How to reduce your risk of Non-Compliance and see real RoI
For those who work in compliance, the ever-changing regulatory landscape is just another element of the job. The latest figures from Corlytics state there are over 2500 compliance rule books being monitored by financial firms across the globe, with around 250 regulatory alerts daily from over 900 regulators globally. All regulated firms must continuously monitor and adhere to the regulatory alerts within their jurisdictions to ensure they stay compliant. These figures are further compounded by a $270bn Regulatory Risk – the cost of compliance to the banking industry each year.
So how to reduce your real risk of Non-Compliance while seeing an actual Return on Investment.
Research undertaken by the Governor Software team and its clients has demonstrated real return on investment across Full Time Equivalent (FTE) Savings; Risk Mitigation and Cost Avoidance at the same time as improving a regulated financial firms compliance.
Financial Firms Compliance Teams who are using Governor Software’s Compliance Solution are seeing a number of benefits which include:
- Ability to track, action and report regulatory compliance in real time and on an ongoing basis
- Clear line of sight from regulatory obligations to compliance activities (policies, processes, controls, KPIs)
- Fully understand & report current status of compliance in real time (to facilitate Gap Analysis, Continuous Improvement opportunities, and BAU)
- Efficient and effective change management
- Ability to demonstrate current (or previous) compliance efforts to internal/external auditors in a highly streamlined manner
- Clearly defined accountability and responsibility
- Being able to map out compliance policies, controls, processes and related KIs to ensure there is a comprehensive understanding within the firm around the entire governance and control environment that supports compliance.
But how does this translate into Return on Investment.
Financial firms using Governor Software are reporting major FTE Savings as a result of increased efficiency within its team. Compliance teams are reporting a large reduction of time required in using labor intensive tools such as excel, PowerPoint and email as the majority of their compliance tracking and reporting functions become automated. Clients are finding the solutions highly streamlined audit and report preparation both time saving and re-assuring in the compliance process, a factor that is re-iterated in the comprehensive effective and efficient change management process provided by Governor Software.
Risk Mitigation: Client using Governor Software, relate to the solution as an insurance policy that reduces the risk of significant regulatory fines and the related reputational damages as well as the risk of 3rd party remediation.
Finally, Governor Software users are finding further savings in the retirement of a number of solutions such as document lifecycle, project management solutions – functions that are integral to the Governor Reg Compliance Solution.