But how could back-office functions like compliance stand to benefit from modern software development? Everyone is talking about mobile, so let’s consider that and look ahead to the next few years. Here are five ways that going mobile could transform the compliance landscape:
You’re probably familiar the tendency or compliance to gather up around key individuals. It’s not easy to separate responsibility and accountability, and that often means that senior staff are occupied with maintaining or reviewing information that could reasonably have been delegated to others.
Imagine a centralised compliance system that could pass out alerts and workflow actions to every employee, no matter where they were. Actions could more easily be categorised and left in the hands of more junior staff to update.
Checking and approving information more quickly
Compliance should be embedded into business process, and a regular cycle of approving information is critical to make that work. Waiting until you’re back at your desk means that before you know it, you’ve got a mountain of information to wade through. What if approval and compliance updates were passed out as and when they became needed, and you could keep on top of the review process using a mobile device whilst travelling or in downtime between diary events?
Instant reporting and governance
Most compliance functions that we meet are good at being compliant, but spend far too long trying to provide evidence to prove it. MI needs to be produced, issued, and time set aside for it to be read and understood before it’s out of date. Stakeholders need access to reporting information wherever they are; imagine how efficient it would be if they could self-serve this on a tablet screen.
Breaches and risk management
If something goes wrong, key people need to be informed immediately. How much more effective would your responses to risk events be if you had mobile notifications in the case of certain scenarios?
Moving as fast as the rest of the business
This is just a question of parity. Regulators are fond of asking us to build compliance into our processes, but in a world where business moving faster and faster, if a compliance function isn’t equipped to keep up then all it can do is either lag behind, or slow down everyone else.
If mobile is in the future of your firm’s front office processing, transactions, or contact with clients, than your compliance tools need to be keeping pace.