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’.
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.