There’s nothing new about the application of technology to improve a company. As every new technology comes along, companies look to capitalize on applying that tech to increase sales or decrease expenses. But with such massive focus on the top-line and the bottom-line, many firms rarely think of how those innovations could enhance their compliance.
Not only do these newer technologies give rise to additional risks (and the responsibility to manage those risks) but they also provide a significant opportunity to increase how responsibly your business is managed. Ensuring that you are maximizing revenues and minimizing costs is clearly not enough to have a thriving successful business. Every day there are examples of “successful” firms that are not doing enough to ensure compliance and it seems like every month there are firms who have major impacts to their firms due to their lack of a thoughtful approach to regulations (see: Uber, Wells Fargo, Goldman Sachs, etc.).
If firms chose to spend even a small fraction of their tech investment on applying these technologies to managing compliance, they could significantly reduce their regulatory risk. Unfortunately, many firms’ compliance technology is already massively outdated, so it’s not a simple matter of applying the new tech to existing compliance tools and systems because those systems are at least a couple of generations behind the other systems that firms use.
In order to enable next-gen compliance (i.e. current-gen compliance…) firms need to be able to automatically stay up-to-date on the regulations that apply to them. What good is a smart system if it operates on stale info? Our RegAlytics platform compiles regulatory updates daily from 1400+ US regulators and provides them in a structured data format, so you can rest assured that you are operating with the most current information available.
While you are allocating funds for technology, remember that compliance needs to be a critical part of that conversation, and that compliance shifts over time… so stay up-to-date on what is required. We’re here and ready to talk when you are.