In a thoughtful discussion on regulatory compliance in the financial services industry, experts Corrie Scoby and Kelly Igoe gave us an insightful peek behind the regulatory landscape. Keeping up with regulations can be a daunting task, but a recent webinar, “A Look at the Compliance Industry By the Numbers,” offered some much-needed clarity.
To help you navigate the ever-changing regulatory landscape, here are three key takeaways from the session that shed light on the challenges and opportunities facing the industry today.
3 Takeaways to Enhance Your Compliance Program
Ever feel lost in the labyrinth of financial services compliance? You’re not alone. Here are three takeaways from our recent webinar:
1. Technology can enhance your firm’s compliance program.
The session rolled out why technology, such as document storage management systems, financial planning tools, and portfolio management systems, are such crucial players in the dynamic advisory landscape. Speakers highlighted the need for a comprehensive Customer Relationship Management (CRM) tool, which enable firms to streamline their audit response, as well as for holding important details that can be leveraged during compliance audits.
2. Newer tools, like generative AI, can be a game-changer for your firm.
The webinar discussed the potential of cutting-edge tools like generative AI to streamline tasks like content creation and client communications. AI can be a game-changer for efficiency, but the importance of due diligence in using these tools cannot be overstated. Specifically, there’s a need for fact-checking AI-generated content to ensure accuracy and establishing clear boundaries and policies for responsible AI usage within your firm.
3. Cybersecurity measures are essential.
The industry is constantly adapting, with new technologies like cryptocurrencies and initial coin offerings (ICOs) emerging. The session explored the evolving regulatory environment, including potential SEC rule changes. It also highlighted the crucial role of employee training, penetration testing, and robust cybersecurity measures to protect sensitive data. The discussion emphasized the need for a well-budgeted compliance program to navigate this complex world.
The highly engaging webinar ended on the note of caution from Corrie Scoby on employing AI providers: a crucial reminder that, while the industry must embrace technological advancement, it should not come at the cost of the client’s security.
Overall, the event was a tour-de-force on navigating the tricky waters of compliance, where being informed and proactive can change the tide in your favor.
COMPLYance with COMPLY
COMPLY offers tailored consulting and technology services to help your firm identify and address the challenges that come with managing a compliance program.
Our team of experts provides tailored consulting services to help you identify and mitigate compliance risks. Additionally, we offer powerful technology solutions that streamline onboarding, enhance cybersecurity, and ensure robust documentation management.
Not only that, but we created the “By the Numbers: A Compliance and Regulatory Technology Analysis for the Financial Services Industry” guide and made the webinar recording available to offer insight on how firms are navigating these challenges.
Ready to elevate your firm’s compliance program? Let’s talk!