Even Staff

2020-09-08

The Importance of an Efficient Compliance Framework

Regulatory and technological developments are changing the nature of financial markets, services, and institutions. Regulation today is benefiting from the automation of compliance processes. This trend is beginning to enable cost savings and superior monitoring, such that those companies that can enable real-time and proportionate regulatory processes that identify risks and enable more efficient regulatory compliance are beginning to emerge as industry leaders. However, the streamlining of regulatory processes is only one step toward what is needed to build a better and more efficient compliance framework.

 

Brands survive if the companies behind them have people, processes, and products that are innovative, useful, and provide value to customers. Consumers historically view the companies they interact with as an important part of their lives and cultural structure. However, this importance and acceptance of companies, services, marketing, and interactions does not just rely on the product and informational value, but also and more importantly on trust. That trust encompasses many areas, but overall compliance to rules and regulations is key to that trust.

 

How do you know who is responsible and who is not? Who is trustworthy and who is not? Transparency. It is the new commodity that must become a part of every company’s core process, products and message. Companies must begin to realize that there are opportunities to grow and innovate by applying technologies and processes to important ideals such as compliance, trust and safety. This will create value for businesses, consumers, and society.

 

How do companies develop a compliance program that obtains that level of trust with their customers? The answer must be to leverage technology, people, process, and partnership to ensure compliance throughout the network of partners, products and services that are offered.

 

 

Here is how we do it at Even Financial:

 

1. Technology - We use programmatic compliance technology to help provide better overview and breadth of service. This means we can add over 3,000 rules and score the entire internet for potential issues whenever our brand is mentioned. This not only helps protect consumers and our partners, but also provides us with a scalable way to audit any placement while adding an additional level of comfort that we are in compliance with regulation.

 

2. People - You can’t rely solely on technology. You need to have people that are trained to understand compliance issues, know how to review those issues, and can communicate effectively with partners and internal teams as to how to update or change any problems that arise before they present themselves. You do this by having a compliance team, but also by having an effective training program for your whole company so everyone from business development to marketing teams can know and understand the rules and potential issues.

 

3. Process - Nothing gets done without a process. If you don’t have processes in place to review, audit, and track—then you are blind to the compliance risks of your business and the issues that may be present. Processes must be developed, created, and implemented to monitor workflow processes to verify that the company action is best-in-class and compliant with internal policies, regulations, self regulation models, and consumer needs. This process will aid in determining not only breaks in your system, but also create a failsafe to resort to in issue spotting when something goes wrong from a legal and regulatory perspective. It's important to build that process and communicate it effectively with all teams. This can simply start with an overall document that is shared with all teams that includes a step-by-step overview of what needs to be done and when. Then the next step is to go even deeper in order to audit and track. This can be as simply as using a third party software system or even creating your own internal excel sheets. It really doesn’t matter how you do it, but you must do it in order to keep all the rules aligned and all the reviews and audits tracked appropriately.

 

4. Partnership - This is perhaps the most important phase. You must know your partners intimately. They must have the same trust values, principles, and give compliance the same level of importance as your company does. This means due diligence is extremely important. You must work closely with your business development and security teams and help to create an overall framework for what type of partners your company wants to work with from a compliance standpoint. The companies you work with must understand that this is a partnership and that by working together and being successful from a compliance standpoint will assist in growing the relationship to even greater success.

 

We always think beyond the horizon and endeavour to perceive compliance implications and issues before they occur. Businesses can only convey a compliant environment if they provide valuable and secure procedures and processes. Those can only be accomplished with the proper technology, people and partnerships in place. Trust through appropriate compliance infrastructure promotes brands, allows consumers and partners to realize true value, and creates lasting consumer relationships. 

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Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content.

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