General articles

How can external expertise accelerate your compliance programme?

… Would you hire a one-trick pony …?

In the old days, when big top circuses were at the height of their popularity, a phrase often used today, came to prominence – ‘one-trick pony’. It is the antithesis of ‘Jack of all trades, master of none’. In the complex world of compliance, there is no room for generalists. There is however, plenty of space for true masters in the increasingly important discipline of compliance, especially for those who perform it exceptionally well.

Specialist external expertise can help you to quickly unlock the puzzles and challenges of compliance presented by an ever changing, complex regulatory environment. Here, we will explore the value of harnessing the external, specialist expertise of trusted partners to help avoid pitfalls and accelerate your journey towards compliance.

How can you avoid pitfalls when selecting external support?

With many options to choose from when selecting a team to help drive your compliance strategy, how can be sure of selecting the team that is best for you? We have identified three areas that can help.

First-hand experience in compliance

Experience is a given requirement and length of experience really does matter in the changing complex world of compliance. Over the past thirty years, we have worked with many financial institutions to help them resolve challenges in their compliance programmes. By experiencing first-hand the nature of these challenges, we have learned how to detect problematic/risk behaviour early on.

Deep, diverse knowledge and dedication to compliance

Decades of cumulative knowledge in compliance have built a deep understanding of compliance. Our clients look for reliable, long-term partners, who can help them to extend their own knowledge and expertise. These relationships work both ways, because we also simultaneously improve our own expertise. Furthermore, a diverse global customer base, including major banks, brokers and energy companies, broadens our knowledge of individual compliance needs and the hurdles customers face.

Future oriented approach

We learn from our customers’ challenges and integrate new learnings acquired from our client engagements, into new and improved services and products. Through this process of continuous improvement, we help to influence the future of compliance in a proactive and positive way. We do this by championing proven and effective approaches to compliance such as automation and standardisation. This helps institutions avoid mistakes from the past, ensuring they stay ahead of the curve and are well prepared for a compliant future.

How can an external team accelerate and supplement your internal efforts?

As the regulatory framework becomes more complex than ever and the world of compliance increases in complexity, no organisation can be an island.

An external perspective

Your team may be too focused and stuck in existing compliance processes to see the wood for the trees. In such scenarios, significant vulnerabilities can easily be overlooked. Challenges may include inconsistencies in data processing or legacy manual processes that could benefit from automation. At this point, external insights and expertise can prove invaluable to help clarify and address these challenges in a cost effective way.

Dedication and focus

In-house teams are out of necessity, involved in daily operational tasks. Due to finite resources they cannot always handle the workload needed to improve and protect a compliance system. Optimizing the compliance process requires dedicated resource and singular focus. This is just the ticket for one-trick compliance ponies like us!

Insightful external resource on demand

New regulation demands decisive and immediate action. If you cannot guarantee you have the necessary resources available whenever there is regulatory change, then you need fast access to an external talent pool. This need not mean an extra team of compliance officers, who can risk getting lost in the process. In our experience, seasoned specialists are needed who can provide the insights to see the bigger picture. The benefits of this would include:

  • Knowledge of and access to innovative product enhancements and development
  • Reliable and experienced consultants who listen to and understand your unique challenges
  • Experts who collaborate with you and share new compliance knowledge via user forums over the long term

Navigating the future of compliance

On our future journeys towards excellence in compliance, there will be risks and pitfalls which can be avoided. As with all journeys, having an expert guide, who can draw from their own experience, can prove to be a significant competitive advantage, helping you to navigate a safe and successful passage.

Compliance is a very challenging act which takes years of experience to master. That is why the skills of seasoned external specialists can really add value to your compliance team. We don’t mind at all if that labels us one-trick ponies, because compliance is all we know. In fact we are rather proud of this. Visit our professional services pages and talk to us. We’ll be happy to demonstrate why we are the best act in town!