By Carlos Guillen, President & CEO
July 10, 2020
Originally published in IAA Today, an Investment Adviser Association publication.
It has now been almost 20 years since the first computer software was introduced to help compliance ofcers automate the many tasks involved in the day-to-day management of a company’s risk and compliance program. Over this time, compliance technology software has become increasingly sophisticated with fully integrated solutions that can track multiple tasks in different functional areas on a common platform optimizing compliance and risk management programs.
While compliance technology solutions have provided chief compliance officers (CCOs) with the tools to better manage the myriad of compliance tests and procedures, the challenges they face have also increased proportionately as a result of increased FINRA and SEC regulation and the promulgation of complex new rules. When you add in additional reporting requirements which come with industry consolidation, acquisitions or global expansion, harnessing the capabilities of compliance technology to meet these new challenges becomes a goal unto itself.
The purpose of this brief is to share the experiences of compliance professionals and consultants on how they maximize the benefits of compliance technology for their firms and for their clients. We will be looking at three key measurements criteria in assessing compliance technology benefits – effectiveness, efficiency and risk reduction.