“Supervisors and regulatory bodies are adapting to the challenges of modern regulation, and ComplyPortal’s Director, Luis Parra, shares his advice for how regulated firms can adapt and keep up with these changes.”

By now, ‘fintech’ and ‘regtech’ have become familiar terms within and even beyond the world of financial services—but how familiar are you with ‘Suptech’? Short for ‘Supervisory technology’, suptech is a term that covers the use of technology to support and assist regulatory agencies in their supervisory function. Just as regtech and fintech solutions help businesses and consumers optimise tasks and workflows, suptech works in a similar way to make supervision more efficient and effective—and regulated entities must adapt in order to keep up.

Be it access to or management of data, automation, data analysis, or simply the speed that comes with digitising previously manual operations, suptech is creating new standards of supervision and regulation. Using technology allows supervisors to monitor and review the actions of regulated entities in greater detail and at a faster pace. Suptech applications can sift through thousands of regulatory filings and identify potential supervisory issues, whereas it is impossible for supervisors to review each one closely. This enriched capability and insight means firms will be under the microscope like never before, and without equivalent digital solutions of their own, there is a chance they could be caught on the back foot.

With regulators increasingly turning to data- and technology-driven supervision, firms must adapt at pace in order to avoid falling behind on compliance demands. Fortunately, it is easier than ever for firms to find the right regtech solution for their needs. There are a plethora of options available on the market; the key is choosing a solution which can be tailored to your firm’s needs and is supported by compliance experts for the most up-to-date information.

While this level of change in regulation and compliance might be alarming, it should also be viewed as an opportunity. January is often a time spent reflecting and acting on new ways of operating, either personally or professionally. What better time to review your internal compliance processes and assess if they are ready for the challenges of a new year and a more digital age of compliance and regulation?

Discover how ComplyPortal can help you adapt to new and future challenges at: https://complyportal.uk/modules

Find Luis’s previous blog post here: Practical Tips for Implementing Compliance Software

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

CLICK HERE TO GET STARTED!

By Luis Parra:

“Technology has earned a place in both our personal lives and at work. For Compliance Officers, the right tool can dramatically elevate your team’s work with minimal disruption. ComplyPortal Director Luis Parra shares a few tips that can help Compliance Officers practically and successfully implement a compliance management software solution.”

The Lighthouse Approach

Technology is transforming businesses across the globe at an unprecedented pace. Regulation and compliance demands are also increasing in frequency and complexity and technology is needed to keep up with these obligations. But what exactly is a ‘lighthouse approach’ and how can it help you implement a new compliance solution?

Put simply, a lighthouse approach is a targeted kick-off of new technology in your company: a short-term, measurable project that can serve as a model — or “lighthouse” — to illustrate what a bigger and more successful rollout of technology in your firm would look like. Orchestrated well, a lighthouse project can show others in your organisation how effective they can be with use of technology.

This approach lets you start with one person or just a small team to start with, which also makes it easier to train and implement. Seeing success in one aspect of your organisation can then serve as an inspiration for the rest of your organisation to follow. Using this approach enables short-term wins and long-term cultural changes that can accelerate adoption of technology by employees in your organisation; a ‘lighthouse’ makes it much easier for your colleagues to see what is possible rather than simply telling them.

Planning Your Project

Start with a small project that will put innovative technology on display and show off efficiencies gained. Technology that is demonstrably easy to use and user-friendly will go over well with colleagues. Once your project is executed, celebrate the win, and showcase positive results quickly – people do not like to wait.

Remember to showcase the value of your chosen software in a way everyone can understand. This should take a form that everyone can appreciate even if it does not directly benefit them. For example, statistics: phrasing your wins like “we have reduced the time it takes to monitor our compliance processes by 80 percent” or “compliance processes we have onboarded to this new technology are now 100 percent auditable” conveys the benefits your organisation will gain regardless of how familiar your audience is with compliance.

This approach is flexible and allows for adjustments early on before rolling it out to everyone in the firm. Having measurable success and value everyone can understand will improve your ability to scale.

Securing Support

We know that it is it critical to have top-down support for your compliance processes and technology implementation. Having a high rate of compliance software adoption is crucial because compliance is crucial to a firm’s success. Therefore, having management behind the rollout will add an additional incentive to help employees understand the importance of their participation in the program.

Here are some steps you can take to keep management engaged and foster their support:

• Set clear objectives for the project from the outset
• Launch a lighthouse project to evidence the benefits of compliance software
• Celebrate wins: these will serve as a beacon for the next project, or wider roll-out of software use
• Include the importance of compliance processes in Management’s communications with all employees

Remember: the more benefits you can demonstrate to management as well as employees, the more appealing and useful your proposed compliance management software solution will seem.

Ultimately, adopting and implementing compliance technology is about more than the software itself. Since compliance is such an essential process in [financial services] organisations, it is important to be thorough not only in your selection process, but also in how you evidence the benefits of your chosen software solution. If you can find compliance software backed up by a team to help you with implementing and adapting your digital compliance processes, so much the better.

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