How can automation improve your regulatory compliance?

Tablet PrinterThere’s a lot of talk about automation in compliance.

Automation of reporting, automation of marketing and financial promotions production, automation of approvals.

But what are the real benefits of automation for Compliance teams? Can automating your processes really deliver the efficiencies and cost savings they promise? We investigate.

The biggest challenges facing Compliance teams

The pace of life for Compliance professionals, and the range of challenges you face, has probably never been greater. Increasing regulatory pressure, alongside a growing spotlight on breaches, put compliance in the frame like never before.

The challenges you face include:

In an environment that is seeing a surge in consumer complaints about financial services, Compliance teams are under mounting pressure.

New regulations like MiFID II and GDPR add to your workload, while the ever-increasing demand for marketing content means that the number of promotions you need to review and approve is growing exponentially.

How can automation help?

When we look at the benefits of automation, they fall into a number of areas.

First, there are the efficiency gains. Automated solutions can:

They make your regulatory compliance more robust, with watertight processes and mandated Compliance team sign-off:

Automation also delivers cost benefits; it can be argued that compliance technology can pay for itself in terms of the savings made:

  • Automated workflows deliver high levels of security that reduce the potential for regulatory breaches and the associated penalties
  • The time saved in producing, reviewing and approving financial promotions can lead to significant direct and indirect cost savings

Brand compliance can be as much of a challenge for Compliance teams as regulatory or technical issues. Automation can prevent the need for brand-focused edits by:

So we want to explore automation – what next?

It’s clear that introducing technology to some or all of your processes has the potential to deliver significant cost savings, efficiencies and regulatory compliance improvements.

If this has inspired you to explore automation, you can read more about how to get firm-wide buy-in and how to build your business case.

Our 10 questions you need to ask when comparing automation solutions may also be a useful read.

How could automation help your team?

If you want to read more about the benefits of compliance automation – and to ensure you reap the rewards of your investment – you can download our whitepaper on The benefits of automated workflow systems. You can read a copy here.

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Nothing in this document should be treated as an authoritative statement of the law. Action should not be taken as a result of this document alone. We make no warranty and accept no responsibility for consequences arising from relying on this document.