Introducing an element of automation to the compliance process. It’s something you might have considered.
But how beneficial is compliance technology? Can it really ‘pay for itself’?
What are the benefits of automated workflows for Compliance teams?
Automation has numerous benefits in the compliance process.
- It puts compliance at the centre of the marketing process, mandating approvals and making it harder for non-compliant content to slip through the net
- It therefore reduces the risk of breaching regulatory guidelines
- It reduces administration by improving efficiency and minimising manual processes
- It makes reviews transparent
- It helps you keep track of expiry dates for financial promotions
You can read more here about the benefits of automated workflows for Compliance teams.
But can automation really pay for itself?
As well as making your life easier, there are definite cost advantages when you introduce compliance technology.
- It reduces duplication by ensuring a more joined-up approach between you, your Marketing and your Sales teams – saving you time and the associated hidden costs.
- It cuts the time taken to approve financial promotions – enabling you get products and solutions to market faster.
- It can create a compliant audit trail that ensures you meet the FCA requirements on record keeping, saving time on remedial work or the preparation needed for an FCA visit.
- It provides management information that enables you to refine your approach and remove inefficiencies.
- High levels of security reduce the potential for data breaches and the associated penalties.
Going beyond governance to deliver firm-wide efficiencies
And it’s not just within your team that technology can save you money.
- Integrating compliance automation with your other business systems – such as slide libraries or document production tools – embeds a strong governance ethos across your firm.
- An automated workflow can support project management firm-wide. This goes beyond Compliance, making Marketing more efficient by enabling online briefing and collaboration with external agencies and your Sales team slicker by reducing the time they spend on pitches and presentations.
- It can help with brand compliance. Compliance is essential to your brand strategy. And with a recent report showing that good governance is more important to your corporate brand than ever before, the corporate payback from investing in good governance can go far beyond avoiding FCA penalties.
Automated processes deliver wide-ranging benefits
From this, it’s clear to see that introducing technology to some or all of your compliance processes has the potential to deliver significant cost savings – and may indeed pay for itself.
When comparing solutions, make sure the costs are transparent. What’s included and what do you have to pay extra for? Are costs scalable so you can cost-effectively extend it to your entire firm? And ensure you’re not paying for added extras you won’t use.
Read our 10 questions to ask when comparing automation solutions for more on the things to consider.
And to read more on the ways that automation can save you time and money, you can download our case study.
It shows how the Nottingham Building Society saved over 1500 hours a month when they minimised manual input, duplication and rework by implementing an automated approvals process. You can read more here.