Economical Compliance, An Oxymoron? 

22 September 2016


How to Drive Efficiencies, Reduce Risk and Improve Economical Compliance

You’re under a huge amount of pressure to control regulatory risk while reducing cost. Although these objectives seem at odds, they don’t have to be. For years, our industry has struggled to keep up with a frenetic pace of new and changing regulations. For many firms this means large investments in risk and compliance management systems. Often these costs are incurred in a reactionary mode, focusing on effective results regardless of investment. Those days are over.

To better understand the scale of compliance cost, consider the following:

Now that the pace of regulatory change has slowed, it’s a good time to revisit your risk and compliance procedures to improve efficiency without sacrificing effectiveness. Let’s take a look at one component of your compliance program that is likely rife with inefficiency, data governance.

Risk and compliance data aggregation and reporting is an area of increased scrutiny by regulators around the world. This is a labor intensive process due a number of reasons, including volume and format of data as well as logistical challenges created by geographic and business unit silos.

One solution is to adopt a single enterprise platform for all your risk and compliance files. The platform should not be limited by geographic or business unit boundaries. It should also have granular access levels with operational controls and secure encryption to protect files in use with external parties, at rest and in motion. This will drive efficiencies in operations such as:

  • Responding to regulatory examinations, audits and inquiries
  • Performing enterprise risk and control assessments
  • Preparing and delivering Board and risk committee communications
  • Securely creating, storing and sharing work papers with internal and external parties

Keep these criteria in mind in your never ending quest to drive down compliance cost without sacrificing the effectiveness of your regulatory risk management program.

Interested in learning more about how Intralinks can help? Visit our business solution for Regulatory Risk Management.

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