Is it in the budget? As the chief compliance officer managing your firm’s regulatory compliance program, you’ve likely heard this countless times from your finance team. But the fact is, given the current market conditions, budgets (and budget requests) aren’t likely to increase any time soon. Leaving you to ponder the age-old adage – how can I do more with less?
As we begin to broach budget season, you and your team are likely to find yourselves configuring 2024 budgetary requirements, delineating must-have vs. nice-to-haves, and making the argument for why – especially given the heightened regulatory scrutiny firms are facing in today’s market – you do in fact need more budget not less.
In this blog, we’ll highlight how you can actively scale your compliance program without scaling budget – ensuring both you and your CFO are happy with the bottom line.
How to Scale Your Regulatory Compliance Program without Scaling Budget with COMPLY™ Managed Services
As firms face the proverbial onslaught of additional requirements coming down from adopted rules and amendments, regulatory compliance programs are finding themselves having to juggle day-to-day compliance admin, while also managing the strategic, big-picture work which helps their firm adapt to new regulations and proves the qualitative value of compliance initiatives. And the reality is, many programs – with their current bench of resources – simply can’t keep up.
In short, it’s time to scale up.
Regardless of business functionality, typically the answer to these kinds of scalability scenarios rests in one of two solutions:
- Increasing headcount
- Increasing technology adoption
However, scaling your program, whether through people or technology, requires (often significant) investment. And as we all continue to face harsh market conditions, it is unlikely that we will see budgets increase in any kind of measurable way, at least in the near future.
But what about a third, more budget-friendly, option?
Introducing COMPLY’s Managed Services – an extension of your compliance team.
COMPLY’s Managed Services powers your compliance program with the decades of expertise housed within the COMPLY team of consultants and technological connoisseurs.
In developing our outsourced services offering, the COMPLY team aimed to unburden compliance teams – taking over the time consuming, but necessary tasks which can so often eat up hours of your team’s day.
And the best part? Our modular solution is configurable to meet your specific needs, requirements and budget.
Choose from any of our Managed Service modules to create your tailored offering:
- ComplySci® Code of Ethics Administration
- Email Review
- illumis® Political Contribution Administration
- Licensing and Registration
- Advertising Review
- Broker Feed Maintenance
So, whether you need help managing your platform or technology, or you just can’t do another email review – we’re here to help, without annihilating your bottom line.
And while we’re busy taking over your administratively burdensome tasks, you and your team can focus on strategic compliance initiatives – like how to comply with the new amendments passed within the last month.
You Mitigate Risk, We’ll Manage the Administrative
While the future of your compliance program may hold new team members or new technology, amplifying your current program with the kind of technological and regulatory expertise that comes with COMPLY’s Managed Services is a line item that is sure to pay off in spades.
Considering adding Managed Services to your budget? Schedule time to speak with an expert today to learn more about how we can help you COMPLY with confidence.