Key Drivers for Evaluating & Requesting New Technology Solutions
Let’s face it. When it comes to changing technology platforms, inertia rules. No one enjoys the added work of implementing new technology and learning new systems. It’s much easier to maintain status quo and stick with a familiar software – even if that solution has become outdated.
But, in our current compliance environment, maintaining outdated systems or processes just because it’s the path of least resistance may be risky business. In fact, it could hinder your compliance program, because of post-Covid operational upheaval among many factors.
Consider these key drivers for a technology solutions upgrade:
- – There continues to be a rapid institutionalization of work from home environments that require ongoing evaluation of compliance controls, policies, and procedures to mitigate risk and protect client data.
- – This workplace evolution is the right time to step back and make an unbiased assessment of compliance processes, procedures and the technology that supports the overall program.
- – Additionally, annual budget season presents an ideal opportunity to examine the firm’s compliance program and technology systems to ensure they continue to fulfill the firm’s needs and ultimately support audit-readiness.
Utilize the following best practices approach to assess current compliance needs, gauge the viability of existing compliance technology systems, and prepare a business case to upgrade technology solutions.