Blog

3rd August 2015 Posted by David Chescoe

Compliance Management within Financial Services

A data capture solution that ensures automatic records management and compliance within Finance and Investment Management companies

In today’s business environment financial organisations continue to face increased demand in compliance and regulatory requirements. Finance professionals need visibility of financial controls across a number of systems, staff and departments. This is becoming increasingly challenging as financial processes are labour-intensive, hard to control and do not provide clear visibility of all data. Companies can now minimise human touch-points by automating the capture of business critical information during the first stages of the customer on-boarding process.

Compliance Management

Change within the industry instability, increased competition and client expectations drive growing demands for efficient and reliable financial services from banks, insurance and credit organisations. While data automation ensures financial transactions are instantaneous, there are still a vast amount of paper intensive processes subject to review and approval which are causing delays, including:

• Opening new accounts
• Updating client/customer information
• Processing mortgage applications
• Contract life cycle management

Regulatory oversight of these processes and information requirements limit execution speed. Automating and simplifying these processes helps to improve productivity, advances actionable business knowledge, optimises resources and budget, and assures compliance.

Compliance Management

Compliance Management

For a very long time financial institutions have reacted to past events when they should be designing forward-looking data control systems. If finance companies want to take the lead they must start to recognise the importance of efficiency and effectiveness. The financial institution of the future will be one that demonstrates corporate governance, identifies anomalous transactions in real-time and shows regulators that it is well run, and doing this whilst new regulations are brought in. Most institutions will succeed in automating the bulk of compliance tasks, giving them a competitive edge.

Companies should be focusing on increasing demand for customer-centric services. They must respond to regulatory scrutiny, ensure accurate reporting on risk exposure, and standardise and automate compliance processes. Increasing organisational flexibility will help financial institutions to respond to the changing regulatory requirements and reduce compliance risk associated with payment and transaction services.

Businesses have now moved on from handshake deals and closed door meetings. Most, if not all, corporate policies and activities are codified in a variety of documents including; Client records, Emails, Planning documents, Spreadsheets and many more. Capturing this data, preserving it in an easily accessible archive, providing index and search capabilities and incorporating knowledge management and workflow components are all elements of the new compliance order. Without electronic document and record management processes many compliance requirements for monitoring and reporting are not easily attainable.

Some of the benefits of data automation includes:

  • Increased productivity
  • Monitor in real-time
  • Mitigate risks
  • Optimised workflows
  • Reduction in time taken
  • Enhanced accuracy
  • Reduced costs

Investment Management

New independent research commissioned by SWIFT reveals that regulation, automation and financial crime compliance initiatives are top priorities for the investment management community in 2015.

The survey was conducted in 2014 with six of the ten largest investment management firms and their counterparts, from more than 30 investment management houses from around the world.

Some of the challenges raised focused on data capture and automation:

  1. The heavy impact of regulation on investment managers – Managing regulatory reporting and compliance is taking up considerable time and effort. As a result, less time is available to innovate and respond to new clients.
  2. Investment Managers are looking for utility solutions to provide more efficient sources of reliable data

How do I find out more about data automation for compliance management?

At AAC Systems we provide leading-edge software solutions that put you in control of your own data and processes. Our flexible operating model allows us to adapt quickly to new technologies, market conditions and regulatory frameworks providing you with an agile and friendly service that guarantees customer satisfaction.

For more information on how AAC Systems can help enhance your compliance management processes please speak to one of our specialists on 01628 421569.


AAC Systems . No.1 Bell Street . Maidenhead . Berkshire . SL6 1BU . Telephone 01628 421 569 . Click here to email us ›