Compliance with financial regulators is extremely important for any organisation within the financial industry. Of course, over time, it can be easy to become complacent with compliance but this can be a big mistake. You should be regularly auditing your organisation to ensure there are no breaches and keep everything on track.
As we move closer to 2022, it’s time to start thinking about how you can boost your compliance processes before the new year. This way, you’ll get 2022 off to the best possible start. Read on to hear some of our tips and tricks below.
Understand What Is Expected of You
First things first, if you want to boost your compliance before the end of the year, you need to ensure you understand what is expected of you. If you aren’t clear about the financial, legal and environmental regulations, you will struggle to improve the way that you are complying with them.
This might sound overwhelming but the information is usually all online. You may even have some resources from your regulators that you can use to get up to speed. Remember that not every department will always have to be aware of the same list of regulations.
Outsource Compliance Audits
It can be difficult to boost your overall compliance without first determining the gaps in your current processes. In this case, it can be beneficial to outsource compliance audits or invest in a company that offers a compliance solution. When you follow this route, you can find the gaps and change your processes to ensure they are filled.
Compliance audits should be performed regularly so make sure you get one in before the end of the year to be prepared for what you might face in 2022.
Educate Your Staff
Another great way to boost your compliance with financial regulators before 2022 is to educate your staff. You may find that you have some team members who are new to the industry and so don’t have much experience in regulatory action and compliance. Additionally, you could have staff who need a refresher on the regulations.
Spend some time training your staff and offer resources that can help. The more you educate them, the easier it will be for this collaborative effort to work. Organise training days and make sure that everyone attends!
Learn From Past Mistakes
Finally, if you want to boost your compliance with financial regulators, you should make sure that you learn from past mistakes. If you have recently come under fire from the regulators for breach of regulations, you should do all that you can to avoid this happening again. Every breach should be followed by a strategy session to determine the best possible steps forward.
When working on boosting compliance, you should write a list of past mistakes and refer to these regularly. You can also use these past mistakes as examples when training new staff on how they can remain compliant.
Try These Tips
2022 might be a few months away but it doesn’t hurt to start planning for the year ahead a little early. The more you understand the compliance needs of your business, the easier you will find it to grow and remain on the right side of the law.
If you struggle to maintain compliance, you should consider outsourcing some of the elements of it to a team of experts. They will help you to avoid any major issues that could affect your overall reputation in the industry.
Get compliant before it is too late and watch your business succeed in the financial services industry!
