When banks and other financial organizations search for risk and compliance management technology, they typically do so to enhance their existing risk and compliance management framework. Most anticipate that their current risk and compliance processes will be more practical and efficient. Risk and compliance solutions deliver on this promise and go above and beyond by bringing new advantages and opportunities. In our experience implementing risk and compliance technology in numerous banks around the country, the following are some of the benefits that institutions typically notice after implementing the technology solution:
Tips To Be a Wildly Effective Compliance Officer
As the world’s authorities continue to increase punishments for corporate wrongdoing, compliance officers are becoming indispensable in protecting the company, preventing CEOs from going to jail, and preventing unethical behavior from occurring in the first place. However, more visibility necessitates an expanded skill set. The most productive individuals in the compliance industry have evolved from a mindset of merely being a qualified compliance expert to that of a business asset. In today’s complex regulatory environment, it is no longer sufficient to be adequate. Instead, businesses want highly effective compliance officers who can persuade and urge the firm to do the right thing and are emotionally committed to the compliance program’s goals. However, how does a compliance expert transition from a functional role to a sought-after advisor? Try these five methods.
1. Humanize Yourself with the Organization
Sometimes compliance experts are so preoccupied with their work that they forget to engage personally with the business. Simple things, such as discussing your pets, children, hobbies, and the weather, can go a long way toward letting others relate to you. People have a preference for persons they perceive to be similar to themselves. Compliance can appear to be opposed to sales or strategy, so the more you can identify yourself with the sales team or strategy executives by highlighting areas in which you have similarities, the more probable it is that people will learn to like and respect you. Displaying vulnerability and smiling might also increase the likelihood of social interaction. The more you bond with people on a human level, the greater the possibility they will seek your counsel and place their trust in you.
2. Determine that you must safeguard the company.
Five years from now, one of my favorite descriptors of the compliance function is the defender of the business. The sales managers and C-suite are typically preoccupied with quarterly performance, the most recent product design, and the most recent lawsuits filed against the company. Our role in compliance is to view the larger picture and safeguard the future worth of the organization. If the business takes shortcuts, pays bribes, skimps on health and safety, colludes with competitors, or breaches trade sanctions, it may be easier to achieve short-term success. However, compliance’s role is to protect the reputation and value of the organization in the future by ensuring that the business always acts ethically. The objective of practically every company is expansion. Extremely effective compliance officers view their role as facilitating growth ethically and legally.
3. Investigate the Business’s Motivation
When you’re asked for permission or advice on a project, do you look at the written request, or do you consider how the project fits within the larger framework of the organization’s plans? Extremely successful compliance officers constantly attempt to comprehend the corporation and determine what the project and concerns include. When you understand the business’s motivation, you will be in a better position to provide comprehensive counsel. You will also be able to anticipate the secondary and tertiary requests that will follow your approval or denial of the project, allowing you to expedite the request process by predicting the following question and providing an acceptable response. The more you comprehend the business and the request’s motivation, the more efficiently you can respond to inquiries.
4. Make every effort to facilitate a yes
If possible, always accept the business. If the company has requested a method or procedure, you cannot authorize, determine if there is another way to achieve the intended result. For instance, the sales staff of a company I consulted desired to share information with a competitor to give a new service to the market. I knew I would have to deny their request because their proposed action violated competition law. Instead of responding no, I inquired about the specifics of the desired objective. The firm informed me that the other competitor’s new service would complement the company’s offering for which I was providing consulting services. We devised a method for packaging the goods and services as a combined offering through a third party. This enabled the organization to create the desired market opportunity while safeguarding its reputation and eliminating the possibility of a regulatory probe. Whenever you can facilitate a “yes,” do so.
5. Say No Efficiently When Necessary
Everyone has reviewed a request and realized there was no way it could be granted. When this occurs, inform the firm as soon as feasible. People are considerably more inclined to accept a denial if they understand the relevant laws or risks that led to your choice. To become a highly effective compliance officer, you must engage with the business on an emotional level through the use of influence, persuasion, and inspiration. When you can connect emotionally, you become an in-demand corporate asset that can take the company and compliance program to new heights.
