For financial services firms, the labyrinth of industry rules and the agencies that issue them can seem like alphabet soup: SEC, FINRA. SOX, MSRB, OCC, GLBA, GDPR, HIPAA, etc. Depending on the types of products and services your firm offers and where you conduct business, you may be subject to overlapping regulatory regimes that are similar but come with separate record-keeping and compliance requirements.
Complying with an ever-changing regulatory landscape is no easy feat. However, if your firm has adopted an electronic document management solution, you will have powerful, efficiency enhancing tools at your disposal making it simpler to comply with record-keeping mandates. By leveraging workflow automation, your firm can free up compliance and supervisory personnel to work on more value-added tasks — further enhancing compliance efforts.
Improving Compliance Rates for Employees
Regardless of which regulations your firm must comply with, regulatory compliance is not limited to the compliance department. Without buy-in from the rank-and-file employees who handle day-to-day tasks like operations, sales, marketing and finance, even the most well-intentioned firms’ efforts to comply will fall flat.
Employees who need to submit periodic attestations, maintain records of correspondence, receive approval on advertising materials and otherwise interact with the compliance department are far more likely to do so when their firms make it easy to do so.
Leveraging electronic forms and workflows will automate the file submission and review process, in turn eliminating many compliance oriented steps that employees will no longer need to be as mindful of.
Simple, yet Powerful, Oversight Tools for Compliance Personnel
Implementing workflow automation and electronic forms provides process improvements, increases accuracy, and creates transparency. Rather than receiving paper forms or having employees submit responses via email, using electronic document management tools means documents are housed in a central repository.
Privacy and data security are more important today than ever before. Fortunately, Treeno makes security easy to manage. Access to documents and involvement in automated processes can be turned on or off quickly and easily. Supervisors and managers can be granted access that allows them to see all of their employees’ responses, giving them increased ownership over their oversight obligations.
In firms with electronic document solutions, compliance staff can also focus more of their attention and energies on preventing and resolving issues, rather than on managing repetitive tasks, tracking compliance information on spreadsheets and maintaining paper files for each employee or department.
Learn How Treeno’s EDM Can Enhance Your Firm’s Data Compliance Efforts
In today’s ever-changing regulatory environment, compliance is simply not optional. Are you confident that your firm’s processes could withstand regulatory scrutiny? The reality is that, if your financial services firm is still relying on paper documents, spreadsheets and manual processes, you face a greater risk of compliance violations and regulatory action.
Treeno Software’s Electronic Document Management (EDM) solution can help, providing process automation and an audit trail that can give Compliance Officers and other senior leaders valuable peace of mind. To learn more, contact us today!