MyComplianceOffice – technology consolidation white paper
Conduct Risk Compliance Technology Consolidation – Why Less is More
Compliance, and those professionals who work to deliver it, has been coming under increasing pressure for some time.
A plethora of new regulations, as well as emerging risks and evolving threats have had a major impact, both in financial and legal terms. The focus of legislation has broadened as well.
At the same time, budgets have been squeezed and look set to continue to shrink, even as the problems multiply.
One of these issues is with the compliance systems themselves. Most firms make use of multiple solutions to deliver compliance. This soaks up both money and the time of those who have to look after them. It also leads to overlaps, and to gaps in compliance.
But new technology and the streamlining of compliance operations is starting to make a difference. It is also increasingly appreciated that a consolidated approach can help drive growth. And that fulfilling the spirit of ethical compliance, rather than just the letter of the law, can deliver major advantages to a business.
These benefits are both wide and deep, offering gains at operational, tactical, and strategic levels. Concentrating resources saves time and money, as well as improving the quality of the data involved, while facing up to evolving compliance challenges. It also makes life easier for employees using the system, and for compliance professionals in particular, and provides a clear and rich audit trail. In addition, it is far simpler for a single platform to expand and adapt as a company grows, and regulatory and other challenges evolve.
However, such platforms are not all created equal. There are important questions any firm should ask before choosing an all-encompassing compliance platform. Fortunately, no other company offers the combination of exceptional functionality, flexibility, and value which MCO can, together with the ability to get started in minimal time, and without business disruption.