Your business wants to be as competitive as possible. You want to do something that saves you time and money. There are many business strategies that financial services can use to do this. But imagine if you find something that can positively affect the whole company as well. If you start pushing a compliance culture in your organization, you can tick off all three of these critical areas. Not only will it make you stand out from your competitors. You can also project yourself as a company with a firm grip on its compliance efforts.
A Tech Solution Can Help Promote A Compliance Culture
The creeping cost of compliance is a constant problem for businesses, as regulations increase every year. Also, if your company has plans to expand globally, there are always more regulations to meet. If you are unwilling to embrace financial technology to help you, your compliance costs will increase. You can take the sting out of the tail by using a technological solution to improve your compliance system.
The Benefits Of Using A Technological Solution For Compliance
A technological solution can help you in many areas; here are a few of them:
- You can identify inefficiencies in your current system
- Start to streamline your processes to save time and money
- You can have greater control over deadlines and timelines for projects
- Begin to improve the overall day to day management of compliance
- Start to decrease the amount of money you spend on fines
- You can save money by reducing overtime for employees
Once you clearly understand the benefits for your business. You can start to allocate the right team members to drive compliance forward. You can also look for the right tech partner to create your new system. It might take a bit of time initially to agree on digital workflows. But as soon as you set them up, you will start to see how beneficial automation can be. Saving time and money from digitalization will already make you far more competitive.
Changing The Internal Mindset Will Improve Business Agility
You can also start to change the mindset internally and drive a positive compliance culture. It will help to improve your business agility and make a direct impact on your bottom line. When a business becomes more agile, it can improve in many areas. Using McKinsey’s agile impact engine, you can see the following improvements:
- Customer Satisfaction increases as the end-to-end customer-journey experiences improve.
- Employee engagement improves as employees feel empowered and can focus more on customers.
- The operational performance also improves as everything is quicker, you have effective targets, and the employees are engaged.
When you put all these areas together, the company’s financial performance can improve from 20%-30% overall. This statistic is a powerful indicator of how an agile environment can directly impact the purse strings.
Regulatory Change Management Is Your Magic Wand
It can be challenging for companies to keep up. Businesses know it makes sense, but how can you do it? Well, it is possible to wave a magic wand across your compliance requirements. Using FinTech is the answer. It can help you to level up your regulatory systems quickly. There is also less pressure on employees to act and easier compliance management overall. Your compliance team will be able to breathe a collective sigh of relief.
A Modern Regulatory Compliance Solution
Corlytics assists businesses by monitoring, assessing, mapping, and aligning regulatory changes. Currently, the company helps asset managers, big tech, global banks and regulators, insurers, payments, regional and national banks. The regulatory risk intelligence and analytics from Corlytics enable firms to check their exposure to regulatory risk. Armed with this intel, companies can prioritize and push their compliance efforts.
The Corlytics FinCrime tracker gives a single view of all emerging financial crime regulations globally, all in one location. This state-of-the-art product can provide your company with a distinct competitive edge. Indeed, after receiving the Regulation Asia Awards for Excellence, Corlytics has been tipped as one company to watch this year.
Planet Compliance asked John Byrne, CEO at Corlytics for his thoughts on the importance of compliance culture. John said, “Compliance culture can be nurtured in companies where the technology can make useful suggestions or pop-ups as to how best comply. If employees have exactly the right information, immediately available to them, they feel empowered which helps re-enforce compliance culture. As compliance becomes seamless and realtime, it helps the organisation improve customer service levels and provides superior client outcomes.”
A Compliance Culture Is Better For Your Employees
According to the U.S. Bureau of Labor Statistics, a record 4.5 million Americans quit their jobs in November 2021. “The Great Resignation Trend” is hitting companies hard. Compliance teams are notorious for working long, stressful hours. By reducing stress and making your workplace more transparent, you can improve employee engagement. Anything you can do to simplify the lives of your employees is worth doing.
Digital workflows can help you to improve your regulatory control. It means you will have constant compliance in place. It is far better than taking knee-jerk reactive measures when things go wrong. It also lowers stress levels and is easier for your employees to handle. You’ll benefit from employee retention as your employees will feel satisfied and happy in their work. It will also reduce your hiring costs as you can hold on to your employees.
The Board Can Make An Impact
It also needs to come from the top. If you want to spread the compliance culture across the organization, make sure the board level signs off on it. Train your employees so they know how important it is. Ensure that the training is by top management, so the “Tone from the top” is correct. Also, make sure the training is done regularly and is not a one-off session. This continuity is vital to ensure the effectiveness of your compliance culture.
Creating Your Compliance Culture
Put steps in place to get your employees on board. Explain the benefits to them clearly, so they understand the importance of a compliance culture. It can help you increase your reputation and brand perception. You can embed compliance into employee appraisals, KPIs, and promotion decisions. Also, don’t forget to reward employees who go above and beyond to meet compliance goals.
Compliance culture is not a buzzword. Time after time, companies are always treated better by the authorities if they have a strong compliance culture set in place. Regulations help the industry create level playing fields, not hinder companies. It’s all about using your compliance and risk management system to drive your company forward. Get it right, and your business can achieve higher business agility and market share levels.
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Sally Leslie
Sally creates B2B content for businesses, entrepreneurs, and startups. She has a PR degree and a background in business development and sales. She is passionate about motivation, time management, and the changing world of finance.