HOW TO MANAGE COMPLIANCE BETTER?
It is certainly not outlandish to recall the remarks of former US Attorney General Paul McNulty who had stated, “If you think Compliance is expensive, try Non-compliance.” Indeed, ensuring compliance is no longer a luxury but a bottom-line for businesses, and more so for digitally enabled global services.
The 2018 NASDAQ Global Compliance Survey bore witness to the dominant trend of Compliance acquiring seminal importance in Organisational strategies. More significantly, the Report cited the need for automation technologies in optimizing compliance. Understandably, these have emerged as paramount for executing maximized visibility and rigorous mitigation, achieved through configurable, extendable and integrated compliance platforms. In modern IT operations, this is often grounded on the fusion of decentralised approach and centralised oversight.
The UK Ministry of Justice aptly articulates that “Procedures should be proportionate to the risks faced by an organisation. A risk-based approach will serve to focus the effort where it is needed and will have most impact”. Precisely, a sophisticated and invincible Risk Assessment Program stands key to compliance. Delving deeper, this implies comprehensive classifications, differentiating Inherent Risks, Geographical Risks, Qualitative Risks and Residual Risks, coupled with advanced mechanisms like Fuzzy Logic or 3-Tier/5-Tier Risk Ratings.
However, such Organisational measures ought to be distinctly iterative, ideally endorsed through independent auditing or internal and digital whistleblowing, as mandated by the European Union (EU) Whistleblowing Directive 2019. Conversely, incompetence in deciphering Red Flags or laxity in duly filing Suspicious Activity Reports (SARs) has proved to be catastrophic time and again, for firms and clients alike.
Compliance management is substantially dictated by the Adaptive Governance System offered by today`s technology that generates the required agility and flexibility for decision makers. Critically, this is imperative for leveraging improved data aggregation based on the right analytics, further necessitating intelligible and collaborative orientations in compliance. It also reaffirms the fact that Organizations are being more inclined towards granular methods for utmost authenticity and consistency.
That having said, despite such best practices, compliance systems could well be vulnerable to loopholes. This highlights the essential elements of Remediation and Recalibration in order to prevent potential glitches. However, such Remediation is meant to be Prescriptive and Intuitive, facilitating customizable results and actionable insights.
Considering the rapidly evolving regulatory landscape, modern approaches to compliance management advocate scalable, modular and personalised methodology backed by the appropriate interface(s). Boosting engagement and efficiency, such approaches have reportedly sustained easy tracking of compliance issues in holistic or enterprise-wide paradigms. In the long run, this can be imperative for conforming even to non-prudential obligations for robust and sustainable measures. Adopting such hybrid and standardised frameworks may lead to increased supervision and accountability in the future. It can also empower an organisation to successfully negotiate conflicting regulatory schemes across various nations.
With our punctiliously designed RemitSo Software, you can put all your compliance worries to rest. Our core features harbor an in-built and meticulous Sanction Screening Program that encompasses widespread data accumulated from recognized global sources and authorities. Catering to multiple disciplinary regimes like EU Sanctions, UK Her Majesty`s Treasury Consolidated List, Office of Foreign Asset Control (OFAC) and UN Security Council, RemitSo unwaveringly meets the minutest regulatory demands regarding online money transfer worldwide.