Scrutinize current systems and take action to cut the cost of compliance
PART 3 – SCRUTINIZE CURRENT SYSTEMS AND TAKE ACTION TO CUT THE COST OF COMPLIANCE
As so aptly put by WealthBriefing editor, Tom Burroughs, “don’t let Brexit suck the oxygen out of the room”. It would be easy to suffocate your firm through inactivity, but that can only have counterproductive results.
The knee-jerk reaction, in turbulent times, is to aggressively cut investments in non-critical infrastructure and people, at the cost of both growth and innovation. But compliance is a critical issue, and returning to my example of digital compliance, this remains a regulatory requirement, whether the UK Brexits or not. While industry analysts are encouraging spending prudence, until the true impact of Brexit is known, they are also cautioning firms against total frugality when addressing issues relating to risk mitigation or lack of agility. What becomes important in this instance is to ring-fence mission-critical initiatives, and to apply innovation to achieve the best possible outcome, without cutting corners, in the most cost-effective way.
Job #1: Conduct a fast but thorough review of your digital compliance status
Compliance is somewhat unique; you’re either compliant or you’re not, and anything less than 100% will not satisfy the regulator. It’s pretty black and white, and quick and easy to assess.
If you have no technology solution currently in place to record content changes in your digital business, or monitor digital interactions between your clients and your firm or employees, you are not compliant. If you do have a technology solution in place, your Chief Information Officer or Head of IT must confirm one way or the other whether you are capturing all digital activity and engagement, or not. Remember, anything less than 100% is not compliant, so you have to be certain!
Job #2: Review total cost of ownership (TCO) of your current infrastructure
TCO can be tricky to calculate, but when conducting your review be sure to analyze all relevant elements, including: license and maintenance fees, processing power, storage requirements, manpower, and more. Also important to consider is the time it takes to gather indisputable evidence, required to prove compliance to a regulator, or to contest a legal complaint, or to complete an e-Discovery exercise.
If the results of your analysis reveal that by switching supplier you can ensure 100% digital compliance, at substantially reduced cost, then the 100 days ahead are a golden opportunity to tackle this issue, once and for all.
Contact Qumram for help assessing your digital compliance status or TCO of current versus alternative solutions