The Compliance Officer’s Ultimate Compliance Guide
How to build a compliance program that will keep you up to date, up to speed, and in the know
This week’s StarBlog is a condensed version of our brand new Compliance Officer’s Ultimate Compliance Guide. And your StarCompliance blogger needs to place extra emphasis on the word condensed.
As one would expect from a guidebook with ultimate in the title, The Compliance Officer’s Ultimate Compliance Guide is a substantial work. It covers everything we here at StarCompliance could think of when it comes to building a strong compliance program—one designed for the modern age of relentlessly increasing automation and relentlessly increasing regulation.
You can download a FREE, full-sized copy of The Compliance Officer’s Ultimate Compliance Guide here. Or, read through the following insightful excerpts. But don’t worry. We’ll give you another chance to download an unabridged copy of this omnibus work when you’re finished.
THE JOB IS NOW A CONSTANTLY EVOLVING ONE
“Big Data, algorithm-driven automation, and global firm operations have made the job of the compliance officer very different from what it was not that long ago. The job is now a constantly evolving one. Compliance officers of today have their work cut out for them.”
“They still need to be investigators in the traditional sense, of course. But as compliance platforms become increasingly ubiquitous and increasingly capable, compliance officers need to become increasingly tech savvy.”
$204 BILLION IN COMPLIANCE RELATED FINES
“In 2016, 52,506 international regulatory changes and announcements were released. Since 2008, banks have paid over $204 billion in compliance related fines and infractions. In 2016 alone, $42 billion in fees were collected.”
“New regulation includes: Europe’s General Data Protection Rule, or GDPR; Europe’s Markets in Financial Instruments Directive, or MiFID 2; France’s Sapin 2; South Africa’s Financial Sector Regulation Act, or FSRA; The California Consumer Privacy Act; New York State’s data-protection law, or 23 NYCRR §500.”
AUTOMATION MEANS FREEDOM
“Compliance platforms becoming increasingly ubiquitous and increasingly capable means compliance officers need to become increasingly tech savvy. While stepping into this can seem daunting, there’s plenty of upside for the enterprise financial firm compliance officer.”
“The increasing capability and sophistication of modern compliance technology will make all the difference. Automation means freedom from the day-to-day portions of the job that previously had to be accomplished manually.”
LIKE A COP ON THE BEAT
“So you’re convinced of the need for greater automation and increased sophistication in your compliance platform, but now you have to convince the person or persons who have sign-off authority. Companies typically judge a cost with return on investment, or ROI.”
“Like the cop on the beat, a compliance officer’s alertness, experience, and mere presence on the job may stop potential problems before they ever completely manifest. But how do you insert something that didn’t happen into an ROI equation?”
AT SOME POINT SOMEONE WILL TRY TO STEAL IT
“Data is practically a new currency. And like any currency, at some point someone will try to steal it. In 2017, 179 million records were exposed—the result of 1,579 reported data breaches. In 2015, the financial services industry alone lost $28 billion to data theft.”
“A compliance vendor’s approach to data security can teach you a lot about the company as whole. It’s a differentiator for the age of Big Data. Look for a vendor that takes physical security seriously. Look for a vendor that replaces its servers on a regular basis. Look for a vendor that uses trusted technologies.”
INTEGRATION MEANS SEAMLESS CONNECTIONS
“When it comes to switching from an existing compliance platform vendor to a new one, two overriding concerns are migration and integration. Migration means bringing over all existing data to the new platform intact. Integration means making clean and seamless connections to existing data systems.”
“‘New clients usually have several concerns,’ says StarCompliance Associate Director of Professional Services Kelsey Amar. ‘Like the years of transactions they’re desperate not to lose.’ Find a vendor that possesses mastery of the transition process as well as a one that makes a great product.”
YOU HAVE TO GET PEOPLE USING IT
“When it comes to learning something new for a job, resistance is natural. This can be the case with compliance software. But a company that’s made the considerable investment in compliance software will expect their employees to use it. And it will likely fall to you to make sure that happens.”
“Good software is at the heart of it all. Spend the money to get software that’s user friendly and intuitive. The only thing worse than having to do work you don’t want to do in a new app is doing work you don’t want to do in a new app that’s hard to get around in.”
We hope you enjoyed these excerpts from The Compliance Officer’s Ultimate Compliance Guide. If you’re looking for even more guidance on designing and building a compliance program for the modern age, there’s no need to wait. Download your FREE copy now.
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