Compliance Management and Reducing Risk
Compliance is central to all business operations and requires robust systems in place to manage change. In its simplest form, compliance is conformance to standards and requirements. Companies that practice good compliance have a deep understanding of how their business operates within their regulatory system and support a range of tools and techniques which enable them to respond to new legislation.
In today’s environment, operational and compliance risks have become extremely complex, increasing the potential for failed processes, which has the possibility to impact customer experience and the buyers purchase process. We see many cases of this, especially in the Finance industry where legislation has an immediate increase on the lead time of loan approvals and payouts, requiring more of the financier to ensure responsible lending practices are being adhered to.
Although the industry may understand why compliance plays such a pivotal role in business operations, customers don’t always understand why they are having to jump through more hurdles to engage with your business. This is why having robust systems in place to manage change is crucial to your customers’ experience.
So what steps can a business make to ensure great compliance management that won’t impact the customer experience?
- Simplify your business and customer channels; proactive businesses that identify areas to improve customer experience can ease compliance burdens.
- Take an integrated risk approach and address any emerging regulatory expectations.
- Leverage your data; new technology and analysis will give you the ability to understand how compliance will impact customers and how you can look to address risk concerns.
- Most importantly, manage change. A set and documented project program helps drive sustainable results. Meaning if you’re implementing change, it needs to be disciplined and documented so it sticks with the business.
Promapp is an integrated risk management software solution
Take a look at our Compliance Module to see how you can ensure you’re running an efficient and successful Compliance Management programme.