Last week, my colleague Fergonn Fernandez and I attended the 30th Annual NSCP National convention in Washington, D.C. It’s an annual gathering of the financial compliance industry organized by the National Society of Compliance Professionals.
We talked to a lot of people from a range of companies, from small investment advisors to large multi-national banks. Regardless of the size or type of organization, their challenges were very similar. Almost every aspect of their business is touched somehow by a compliance activity. They’re overwhelmed by the volume of regulations and compliance processes they have to manage. Many people we spoke with are using Excel spreadsheets and manual tools (“add a reminder in your calendar for the next due date”) to track compliance processes. Compliance remains very much a siloed, checkbox activity for many companies.
Beyond the tactical challenge of regulatory compliance management, we also heard a strong desire to elevate the strategic role and value that compliance programs can provide. They see an evolving role for compliance, and how it can help to foster stronger corporate governance and contribute to business objectives. We heard examples of how compliance teams are trying to better engage and align all aspects of the business, and take a more proactive role in product/process development. You could call this “Compliance by Design”.
We also had a demo running of the RSA Archer solution for regulatory compliance management. We’ve helped organizations implement programs using Archer to establish a sustainable, repeatable, and auditable regulatory compliance program. What we’re doing is helping to address some of those tactical challenges, all within a broader strategic risk management framework. We’re looking forward to continuing those conversations with leaders in the compliance community in the weeks and months ahead.