How Compliance Technology Helps Employees, Compliance Managers, and the Board

Compliance management technology is not just a tool that helps the compliance team within the bank – the technology helps the whole organization in different ways and ensures that compliance continuously improves. Modern compliance solutions intelligently streamline compliance workflows, so the process moves quickly and smoothly from employees to the compliance manager to upper management.

Bank Employees

Compliance is the responsibility of everyone within the bank. While the crux of the responsibility is on the compliance team to deliver results, everyone is expected to ensure compliance. This can be a daunting prospect for employees who work in domains other than compliance because they do not have in-depth knowledge of compliance.

This is a challenge for banks and other financial organizations. Extensive efforts are made to ensure that all employees have the required training and knowledge for compliance. Compliance technology simplifies compliance for bank employees by making the rules easy to follow and notifying them if important documents or steps have been missed.

Modern compliance management systems also have a knowledgebase module which stores all compliance-related information and learning. This is a critical resource for all bank employees because it gives them an easily searchable reference guide for any confusion they may have about compliance.

Making Things Easier for Compliance Managers

Compliance managers get access to tools and technologies which help them do their job better while also gaining visibility into compliance processes. Compliance managers are often underutilized in banks because they cannot perform their true role. Compliance managers are supposed to not just solve compliance issues but also create and implement strategies that help improve the organization’s approach to compliance.

Compliance technology makes it easier for compliance managers to get the information they need from other bank employees while also making it easier for the compliance managers to report to upper management. Click To Tweet

Yet, only a few compliance managers are able to start and complete projects with a large scope because they are so caught up in administrative tasks. Instead of thinking of ways they can help the organization increase compliance efficiency, a lot of their time goes into running after people for compliance information, explaining compliance issues to people, extracting the required information from reports, and creating compliance reports.

Most such processes are streamlined and automated when compliance technology is used. Information collection is no longer necessary because all the bank employees now have a central platform to upload data and information. Reporting also becomes easier – all the data is easily accessible, and many reports can be automatically generated with a single click.

Other bank employees report compliance related issues to the compliance manager, and the compliance manager then reports to upper management. Compliance technology makes it easier for compliance managers to get the information they need from other bank employees while also making it easier for the compliance managers to report to upper management.

Visibility for the Board of Directors

The benefits for board of directors remain the most overlooked benefit of compliance solutions. Most pitches for compliance solutions focus on costs and making things easier for the compliance team, but the board may just benefit the most. Compliance technology solves the biggest problem that the board has when it comes to compliance – visibility.

As stated before, employees of the bank provide compliance reports to the compliance department and the compliance department then creates reports for the board of directors. The problem with this approach is that the board members have no direct visibility into compliance tasks and are entirely dependent on the reports provided to them by the compliance department. This means that they often have no warning when a compliance issue occurs and cannot contribute to the compliance framework.

Compliance management solutions introduce executive dashboards that deliver compliance information, metrics, and notifications to the board of directors. The board which was previously only getting weekly or monthly compliance reports will now have access to real-time compliance data. This is a paradigm shift in compliance management which allows the board of directors to not just monitor issues but also provide help where needed. The board of directors are usually the most experienced people in the organization, so giving them the ability to help the rest of the organization can result in major benefits for the bank.

Tackling Compliance Intelligently

Compliance management systems are able to deliver enterprise-wide benefits because they are intelligently designed based on existing compliance workflows. People who work in different domains within the organization can work within the same platform, ensuring that the whole organization is synchronized when it comes to compliance.

Compliance technology enables a smarter compliance management framework that costs less to operate for the bank. Is your bank looking for better solutions to managing compliance? Tired of managing manually created documents and reports that can lead to errors? Get in touch with our compliance experts for a demonstration of what compliance technology can do for your organization.