Almost every major bank has had a compliance management system up and running for years, and smaller banks and financial institutes are also adapting new technologies now. If your organization wants to ensure the best possible return on investment on these systems, it is important to ensure that they are being used right.
Using technology as a tool
It is important for upper management to understand that compliance management technology is a very powerful tool, but to get the right benefits from it one must use it right. Even the best hammer in the world will not be able to do its job if the hammer isn’t held correctly, and the sharpest knife in the world will not cut right if the technique isn’t right. The same is true for compliance management technology – when used correctly it will result in a level of compliance that the company has never reached before. Like with every new tool, it is important to use it in the right place and to train people to use it right.
Understanding the many different types of compliance technologies available
Compliance management systems are not interchangeable with each other. Different systems made by different companies may have completely different uses. The size of the system also varies a lot. There are big, complicated systems which are made by legacy vendors. They require a lot of upkeep, and the ROI on them is only achieved under heavy loads. These systems are perfect for major banks and businesses which have thousands of employees but result in a horrible ROI if used in a small business.
There are many smaller compliance management system which have been designed specifically with small and mid-sized businesses in mind. They are easier to implement and the ROI on them is great. These systems may not be appropriate for major nationwide banks, but they perform flawlessly in smaller businesses. Companies must ensure that the tool they acquire is appropriate for the size of the task they are getting it for.
There are also complete compliance management systems that help in managing everything related to compliance, as well as special purpose systems which are designed to help with a few selected issues. If your organization does not work with compliance a lot but has a compliance related problem or a temporary need of a solution, these specialized solutions will be better when it comes to ROI. However, if your organization is in the financial sector or has a lot of compliance related work then a more capable system will be needed.
Training is important, but so is getting an easy to use system
Training is very important when it comes to compliance management systems. You need to ensure that each and every user of the system knows how to get the most out of it. Training isn’t hard when it comes to compliance management systems, as they already know everything about compliance, they simply need to learn how to do what they want to do. However, at the same time, one cannot ignore the importance of good UX design.
There are some compliance management systems which are needlessly complicated. There is a huge disadvantage to these systems – they stay limited to only compliance experts and cannot be used by people who are new to compliance or are not working in compliance. If you want organization level compliance, you need a compliance management system which the whole organization can use and interact with.
There are compliance management systems which need weeks of training for users, while on the other hand there are compliance management systems which only require an hour or two of training. When you are looking at different compliance management solutions you need to ensure that the system is easy to use, has proper documentation which can be consulted when needed, and has a good customer support team willing to provide help whenever needed.
The biggest advantage to getting an easy to use compliance management system is that front line employees are able to use it, which strengthens the organization’s first line of defense.
Creating job roles while considering technology
Once a compliance management system is implemented, it allows organizations to take on bigger undertakings for better compliance. An employee who used to spend a few hours a day doing menial administrative tasks will now have a few extra hours in their day because such tasks are being handled by the automated system in place. Compliance officers and managers also become much more capable with such a system in place, since they can now use the system to quickly find out issues that need their focus.
If an organization truly wants to make the most of their compliance management system, they need to redesign how they work. This isn’t complicated and will not be disruptive – it will instead be freeing, because better job roles will allow people to accomplish more. It is also important to create some job responsibilities which are specifically for the compliance management system.
If the system is going to be used by multiple team it is important to ensure there is one person in every team that has extensive training with the system – so they can help their own team with the system wherever needed. Instead of just leaving the teams on their own to figure out how to best use the system, it is much better to designate one person as the compliance management system expert others can come to for help, and so on.
Compliance technology is a fantastic technology that will make the lives of compliance professionals easier and will help organizations lower fines and achieve better profits – when used correctly. Make sure your organization has the right attitude, approach, and expectations from the compliance management system. A good way to ensure the system is beneficial is to look for companies willing to give a demo and a free trial for their products – because this allows your organization to test the system without investing anything.