Amidst constant regulatory change – with high non-compliance penalties – successful organisations must evolve

Regulatory change is constant

Improved Compliance Management - The World of Ever-changing Regulation

We live in a world of ever-changing regulation

  • Expanding scope: drives the need to cross boundaries – to involve third-parties.
  • Accelerating pace: drives the need for improved awareness and agility – to accommodate rapid evolution in technology, social, environmental and cultural aspects.
 Regulatory alerts have grown five-fold since the financial crash in 2008: from 8,700 to over 50,000 in 2015 (source: Thomson Reuters: Whitepaper – Culture of Compliance)

Non-compliance is costly

Improved Compliance Management - Non-compliance Costs

There are significant costs associated with failure to comply

  • #1 Audit & Monitoring is the most costly aspect of compliance management – Compliance Insider, issue 18
  • 67% of companies have policy in place but think employees don’t follow or read them – Deloitte 2016
 £905m total FCA fines levied in 2015 (Source: Financial Conduct Authority)

Compliance strategy is evolving

Improved Compliance Management - Emphasising Organisation Value

Leaders look beyond policies and procedures to organisation value

  • Compliance Culture: Commitment to an environment where compliance is the norm
  • Embedded Compliance: Investment in operational compliance to reduce costs
  • Third-Party Compliance: Extending compliance and monitoring to the full supply-chain
 Efficiency → Trust → Growth

A consistent experience is required

Improved Compliance Management - Consistent Experience is Required

Use Improved Apps to create a consistent experience across stakeholders

  • Enable Continuous Awareness and Learning
    • Improved Help: enables delivery of curated, best-practice compliance help and training content for the task in hand, coupled with Enterprise Help Portal
  • Drive effective communication
  • Include employees and business partners
    • Support for Communities and Classic Portal environments, with conditional visibility enable extended reach for compliant operations and monitoring to multiple groups beyond the enterprise
  • Build compliance intelligence for continuous improvement
    • Inbuilt analytics and the use of Salesforce records for all operational data enables audit trails and integrated reporting across business operations and compliance functions.