Compliance functions are under pressure to do more work and provide greater assurance with fewer and fewer resources. The answer is to make your investment in compliance go further by managing the right blend of people, technology and processes.
If you're a compliance officer struggling to do more with less, you probably need to rethink the way your function delivers its services. The goal should be to transform your operating model so that compliance generates a strategic advantage. This way you'll be able to respond to the challenges of intense regulatory pressure, a growing mandate and an increasingly limited budget. But it does mean having the courage and foresight to rethink your whole role within the organisation.
It means, for example, leading efforts to create a corporate culture that helps prevent non-compliant behaviour. It also means making the transformation from an inspector to a business advisor: becoming a function that's seen as a facilitator of responsible, creative risk-taking rather than an obstacle to entrepreneurship. And it involves managing the interplay of the right people, the right processes and the right technology, automating where it makes sense to do so and freeing up your experts to work on things that add genuine value to the business.
You could describe the way most compliance functions currently operate in terms of a pyramid, with a broad base of transaction processing taking up most of the picture, reporting and compliance a narrower segment in the middle, and insight and action a narrow set of 'nice to have' functions at the very apex. The aim should be to turn this pyramid on its head, intelligently applying technology to routine processes so your people can spend much more of their time providing insight and initiating action within the business. To get a clearer picture of what we mean, check out our Future of Compliance presentation.
As with so many challenges in today's digital business environment, the Future of Compliance involves finding the right operating model to get the most out of your people and the available technology. It's important to take all three factors into account.
You need to embrace digital change, adopting new technologies that will enable you to organise and understand your data and squeeze real value out of it. But at the same time you can't afford to lose sight of cybersecurity and privacy, data ownership and integrity.
You also can't afford to ignore the impact of digital technology on the traditional operating paradigm. How will your human staff function alongside robot co-workers? In this new hybrid digital/human workforce it's crucial to have people with the right skills and mindset: the ability to keep up with technology, take part in high-level strategic discussions, and work across silos. Also crucial is agility: the capacity to adapt quickly, move fast, learn and embrace change.
All this may sound like a generic formula to resolve any business challenge in the digital era. To some extent that's true, because the same broad developments are impacting all areas of an organisation in similar ways.
But at PwC we've been thinking hard about how these pressures are affecting compliance functions in particular, and we've come up very specific approaches to help them respond. Again, feel free to check out our Future of Compliance presentation to find out more.
Together with our guest speakers and your questions, we address the latest challenges in the fight against money laundering. Join us and take this opportunity to create and nurture valuable professional contacts. The event will be held in German only.
Our experts at this event will focus on various interesting topics including an overview of the latest most important regulatory developments for Swiss financial services providers. We look forward to welcoming you to our next roundtable. The event will be held in German only.
Partner, Regulatory & Compliance Services, PwC Switzerland
Advisory Director, Data and analytics, PwC Switzerland
Tel: +41 58 792 16 20
Head Banking, Partner, Legal, PwC Switzerland
Tel: +41 58 792 15 54
Partner and Forensic Services and Financial Crime Leader, PwC Switzerland
Tel: +41 58 792 17 60