While compliance isn’t that much of an undertaking to achieve for any well-organized business environment, there needs to be a laid-out plan in support of it to guarantee its eventual overall success. In this regard, the plan must cover the most pertinent areas regarding the operational management of the organization.
So how do you go about it? How do you conduct a successful compliance transformation plan? Below are the areas to work on:
Set up Professional Teams to Work on a Compliance Transformation and Implementation Plan
One thing for sure is that you’re not going to adopt a compliance plan that goes against the organization’s common goal. With that in mind, you have to set up a team comprised of both compliance specialists and implementation counterparts and have them come up with a common plan that goes in pace with the organization’s general business strategy.
This way, both teams can liaise and have a common interpretation of various new compliance policies and how best to implement them. Next, assess the model chosen to determine its long-term impact on the organization’s performance and cost of operation. Everything should fall in your favor if your enterprise is to survive the transformation.
Invest in Technology
One thing about successful enterprises is that they invest as much as they can in frameworks that further make it easier for them to achieve their objectives. Technology makes things easier in many ways. For example, it can radically improve data security, operating speed, and efficiency. Also, you can install a good system that also helps in risk management during and after compliance transformation. For example, an integrated security system would warn the operator about a client that doesn’t meet some required thresholds.
On the same note, it’s important to invest in training the staff on how to use the new pieces of technology introduced in the workplace. Advanced technology like software systems can be used in data mining and analysis for better decision-making that can then be employed in risk prevention and control within the set compliance parameters.
Find External Partners
It’s often argued that the best way to achieve a goal is to team up, and that also works in business circles. By partnering with external entities (other enterprises with similar interests), you can create a common database with the information shared between the partners. That way, you can save significant time and costs that would have otherwise been spent on collecting and entering client information.
Besides that, the partners can learn from each other about how best to react to and mitigate risks faster and more effectively, besides improving customer experience and implementation of compliance policies across the board. A good example of such a partnership is KYC.com database that is a partnership between Morgan Stanley, Deutsche Bank, Citi, BNP Paribas, UBS, and HSBC.
As you realize, compliance transformation is an integral process of fueling business growth. For one, sticking to policies is one way of ensuring smooth business days, and everyone wants exactly that.