There are many ways to manage and measure compliance. Manually with paper, electronically with spreadsheets, and using an automated compliance management systems are three of the most common. On the face manual and electronic systems seem the most cost effective. But if you dig in deeper and actually look at the time these systems take to keep updated and accurate these methods turn out to be far more costly.
In a recent webinar we polled our listeners to find out how many people were using each method. Which category do you fall into?
Please share if you know someone who would benefit from seeing these stats.
As the results came in Michael Benoit and Kynzie Sims were happy to see that only 7% of respondents were using manual systems. The remaining respondents were almost split in half with 52% using electronic systems and 41% using efficient automated systems. Kynzie points out that “the only constant in the finance industry is change. Right now, there’s a lot of uncertainty in the market. There are laws that are on the books and executive orders that may be contrary to what those laws say.”
So how do you react when there’s an uncertainty like that? How do you keep your workforce up to speed? How do you respond when there’s an uncertainty like that? How do you keep your workforce up to speed? Certainly, you are going to have workers who are going to be watching the news and reading online about what this administration might mean for their compliance obligations. And it’s important for you as the leader of your business to set the tone with regard to expectations for ethics and compliance in your business.
And then what happens when these rules change again? If the only constant is going to be change, then you need to be able to move nimbly so that you can run an effective business while also making sure that you’re doing the right things but also staying compliant with the regulations to keep yourself out of legal risk.
Can you do this with a manual paper system or even an electronic spreadsheet system? If you are questioning that it might be time to investigate an automated compliance management system. To hear more of what Michael Benoit and Kynzie Sims had to say check out the Fair Lending in the Trump Era webinar today