleagues or external clients requires skills in interpersonal engagement, communication, and complex problem-solving. People management, compliance education, and creating a culture of compliance within an organisation are all tasks which also require a human touch, although they may be supported by the use of technology.
Modern Compliance – The Hybrid Approach
The responsibilities and challenges of modern compliance demand a modern solution: combining the human and the digital. Compliance professionals juggle multiple responsibilities but dividing these into tasks that must be done manually and tasks that can be done digitally optimises the compliance process and culture in an organisation. Digitalising tasks or using regtech to fulfil compliance responsibilities can lead to being better able to demonstrate compliance to senior staff and the regulator and increase productivity by giving compliance teams more free time for tasks that require a particularly human touch.
How ComplyPortal Can Help
Visit https://complyportal.uk/modules/ to find out more about our straightforward, comprehensive compliance technology solutions. You can also book a software demo or talk to one of our expert advisors to discuss how our compliance technology can meet your and your organisation’s needs.
About ComplyPortal – Compliance software since 2011:
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 system: perform comprehensive searches, including client identity verification, document authenticity, and more for a comprehensive KYC and AML approach
