It’s not uncommon for financial firms to buy a Code of Ethics or Center of Influence platform based purely on its functional fit, without fully considering the user experience. This can be especially true in larger enterprise firms where IT teams may have more control over technology decisions due to information security and integration requirements. However, simply having a platform which meets functional requirements is not enough.
As a matter of fact, your financial firm needs to consider a number of features when purchasing a platform. To help your firm select the Code of Ethics or Center of Influence platform which best meets your holistic needs, we’ve compiled a list of common missteps firms may make during the buying process and a list of points to consider. Let’s get into it!
Common missteps financial firms make when buying a Code of Ethics/Center of Influence platform
Code of Ethics or Center of Influence platforms are critical to maintaining integrity, professionalism and trust within the firm and financial industry. For that reason, firms must ensure they take the steps necessary to select the platform which best suits their needs and avoid making these mistakes:
1.Focusing too much on ticking boxes and not enough on the functionality of the platform.
Unfortunately, many firms simply focus on ticking boxes when it comes to selecting a Code of Ethics or Center of Influence platform, rather than considering the platform’s functionality. This approach can be risky as it may result in a platform which meets minimum requirements but does not fully support the firm’s needs. Compliance requirements should not be seen as a box-ticking exercise, but rather as an opportunity to embed good practices and behaviors throughout the organization. Choosing a platform which is merely sufficient, rather than optimal, can result in employees struggling to comply with policies and procedures, leading to compliance issues and reputational damage.
Ultimately, it’s important for firms to focus on selecting a platform which offers the necessary functionality to support unique business requirements, while also prioritizing the user experience, to maximize engagement and participation.
2.Only emphasizing IT requirements in the selection process.
In many firms, the IT department can heavily influence the decision-making process when it comes to selecting a Code of Ethics or Center of Influence platform. This is often due to information security and integration requirements, which are critical for enterprise-level firms. While IT considerations are important, they should not be the only factor driving the selection process.
It’s important for firms to engage with compliance and other relevant teams to ensure the platform selected meets all necessary requirements, including functional requirements and user experience considerations.
At the enterprise level, selecting a Code of Ethics or Center of Influence platform can be compounded by additional challenges such as complex organizational structures and compliance requirements. Therefore, it’s crucial for firms to have a well-defined selection process which includes all relevant stakeholders and focuses on finding a platform that meets both the needs of the business and the users.
3. Not considering the user experience.
When a firm does not consider the user experience when selecting a Code of Ethics or Center of Influence platform, it can lead to poor uptake at the firm. Employees may find the platform difficult to use or may be frustrated with the user experience, leading to a lack of engagement and participation. This can result in compliance issues as employees may not fully understand or comply with policies and procedures which the platform supports. When employees don’t use the platform the way they should, this creates a limit to the information the compliance team requires to be able to effectively monitor the firm, putting the firm at risk of violations and reputational damage.
In short, it’s important for firms to consider the user experience when selecting a platform to ensure that employees feel comfortable and confident using it, ultimately improving uptake and compliance. This can be achieved by involving users in the selection process and seeking feedback on the user experience throughout the implementation process.
Key considerations when buying a Code of Ethics/Center of Influence platform for your financial firm
Now that we know where financial firms could go wrong in the buying process, how do you get it right? Here are some points to help your firm narrow in on the Code of Ethics or Center of Influence platform that would best meet its needs:
- User-friendly design.
One of the most critical aspects of any software is its ease of use. Your employees should be able to navigate the platform with ease, understand its features and functionalities, and feel comfortable using it on a daily basis.
When evaluating potential platforms, consider the user interface and overall design. Is it intuitive? Are the menus and navigation easy to understand? Is the platform visually appealing and modern? These are all important factors that can impact user adoption and engagement.
2. Customization options.
Every financial firm is unique, and your Code of Ethics or Center of Influence platform should reflect that. Look for platforms that offer customization options to tailor the software to your specific needs.
Customization can include anything from adding custom fields to creating custom reports or workflows. By having a platform that can be tailored to your business, you can ensure that it meets your exact requirements and supports your specific workflows and processes.
3. Integration with other tools.
Your Code of Ethics or Center of Influence platform should integrate seamlessly with your other business tools. This could include your customer relationship management (CRM) system, email marketing software or compliance monitoring tools.
When evaluating platforms, look for those which offer easy integration options. Integration can save your employees time and streamline processes, ultimately improving efficiency and productivity.
4. Compliance capabilities.
Finally, any Code of Ethics or Center of Influence platform you choose must have robust compliance capabilities. This includes features like audit trails, role-based access controls and reporting capabilities.
Compliance should be a top priority for financial firms, and having a platform that supports compliance is critical. Look for platforms that have been designed with compliance in mind and ensure that they meet all relevant regulatory requirements.
By investing in a platform that meets these requirements, you can ensure that your business is well-equipped to maintain integrity, professionalism and trust within the industry. But how can you find a solution that meets all those requirements? That’s where we step in.
ComplySci is a leading provider of compliance technology solutions for financial firms. Our platforms offer a wide range of features to support compliance programs, including automated monitoring and reporting, policy management, training and certification and audit trail tracking. ComplySci’s platform is designed with the user experience in mind, ensuring employees can easily navigate and use the platform to meet compliance requirements. Additionally, our platform is customizable to meet the unique needs of each firm and offers integrations with other systems, making it easy to implement and use. With ComplySci, your firm can have peace of mind knowing that they have a comprehensive and user-friendly compliance technology solution that supports their Code of Ethics needs.
Think we might be the perfect compliance partner for you? Schedule a demo today!