Creating a cohesive culture of compliance requires synergies across departments and functionalities. A task which, even prior to the normalized “remote world,” concerned the best compliance programs. However, with the challenges of heightened regulations only being compounded by the ongoing risk faced by financial institutions, developing and integrating a strategic culture has never been more crucial.
Creating a Culture of Compliance
With 74% of professionals reporting that their compliance program is run by a dedicated compliance team, it’s clear that firms have made strategic steps toward prioritizing this initiative. However, the fact remains that many face clear and substantial challenges when it comes to achieving a culture of compliance in the long term. According to a recent survey we held during our webinar Culture X Compliance, professionals felt these were their most arduous challenge areas:
- Continued Training/Education – 33%
- Accountability in a Remote Environment – 27%
- Updating/Aligning the firm’s Code of Ethics – 21%
- Buy-in from the Top – 11%
- Onboarding – 8%
How ComplySci Helps
The answer to these challenges? Technology. When asked how technology has helped to enable a culture of compliance, 74% of professionals reported that technology helps compliance programs:
- Automate contextualized, and timely communications
- Create heightened level of personalization
- Enable anytime, anywhere accessibility
- Provide an easy-to-use, integrated environment
Because while compliance programs may continue to face challenges, technology, like ComplySci, is here to help. In fact, according to that same webinar survey 86% of respondents feel technology integration has made developing a compliance-oriented culture easier.
Not only that, the ComplySci® platform was built to help enable accountability in a remote environment, making the task of preclearance requests as easy as shopping on Amazon. Why? Because we developed the platform with an understanding that compliance processes must be simplified…for the compliance officer and program manager, but also for the everyday employee looking to trade a stock or make an investment.
Ready to see how ComplySci can help you create and leverage a culture of compliance? Schedule a demo today!