Leveraging Compliance Technology for competitive advantage

From burden to competitive advantage.

With so much regulation, growing in complexity and volume, compliance feels like a cost of doing business for many companies, a burden even. Yet, through technology, compliance management can drive business growth, even become a competitive advantage, helping win and retain business.

In many cases, compliance officers still struggle with how to best support their firm’s growth while facing the mandate to do more with less. As companies rely on technology to conduct business more than ever, risks have multiplied and increased in complexity, particularly around insider trading, electronic communications and cybersecurity. Compliance officers must adjust the scope of their oversight as well as their techniques for conducting that oversight.

Through technology, compliance officers are finding ways to track and monitor compliance activities across the firm from one place, eliminate tedious manual tasks through automation and/or outsourcing, and feel confident that their compliance data is consistent, reliable, and secure.

Given that the majority of compliance cost still originates from manual processing, improvements in the processing space can significantly increase efficiencies and reduce costs. And when RegTech is implemented thoughtfully and strategically, compliance officers and adviser can spend their time where it’s truly needed.

Compliance is becoming smarter, leveraging data-driven automation.

Regardless of the sector, effective compliance will mean the generation of significantly more data: this data must be addressed robustly, analysed and reported appropriately and comprehensively. This requires technology that is smart enough to address all these challenges, but simple enough to install, use and maintain.

Through data-driven automation, organisations will be able to their operating models, enabling advisers to deliver improved service to significantly more clients whilst reducing the administrative burden with each advice case.

Technology providers like Complii are becoming the backbone of capital markets by creating solutions that will further digitise compliance in the financial system.

Cloud-based solutions will go beyond automation, leveraging advanced cognitive computing (AI), adaptive algorithms, and predictive analytics for interpreting new regulations and near real-time reporting.

Compliance Technology will help fulfil the pursuit of a regulatory framework for the digital age, driving further clarity and efficiency into how regulation is interpreted, how compliance is managed and how reporting is and will be automated.

Integrated platforms are the next step.

Having to deal with many different vendors to meet their requirements – which isn’t fit for purpose for most organisations: it is over-complicated and the different solutions are often not easily integrated together. Integrated, end to end platforms from a single vendor, covering all required functions, is the way forward. Indeed, thinking about compliance solutions from a platform perspective, along the whole corporate lifecycle, will support the ability to build-out new use cases quickly and integrate third-party sources at reduced cost.

And given tighter compliance budgets, software that looks more like platforms upon which users can customize, configure, and self-service their own unique needs will gain in importance. This “buy-to-build” option avoids the upfront costs of coding from scratch and avoids the costs of having to swap out inflexible vendors.

A “one-stop-shop” solution.

This is where Complii can help: an end-to-end, integrated risk and compliance platform with a modular approach and ad hoc customisation.

Our secure digital platform is based on customisable software designed to automate, record and report on an AFS Licensee’s and Brokers’ compliance obligations.

These include registry services at inception of a corporation, unlisted trading facilities (pre-IPO), capital raising (seed round + IPO listing) administration tools and shareholder services (post listing), plus all the compliance controls required for those dealing for and in capital markets.