This is the fifth, and final in our series on Building a Business Case for Compliance Technology for Hearsay Systems. In this article, Mitch Avnet shares his thoughts on the final phase of implementation in your compliance strategy, and the important role a project manager or PM will play in the process.

Reaching the implementation stage of your compliance technology plan is a major accomplishment. It means you’ve successfully completed a gap analysis, drawn an implementation road map, decided on vendors and received the go-ahead from executive leadership. Congratulations! But don’t rest on your laurels just yet – the ultimate success of your project depends on some key factors during the final phase of implementation.

Good project management is critical

To ensure you can execute according to plan, you’ll need a strong project manager or PM team, depending on the size of your organization and complexity of your implementation. Some organizations have the bandwidth to manage a major project internally, others turn management over to an outside consultancy who works with the internal implementation team.

Click here to read the full article >>

The post Implementing Your Compliance Technology Roadmap appeared first on Compliance Risk Concepts.

This is the fourth of our series on Building a Business Case for Compliance Technology for Hearsay Systems. In this article, Mitch Avnet shares the process of building a business case within your firm to support investment in compliance technology, arguing the case that technology vendor due diligence will ensure an efficient and productive future with confidence.

Today’s digital landscape is not as straightforward as it was just five years ago, even in the compliance space. It seems every day more vendors enter the scene with new apps and systems.

This can be good for the industry as the commoditization of digital products should lead to lower costs. However, having so many choices can also further complicate what is already a complex process. If you’re a compliance officer searching for the right solution for your own firm, there’s no easy answer.

Click here to read the full article >>

The post Compliance Technology: The Quest for the Ideal Solution appeared first on Compliance Risk Concepts.

This is the third of our series on Building a Business Case for Compliance Technology for Hearsay Systems. In this article, Mitch Avnet shares the process of building a business case within your firm to support investment in compliance technology. Implementing compliance technology doesn't have to happen all at once, and it doesn't have to happen inhouse. Cloud-based Service as a Solution (SaaS) products can pave the way for more successful implementation.

Integrating compliance technology into your organization is never a one-and-done proposition. If you’ve conducted due diligence and identified the gaps in your firm’s workflows and systems – as discussed in last month’s blog – chances are you’ve found more than one and in more than one area. Interaction and interdependency between departments typically means any solution you decide to implement will have an impact on other areas of your organization.

Click here to read the full article >>

The post Choosing Compliance Technology: Options and Considerations appeared first on Compliance Risk Concepts.

This is the second of our series on Building a Business Case for Compliance Technology for Hearsay Systems. In this article, Mitch Avnet shares his solution to one of the most prevalent fundamental challenges firms face today, an over-reliance on manual, bifurcated and disparate processes. This over-reliance limits their ability to get a comprehensive, accurate view of their compliance risk in a timely manner. It seems that the fast pace of technology development and regulatory changes have led to loose ends in virtually every firm’s operation.

Trying to prove the case for investing in new technology for compliance’s sake is often an uphill battle. Unless your firm has experienced a catastrophic regulatory issue or emerged from an audit with a mandate to bring your processes into compliance, you’re likely to be met with a large dose of hesitancy.

After all, historically the compliance function has been seen as a cost center and not a very exciting one, at that. Most firms want to invest in revenue-generating projects rather than in a maintenance function that – for all its inefficiencies – seems to be working fine.

Click here to read the full article >>

The post The Case for Compliance Technology: Where’s the Problem? appeared first on Compliance Risk Concepts.

This is the first of our monthly blogs for Hearsay Systems.  Over the next few months, in conjunction with Hearsay, our goal is to arm the financial services industry with information and examples to help risk and compliance professionals build a successful business case to enable texting capabilities within their respective organizations.

Right this moment, there are hundreds of millennials of growing means with smartphones in hand, looking up articles on investing, life insurance and other “adulting” matters, and weighing whether to test drive a robo-advisor.

What they are not likely to do at this moment is to call you – first, because we know from research they have an aversion to phone calls; and second, because they’ve never seen or heard from you on social media.

Click here to read the full article >>

The post The Business Case for Technology in Compliance appeared first on Compliance Risk Concepts.