Is One Compliance Officer Enough?
Fighting hackers and fraud attempts is different from ensuring smooth customer access and innovating to distinguish. There is a way to allow current personnel and departments to work together while staying and keeping up with all compliance requirements.
As we face everything from the continuing emergence of Al to increased sophistication from fraudsters, it is time for banks, financial services, and wealth management entities to evaluate the handling and regulation of various compliance issues. The days of having one executive act as Compliance Officer may not be enough to handle all of the different aspects.
Having one person, whether full or part-time, monitoring everything from money laundering to protecting personal data to regulatory changes and personnel takes up even more time. Some businesses focus compliance within the IT Department, which may not be up to speed on changing regulation which impacts the sales department much more.
If you use Al to help with planning a system or methodology, it is possible that you may be using a very similar formula to what a competitor is doing. There is the possibility, however remote, that people up to no good might be asking the same questions in an effort to study possible tendencies of fintech companies dealing with hackers and criminals.
In addition, there are systems used primarily by customers which are separate from systems utilized by employees which may each be governed by the same regulations.
Implementing changes dictated by compliance is different from doing so when applicable to a customer service process and/or adding a new feature. Over the past few years, our experience working with fintech companies and helping to maintain compliance requirements has shown us that some entities maintain the same internal channels for both.
However, there is a big difference between, for example, adding a mortgage calculator and implementing a percentage change on an existing flexible loan. Your IT specialist may or may not appreciate how each adjustment fits in with your operational process. Our team is dedicated to working with improving the many processes which are subject to compliance and customer service. We typically save fintech entities money while our specialized team of professionals works with your current personnel and compliance requirements!
