Robust Compliance With Time to Spare

22 September 2021

Robust and accurate regulatory compliance that takes less time and cuts overheads. Can it be true?

Well, yes. It is true.

All thanks to My Compliance Centre’s cloud-based compliance platform. As evidenced by one of our clients, an independent stockbroking and investment management firm. This is their story.

Escaping the Excel Spreadsheet Nightmare

The decision was made.

The firm’s compliance was on the edge of breaking point, putting their regulatory robustness at risk.

Drowning in their old manual systems, in one room they had mountains of boxes and files and their Excel spreadsheet had become enormous. It had got beyond a joke. Something had to change.

Deciding they needed more people to manage compliance, the Board agreed to extra funding for recruitment. They couldn’t see any other way.

Until, that is, they heard of a solution that many other regulated companies had already adopted.

Automation.

Taking Control of Compliance

On discovering My Compliance Centre, they were relieved to find that everything they needed could all be done neatly in one place.

They quickly realised that our automated system used less resource, cut costs, and made compliance more robust. They felt in control of their compliance monitoring programme. And their recruitment needs were gone.

Even implementing the system was painless.

Straightforward System Setup

Changing a system when you’ve been used to doing things a certain way for years can be scary. Especially for the person suggesting the change. You feel like you’re taking a big risk.

But not with My Compliance Centre.

We adopt a clear and simple onboarding process and because it’s modular, our system is easy to add to as your business grows and needs change, preventing initial user overwhelm.

Our client’s Compliance Officer told us, “Jenny would suggest a new module and I would go and play. I’m not very techie, but this system made it easy to learn. 

“If I wasn’t sure about something, I never worried. I simply contacted Jenny and she would respond almost immediately. She deserves a bonus!”

Jenny’s a star. We’re lucky to have her.

The Modules – Round Pegs for Round Holes

As experts in compliance, we know what’s important. What’s needed. And we understand the need for flexibility.

Our modules are designed for specific compliance tasks and can be adapted to your requirements. Just as we did for our client here.

Choosing a range of modules to suit their needs, the firm uses the Compliance Monitoring module regularly. Everyone can see at a glance what tasks have been done or not. 

“Then, when the Regulator comes in, it’s easy to show exactly what we have done.”

Another module our client is a big fan of is the Regulatory Change module. “Having regulatory compliance news and updates all in one place rather than having to seek them out or trawl through emails is a huge time-saver. It flagged up a change in ISA treatment that our managers were not aware of. This could have caused major issues later.”

Noting certain regulatory updates our module identifies, the Compliance Officer can then forward those to the relevant people. “I can see when they’ve read them and can add tasks to ensure changes are actioned.”

Other modules they use include:

  • Governance – “A focussed system with records all in one place.”

  • FileChecker – “It spits out a nice little report, which I send to the managers who need them.”

  • Attestations – “It gives a good audit trail and all staff used it simply.”

Saving So Much Time 

Upon being asked how My Compliance Centre has benefited them, our client’s Compliance Officer told us, “As an individual, it saves me so much time. All our data in one system is far more professional. And the automatic email notifications for tasks awaiting actions is a huge time-saver for me.

“And we don’t need to recruit after all!”

Exceeding Expectations

The staff gave overwhelmingly positive feedback about My Compliance Centre, even those in their 70s who often prefer paper-based systems. “The simplicity and ease of use really helps those who don’t usually enjoy using technology.”

Overall, what’s the Compliance Officer’s verdict?

“My Compliance Centre has been fantastic and really exceeded expectations! We used to have two people doing this job. Now, with the system’s massive timesaving benefit, I manage easily on my own with time to spare.

“I intend to demonstrate to the Board exactly what they have invested in – they don’t realise how good it is.”

Make Compliance Beautiful

Discover how My Compliance Centre can lighten your compliance concerns. 

Get in touch today to find out how My Compliance Centre can help your business save time and reduce staff costs.