How compliance leaders are driving efficiency and creating more effective compliance processes

Stephen Pope
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Stephen Pope: Co-Founder and CEO, Red Oak Compliance Solutions, USA

Journal of Financial Compliance, 2022, vol. 5, issue 3, 198-208

Abstract: Financial compliance management continues to complexify between the addition of ponderous quantities of new regulatory guidance and the development and exchange of new, fairly unregulated asset types. Contrasting these monumental industry shifts against the frequent inertia of company positions toward compliance makes it clear that modernisation requires both the addition of new tools and of new ways of building relationships. This paper discusses the importance of instilling a compliance focus within an organisation, through the use of technology, the conscious development of a compliance-driven culture and the intentional engagement and connection between compliance professionals and other members of the organisational leadership team. In addition, it outlines the key components most likely to yield success when implementing new regulatory compliance tools, and how the addition of such tools can create bandwidth for both expanding the compliance function and creating greater value through strategic compliance-related decisions. Modernising compliance includes using compliance as a tool for horizon planning and making decisions with long-term impact, as well as creating deeper, more trust-driven bonds with consumers.

Keywords: Compliance management; compliance programmes; compliance software; RegTech; FinTech; regulatory compliance management (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2022
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