Forward Thinking

In overcoming disruption within the financial industry, forward-thinking companies now have the ability to demonstrate real-time compliance.

Real-time compliance refers to the ability for a company to see at anytime, who is or is not compliant, what actions are required and by which internal or external members.

When speaking about compliance, Peter Murphy, Head of Compliance and Regulatory Affairs at Friends First said:
‘We need to be able to do more than simply say we’re complying with rules and regulations but be able to prove it’.

The 5 Steps

  1. Assess Current Policy and Compliance Process
    Replacing paper-based systems will reduce overall costs, storage-space and save time.
    Each day in the UK, 7 hours are wasted by staff searching for documents, resulting in a loss of £42M per day.
  2. Stop Using Excel
    Excel spreadsheet tracking costs businesses Millions every day due to time-wasted searching and tracking information.
    IBM states: 90% of the data in the world today has been created in the last two years.
  3. Partner with a Compliance Technology Provider
    Get the expert support needed to transform your compliance process into a fully paperless and automated system.
  4. Remove All Paperwork
    Focus your budget elsewhere – Save on paper usage and physical storage space.
  5. 100% Awareness, 100% Compliant
    A paperless and automated business is better positioned to build and maintain a culture of compliance.
    Overall Benefits include: Reducing costs and compliance risk, improved document control, free-up storage space, stop chasing people to confirm compliance, easily prove your compliance to regulators.

Conclusion

Beyond the cost savings associated with removing paper and spreadsheets, the real benefits associated with an automated compliance program is the superior accuracy with which compliance can be confirmed.

A paperless process enables companies to take policy awareness directly to the employee’s or consultant’s desktop. This, in turn provides greater accuracy in reporting, allowing companies to easily provide senior management with management information.

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