The Evolution Of Compliance Technology

Who would have thought that compliance management could drive business growth and even become a competitive advantage? Compliance is no longer just a tick-the-box exercise to satisfy the regulators—it can also win and retain business.

In many cases, compliance officers still struggle with how to support their firm’s growth best 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.

From Burden To Competitive Advantage

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 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, analyzed, 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, organizations 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.

The Evolution of Compliance Technology for Capital Markets

Technology providers like Complii are becoming the backbone of capital markets by creating solutions that will further digitalize 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 fulfill 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 For Compliance Technology

Having to deal with many different vendors to meet their requirements – which isn’t fit for purpose for most organizations: it is over-complicated, and the different solutions are often not easily integrated. 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 a 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 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 compliance platform with a modular approach and ad hoc customization.

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

These include registry services at the 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.

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Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

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