Complying with regulations is a mandatory component of all highly regulated sectors. Whether your business or organisation functions in the domain of finance, law, or any other sector, here are some innovative regulatory compliance solutions which will fundamentally change the way you do business.
The Rising Cost of Traditional Compliance Solutions
Businesses around the world have experienced an expense increase when it comes to the rising quantity of compliance-related requests as well as the need to proactively discover any issues with non-compliance company-wide.
According to a recent study, almost 70% of businesses surveyed indicated they predicted this cost to rise over the coming year. In addition, almost the same percentage recognised they must increase their budget for compliance in the same year.
Compounding the issue further, industry experts have predicted the cost of compliance to double by 2024.Thankfully, there is a solution. In order to reduce this predicted rise in expenses, businesses can utilise search based tools, as well as analytics, which will allow them to comply with regulations while not placing an additional burden on their budget.
A Cost-Effective Regulatory Compliances Solution for Financial Services Needs
Technology firms advancing the field of big data and search analytics have created innovative solutions that solve a wide range of current business challenges. Instead of offering a costly single solution, options are now available for financial service businesses to receive packages that meet their business needs.
As a result, the regulatory compliance package was born. Combining your stored information, it fully utilises an effective search while also keeping an eye on current work.
This allows your designated compliance professional to keep a tab on expenses, operate your compliance area much more effectively, obtain high quality information which can be used during the reporting and analytic stages, as well as allow your representative such as a compliance officer in Guernsey to be less dependent on your IT workers, freeing them up to get on with their daily tasks.
Application Architecture
Technology-based solutions come with a unique structure, with each component offering a wealth of benefits for every financial business. Here are the four key features to look at when considering integrating technology into your compliance activities:
Search engine
A quality integrated search engine is a fundamental component of the application. Allowing you to access data on demand, the most common solutions utilise open source Solr, Elasticsearch, and many other popular search options.
A custom appearance
The appearance of your customised solution can be tailored to match your existing suite of tools and even reflect your current branding, such as colours and layout, according to your preferences.
Quality storage and data archive options
Excellent quality data storage is another essential component of any IT-based compliance solution. There are many options to choose for, but most financial providers trust NoSQL databases, SharePoint, the Hitachi Content Platform, or any other provider that may better meet their needs. As this is custom, the right option for you will be discovered during the consultation stage.
Content processing
Data is useless if it has not been adequately processed. Regulatory compliance solutions for business services ensure your company is getting the best possible processing on the market today. With your choice of Aspire, Cloudera, Logstash, or other solutions better suited to your needs, your team will be processing information more efficiently than ever before.
Solution Benefits
This innovative solution assists businesses in analysingtwo types of data: unstructured and structured. With the capacity to analyse and view up multiple petabytes, this is great news for the industry.
Unstructured data does not fit well into databases, and it is fruitless to try to search through it with older algorithms. Examples of this type of data include text such as names. On the other hand, structured data is easily searchable and includes inputs from devices as well as information already stored in spread sheet form.
Expert Guidance for the Complex Regulatory Environment
With both types under your control, you can search through an unlimited number of stored records, such as email conversations, messaging chats, audio-based recordings, and all other kinds of collected and stored business information.
This allows searches to quickly discover non-compliant issues, as well as the export of information to be used in the reporting side of requirements. In addition, it can proactively identify non-compliance through pattern recognition and assist with storage options to suit your business needs.
While we know changes are coming, we still don’t know exactly what they will entail and what effect sticking with the old system will have on business functions, profitability, and time management.Therefore, it is so important for every organisation to have expert guidance every step of the way. Each business is different, and regulatory compliance will affect everyone differently. An expert can help you:
- Measure and manage your financial risk.
- Prevent, monitor and investigate fraud.
- Improve reporting and comply with regulations.
- Automate compliance reporting and improving IT governance and assurance as well as information security.
Although it is important for you to maintain your focus on your customers, don’t lose sight of the often-overlooked areas which are in fact demanding. Regulatory compliance demands flawless reporting, especially in the domain of risk and capital management.
With the cost of compliance confirmed to be on the upswing, don’t get left behind paying excessive fees and spending an exorbitant amount of time while there are innovative and cost-effective solutions on the market now for you to utilise. Partner with an expert knowledgeable in modern regulatory compliance and reap the benefits now as well as further down the line.
