Compliance Transformation – the strategic opportunity!!!
Trust is increasingly important in the pandemic era. It’s the opportunity to reassess and retool your compliance system. Compliance transformation enables organizations to build better credibility that will improve their corporate strength and relationships with clients, staff, and stakeholders as well.
You need to take a thoughtful step from strategy to execution so that it continues to add business value in the future because pandemic has widened the gap between external demands and internal capabilities of organizations. Traditional approaches to the Compliance system are no longer effective for the future and newly identified risks by the Compliance leaders. Transform your compliance into more effective and sustainable compliance to take competitive advantage. It will support driving sustainable business growth and keep pace with regulatory demand.
Compliance transformation can help financial institutions across the following four dimensions:
- Regulation: minimize regulatory complexity in the compliance process
- Restructuring: future-proof their operating models
- Reputation: continually manage and enhance their corporate reputation
- Cost Reduction: Maximum compliance benefits with cost-effectiveness
Compliance transformation framework involves the following attributes:
1. Align compliance processes to the overall business goals
Compliance should be aligned with the strategy, purpose, and values of an institution and not just laws and regulations. It will be helpful to build more trust among clients and stakeholders. Make sure your employees understand the ‘why’ and ‘what’ of compliance processes. It will decrease internal breaches and increase engagements. Secondly, maintaining consistent behaviorat all stages of the compliance process is necessary to build the values of the organization. Make sure every department is aligned with an overall compliance strategy.
2. Design processes with the customer perspective
Strong compliance is necessary to increase credibility and compete effectively in the industry. Understand how these choices affect your customers’ experience while engaging in the transformation and design accordingly.
3. Leverage Technology and Data
You are going to deploy a wide range of technologies to develop automated and more effective compliance. Technology-powered compliance reduces the cost of compliance processes and increases reliability. Advanced Analytics helps to follow the path to meet governance, risk management, and compliance (GRC) systems seamlessly.
4. Proactive than just detective
A compliance system should be predictive, preventative, and proactive. Just a feature of detecting compliance failures cannot be effective. Preventive is always effective than detecting.
COMPLIANCE iNBOX can help you to complete all these activities effectively and efficiently without affected by the hassles and complexity involved. Partner with BA Fintech in your digital transformation journey.
BA Fintech (a joint venture between Boston Financial Advisory Groupand 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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