Complimentary guide outlines strategic benefits and tactical steps to institute new regulatory compliance technologies within U.S.-based financial firms
COMPLY portfolio firm ComplySci, the leading provider of regulatory technology and compliance for the financial services sector, published its 2023 Regulatory Compliance Buyer’s Process Guide for U.S.-based financial firms. The publication follows the company’s U.K. buyer’s guide and also aims to help compliance teams navigate the technology procurement process, providing a step-by-step implementation methodology for financial firms which are new or unfamiliar with regulatory compliance technology.
Guide highlights include:
- Defining the process and scope of work necessary for procuring new technology.
- Assessing the needs of the compliance department and the firm at large.
- Incorporating technical and functional requirements.
- Qualifying questions to assess potential vendors.
- Analyzing vendor capabilities to determine a best-fit match.
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“The procurement process of an integrated regulatory compliance technology system is a significant and detail-oriented process, especially for firms which have not purchased and integrated a regulatory compliance technology recently,” said COMPLY President Eric White. “Our guide aims to provide a roadmap for decisionmakers to move from idea to project to procurement successfully— and finally, successful risk mitigation and compliant operations.”
The recent publication of the Security and Exchange Commission’s exam priorities for 2023 highlight the complexity of the ever-expanding responsibility of a financial services firm’s compliance department with detailed and evolving investment adviser and broker-dealer regulations and dynamic cybersecurity considerations topping the list of priorities from the U.S. regulator. Given the increased scope of requirements and the magnitude of ramifications should they not meet all applicable regulations, compliance departments must consider the strategic application of compliance technology solutions in achieving and maintaining compliance.
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“While compliance is often seen as a black-and-white issue, the technology solutions which firms often rely on are not,” said White. “Knowing what to ask when considering a new technology platform — especially ones related to their compliance program —is critical. Firms must evaluate potential partners to ensure a provider’s offerings are compatible with their workforce, address the firm’s most pressing issues and, frankly, fit within their budget.”
Download ComplySci’s Regulatory Compliance Technology Buyer’s Process: A Step-by-Step Guide to Automating Your Compliance Program U.S. edition for a detailed look into how financial service firms can navigate the buying process, including who should be on the procurement team, how to align technical and functional requirements and how to assess potential vendors.
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