The year 2020 presented the epitome of uncertainty. No one would have been able to predict the way the year eventually unfolded. For companies, it was a risk-laden year like they had not seen before. Both the way of doing business and getting work done changed dramatically in the year. Some of those changes may be here to stay. Business continuity was made possible because of technological tools, failing which all financial activity would have ground to a halt. But with the increased shift towards tech-enabled methods of doing business, increased worries related to threats posed to business and timely compliance with regulation have cropped up as well.
These have given rise to challenges for Compliance Management. A few of them are as follows:
Integrating compliance training with core responsibilities
With people working remotely, Compliance Management has become difficult. An office environment allowed for centralized monitoring systems – an aspect that is not possible in current setups. Because of this, it has become important for companies to train their employees on compliance along with their core responsibilities. This can be expected to become more difficult with new employees coming on board who have never worked in a company’s office setup. But regardless of the degree of difficulty, it is imperative for companies to tackle this challenge if they aim to have a smooth compliance process.
Transforming attitude towards compliance
This challenge directly flows from the previous one. The compliance function is considered as an activity separate from the key business function. But with the rapidly transforming work culture of today, driven by remote working professionals, this attitude cannot continue. With team members distributed across cities and even countries, all have to contribute towards making their company’s Compliance Management effective. Firms were working towards making compliance a party to business affairs anyway but the new working format requires them to expedite this attitude transformation.
Transaction monitoring at multiple levels
The benefits of transaction monitoring are well known. It can not only help sales and marketing teams in identifying patterns in consumer attitudes towards their product, but it can also help risk teams mitigate fraud. But with changing times, transaction monitoring needs to be upgraded as well. As with many compliance or risk-related functions, many employees do not understand the rules behind transaction monitoring and it remains unchallenged. In order to keep it updated, companies need to train employees to eliminate unnecessary reports and remain up-to-date with risk factors and complaints regarding internal systems.
While tackling these or other Compliance Management issues may be challenging, undertaking it is not so. BA Fintech ‘s tool COMPLIANCE iNBOX makes it easy for companies to keep their regulatory compliance activities on track. Process leaders can assign tasks to their subordinates and monitor their progress. Access can be restricted via encrypted user IDs and passwords. Teams can communicate with each other via the Chatroom facility and keep their Compliance Management up-to-date.
BA Fintech (a joint venture between Boston Financial Advisory Group and Avanze Group has an excellent product known as COMPLIANCE iNBOX (CiB). It is a Compliance Management software that integrates and streamlines the approach to Compliance Management. It promises timely and accurate compliance without the typical cost and hassles associated with the activity. Its Dashboard provides a comprehensive view of the status of various compliances and audit activities across an entire business on a single screen. It generates dynamic reports which present information in the form of charts, tables, and data grids which greatly simplify the decision-making process for Promoters and senior personnel and lets them focus on the core business.
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