How do you know if you’re choosing the right compliance solution for your company?
Regulatory compliance is becoming increasingly uncompromising and demanding in this technological age. It is difficult for companies to not only continuously comply with these regulations, but to also perpetually keep up with the ever-changing rules and regulations.
Regulatory compliance is based on the statutory obligations set in the Companies Act. Hence, it is enforceable by law and needs to be adhered to. Harsh punishments and penalties for non-compliance can be extremely costly to a business. In 2019, the UK Financial Conduct Authority’s fines reached record levels, with financial institutions facing non-compliance fines worth over $35 billion. With this, firms all around the world put more emphasis than ever on ensuring they are complying with rules and regulations, with the importance of compliance monitoring becoming increasingly recognised.
Ensuring compliance comes not only from the fear of running into heavy fines but also because it benefits companies and firms. The ability to identify and take action required for improvements is one of the many advantages of compliance solutions. Compliance solutions communicate risk assessments, ensuring any gaps are promptly discovered and addressed. Another benefit is the improvement of security using state-of-the-art systems as they are continuously updated to ensure they offer protection against the latest cybersecurity risks.
With the plethora of different compliance solutions, which is the best fit for your company?
– User-Friendly Compliance Tools
It is important to have user-friendly software for your compliance solution. As the main reason to have a compliance solution in the first place is to increase the efficiency of your business, having complex and complicated software that is hard to use would be counter-intuitive, slowing your operations down.
– Expert Reporting Solutions
A company’s principal objective to have a compliance solution is to protect its business. It is therefore critical to choose a compliance solution that can efficiently remove and tackle possible errors and time consumed through manual reporting. As a result, it is crucial to pick a solution that covers everything — which includes examining and verifying that nothing is overlooked.
– Industry Specifications
Selecting a compliance solution that supports your specific industry is fundamental. Some solutions are solely focused on specific businesses, such as the IT, healthcare, food, or insurance industries. Meanwhile, others cater to the masses as more generic systems that can fit into any type of industry or business. To do this, ensure that you can identify your company’s needs and what you would like your compliance solution to address. As a result, you’ll be able to equip certain tools/solutions that will directly and efficiently benefit your company.
Before picking a compliance solution, identify and review the specific regulations your company needs to comply with and cross-check with the prospective solutions you are considering. This way, the compliance solution you pick would ensure your company stays compliant.
As a business, determine what budget you have available and invest in compliance solutions. Examine the software pricing to see if it’s worth the money you’re investing in this technical project. Although some compliance solutions are costly, they are long-term investments that will benefit your firm in the long run.
– How Regtank Can Help?
Ultimately, investing in compliance solutions is almost necessary for this technological age. However, it is critical to choose the correct one for your business to get the most out of it and increase your company’s efficiency.
As the cryptocurrency industry continues to evolve on a variety of frontiers, Regtank continues to stay committed to helping firms remain compliant with the latest regulatory laws, as well as keeping up the fight against ML/FT activities.
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