Enhancing compliance through culture

In the dynamic world of financial services, the intersection of culture and compliance is not just a matter of regulatory adherence but a foundational element of operational integrity and success. As compliance professionals, risk managers, and business leaders, understanding this intersection is critical. Here, we delve into how culture and compliance interact within a firm and highlight how Stand on The Right, as flexible financial compliance software, stands as an indispensable tool in this ever-changing environment.

Defining culture

Culture, within a firm, transcends mere policies and procedures; it embodies the collective ethos, behaviours, and values that guide employee actions and company decisions. It is the invisible thread that weaves through the fabric of daily operations, influencing how compliance is perceived and implemented. In the face of constant regulatory changes, with the Thomson Reuters 2023 Cost of Compliance survey reporting an average of 257 regulatory change events every business day, the role of culture becomes even more paramount. These changes, driven by over 1200 regulators globally, underscore the need for a culture that is not only compliant but adaptable.

The challenge of constant change

Change is the only constant in the global financial services sector. From inflation and economic shifts to geopolitical uncertainties and technological advancements, each factor introduces layers of complexity to compliance. These changes necessitate a firm’s culture to be fluid, adaptable, and resilient. A scattered approach to compliance, characterised by disjointed policy portals and manuals, only compounds the complexity, making it harder to navigate the regulatory landscape effectively.

The pillars of successful compliance: Focus, structure, and engagement

To build a culture of compliance, firms must streamline their approach. Consolidating policies and procedures into a singular, accessible platform reduces the risks of redundancy, variances, and unauthorised policies. This centralisation is crucial, given the rapid pace of regulatory changes that demand swift policy updates and approvals.

Moreover, fostering a culture of compliance extends beyond policies; it requires active employee engagement and training. An ethical misstep can have devastating effects on a firm’s culture, taking years to mend. It’s imperative that employees not only understand their compliance obligations but are also committed to upholding these standards daily.

The role of IT in compliance and meeting regulatory expectations

A robust informational technology architecture is key to an effective compliance strategy. By offering a centralised hub of compliance information, firms empower employees to fulfil their responsibilities efficiently. Stand on The Right exemplifies this approach, providing a unified platform where compliance processes are automated, and information is readily accessible, ensuring that employees at all levels are informed, engaged, and compliant.

Regulators seek tangible evidence of compliance adherence. It’s no longer sufficient to state policy compliance without showing proof. Documentation from a defensible source is essential in demonstrating that firms not only have the right policies in place but that these policies are current, disseminated appropriately, and followed meticulously.

Stand on The Right: Your partner in compliance and risk management

In addressing these challenges, Stand on The Right emerges as the most comprehensive solution for financial compliance and risk management. Our platform offers a suite of features designed to keep your firm ahead in the compliance game:

  • Seamless monitoring of personal account (PA) dealing, including pre and post-dealing checks, to protect against front running and insider trading.
  • Capturing and reviewing outside business activities, ensuring compliance across all employee engagements.
  • Managing gifts and hospitality approvals with ease, enhancing transparency and adherence to company policies.
  • Advanced monitoring and risk management capabilities to safeguard your firm’s integrity.
  • Integration with holdings and trade data for a tailored compliance perspective.
  • Customisable workflows and rules, allowing for a compliance strategy that fits your firm’s unique needs.
  • Comprehensive auditing features for undeniable compliance evidence.
  • Global access from any device, ensuring compliance continuity wherever you are.
  • Bespoke development options to cater specifically to your firm’s requirements.

In a landscape marked by relentless change, Stand on The Right provides the agility, comprehensive coverage, and technological expertise to navigate the complexities of culture and compliance. Equip your firm with the tools to foster a robust compliance culture, ensuring not just survival but success in the challenging terrain of financial services.

Stand on The Right, where compliance meets innovation.

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