How To Guarantee Compliance At Work
Do you believe that your directions are frequently disregarded? Do you feel as though no one is reading your policies? Have you invested work in documenting a technique to discover that it is broken? If any of the claims above ring true, you may need to reevaluate your approach to personnel policies and procedures. This post will present four tips to assist you in doing so.
1. It is essential to document policies and processes.
If anything is crucial to your firm’s success, you should include it in your employee handbook. Employers are frequently overwhelmed by the thought of documenting policies, especially when starting from scratch. This is especially true when attempting to develop the optimal policy language on the first draft. In reality, your personnel policies and processes do not need to be complex. Documentation is the most crucial part: creating procedures and policies in writing and then continuously revising them. Consider asking for input from all levels of the organization as you design your policies and procedures. Also, keep in mind that you are developing a dynamic document: the guidelines and regulations you build must be continually updated. As circumstances evolve, you should revise your manual. Any static document will eventually become obsolete and irrelevant.
2. Apply your policies and procedures consistently.
Your organization’s rules and procedures should be adopted from the top down, and everyone should be expected to comply. If the restrictions don’t apply equally to everyone, you’ll lose the support of your entire team, so don’t allow employees who generate a lot of revenue off the hook; they’ll throw everyone else off course. By deviating from your policies and procedures, you diminish their value. To establish the standard for consistency, conduct periodic policy reviews with your entire workforce throughout the year. Incorporate this into your culture by including it in regular meetings and other frequent events.
3. Eliminate obstacles to compliance.
Unless your rules and procedures are easily accessible, your personnel will not take compliance seriously; thus, ensure that every team member has a print or electronic copy handy. Then ensure that everyone has adequate time to read it: Allow them some time to read through the manual. Constantly revising out-of-date policies and processes is another method for promoting compliance. Keep your guidelines in mind and frequently refer to them. Use checklists to reinforce your policies as the last step. Incorporating a printed list into a method or practice that needs a specific order of stages helps highlight the necessity of completing the entire operation. A termination procedure is an excellent example of a situation in which a checklist is helpful, as it involves numerous crucial phases. Here is an example of a list.
4. Reinforce with training.
Make training a recurring event to reinforce company compliance policies and processes. The greater your team’s familiarity with expectations, the less likely they will commit those errors. You may also eliminate the stigma associated with compliance failure through ongoing employee training. Employers, for instance, have numerous compliance duties to deliver required employment notices by specific deadlines each year. When you focus on the positive, you may be startled to discover an unanticipated, superior solution.
5. Verify that all staff members are adhering to the rules.
One of the challenging components of running a firm is providing staff with compliance with rules and procedures. Unfortunately, policies are meaningless if not followed by everyone. This is particularly true when policy changes occur. We found that employees are most inclined to disregard a difference if it disrupts their routine process.
What is a compliance sample?
Compliance sampling permits testing a subset of in-service meters without removing all meters from the field. This provides utilities with significant cost savings and reduces meter-changing expenses. In addition, compliance sampling decreases the number of administrative costs associated with the meter population.
Why is compliance needed?
No business would risk facing criminal penalties for failing to comply with the law or rules. By keeping track of the numerous compliance standards and ensuring that each one is met, your company may avoid the danger of incurring penalties, fines, or legal action.
What is process compliance?
Regardless of the industry, the compliance function ensures that the company’s internal policies, applicable laws, and regulations are considered when designing policies and processes and ensuring that such policies and procedures are implemented.
We sincerely hope you were able to get knowledge from this content. If you found this post helpful, you may also be interested in other articles on our website that cover similar subjects. This is a challenging job, considering that you must plan everything from scratch. This is why you are urged to use whatever you see online. Use our templates immediately!