Compliance professionals in regulated financial services are no strangers to the pressures of managing complex regulatory requirements. Historically, Excel spreadsheets and endless email chains were seen as adequate tools for compliance management. However, as demands have grown, these manual methods have increasingly become obstacles rather than solutions. Compliance teams today realise that the inefficiencies and limitations of Excel are no longer sustainable.
Life with Excel – the hidden cost
For firms still using Excel-based compliance processes daily tasks can be both repetitive and frustrating. Compliance teams spend valuable time manually inputting data, updating spreadsheets, and managing tasks through endless email exchanges. Issues like version control and data inaccuracies are common, creating confusion and increasing the risk of costly errors.
Beyond just inefficiencies, these manual methods exact an emotional price. Professionals frequently feel overwhelmed by the monotony and constant worry about potential errors or regulatory scrutiny. The stress of navigating audits without robust processes and clear records can diminish morale, leaving teams drained and anxious.
Manual compliance – why it’s risky
Manual compliance processes introduce numerous risks, primarily driven by human error. Spreadsheets lack real-time oversight, making proactive compliance management challenging. Reporting becomes cumbersome, and providing clear evidence during FCA audits can be difficult. Furthermore, Excel-based processes often fall short in addressing critical regulatory requirements like Consumer Duty, leaving firms vulnerable to scrutiny and potential regulatory action.
Stakeholder management – understanding different needs
Effective compliance impacts multiple stakeholders across a regulated firm, each with distinct needs. Operational staff require intuitive, streamlined processes that simplify daily compliance activities without overwhelming their daily responsibilities. Compliance officers seek clear visibility and accurate, timely information to manage risks effectively. Meanwhile, board members and senior management rely on high-quality, insightful management information that supports decision-making and demonstrates robust governance. Auditors and regulators, on the other hand, need clear audit trails and easy access to evidence compliance.
Excel and email-based processes simply cannot satisfy all these stakeholder demands, often leading to dissatisfaction, friction, and increased compliance risks.
Technology and automation – how does it work?
Fit for purpose risk and compliance technology solutions, such as My Compliance Centre, automates processes and this is changing the game for regulated firms. Instead of struggling with spreadsheets, compliance teams benefit from intuitive, centralised dashboards that provide instant visibility. Task management becomes automated, eliminating the chaos of email-based assignments. Real-time analytics, clear audit trails and evidencing of compliance, and insightful reporting simplify regulatory readiness.
From chaos to control – immediate benefits
Firms that transition from Excel to automation experience immediate improvements. Compliance professionals gain significant time savings previously lost to repetitive manual tasks. This allows teams to shift from reactive firefighting to proactive, strategic compliance management.
Accuracy dramatically improves, reducing compliance risks and audit anxiety. Morale within compliance teams also rises as workloads become manageable, stress decreases, and job satisfaction improves. Automated reporting significantly enhances transparency and efficiency, delivering better outcomes for stakeholders at every level.
A real-world success
One of our clients, a mid-sized investment firm, had a small compliance team of four but was under pressure to reduce that number. However, they were overwhelmed by Excel-driven compliance processes. After implementing My Compliance Centre, the firm saw dramatic improvements – it was able to half its compliance team while improving outcomes for all stakeholders and enhancing the job satisfaction of the team. Additionally, when the FCA came to call they had all the information they needed to hand.
Overcoming automation myths
Despite concerns about complexity, cost, and loss of control, automated solutions like My Compliance Centre are designed to be intuitive, cost-effective, and easy to implement. Technology does not add complexity, quite the opposite, it simplifies processes. Automation does not mean losing control; instead, it enhances visibility, transparency, and oversight, allowing firms to maintain full control while improving compliance outcomes.
Conclusion: your next step towards compliance excellence
Moving from Excel to automated compliance isn’t merely a shift in process; it represents a strategic upgrade that positions firms for sustainable compliance excellence and growth. Automation through My Compliance Centre reduces inefficiency, alleviates frustration, and delivers meaningful insights that stakeholders—from compliance teams to board-level management—truly value.
It’s time to embrace automation, leaving Excel behind and stepping confidently towards a future of compliance excellence.
The author of this article is Ben Mason.
Ben is the founder of My Compliance Centre, a regtech solution which offers a comprehensive set of Apps to support modern risk and compliance functions. Prior to setting up My Compliance Centre, Ben established one of the leading FCA/PRA regulatory compliance consultancies and for almost 20 years has been offering advice to financial services firms to help them manage their compliance obligations.
