Blog Article

Making Time: How ComplySci Helps Compliance Teams Save Time and Increase Productivity

Apr 18, 2022

As the one of the top regulatory agencies in the United Kingdom, the announcement of the FCA’s 2022-2025 Strategy has offered financial firms guidance into regulations, focus areas, and operations for the coming years. Such insight allows UK firms to align compliance program priorities with the regulatory action being taken within the country.

What’s the single most limited resource for a financial firm’s compliance team? Time.

More time = more ability to tackle big picture compliance challenges and firm-wide strategic initiatives. But there are only so many hours in a day, and so much time to take on those value-add projects.

While you might argue that a simple way to increase time availability is to increase the number of compliance team members, that isn’t always a possibility. Especially for small to mid-sized firms with limited resources.  

So, how can you increase time without growing your team? That’s simple, automation.

Time Savings with ComplySci® – How to Make Your Compliance Team More Efficient

The real power of automation isn’t in what it adds, but what it takes away – manual processes.

No longer are team members tasked with spending hours every day gathering and reporting on data. Instead, a direct broker feed automatically aggregates the necessary information into one easy-to-access platform. Which means, all those hours that your team used to spend on manual processes can now be put to use elsewhere in the compliance organization.

And that’s not just an empty promise, we have the numbers to back it up. In fact, with ComplySci’s automated monitoring solution, firms across the financial landscape have seen a:

  1. 60% reduction in time spent on data gathering and reporting.
  2. 90% reduction in internal IT time needed to support the compliance solution.
  3. 95% reduction in time spent on-boarding and off-boarding employees.

All that extra time, means you can focus on big picture items like:

  1. The SEC’s recently released 2022 exam priorities.
  2. Continued implications from Russian sanctions.
  3. Efforts to address increased cybersecurity threats.
  4. Applicable SEC regulations and amendments.
  5. NASAA continued education requirements (if applicable).

The compliance world is so much more complex than the manual processes teams are often burdened with.  Leveraging an automation solution allows your team to move beyond the mundane and time-consuming tasks, addressing the many (important) projects that often get pushed to the bottom of the to-do list.

Ready to see automation in action? Book a demo today to discover why decreasing your time spent in Excel is the first step to making time for those big-picture compliance projects.