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Never Compromise your Compliance Program to fit Technology

Too often, compliance leaders are forced to make a tough decision. Has this happened to you?

319 InSight Thought Piece

No compromises.  Seems like an obvious and important sentiment for compliance leaders charged with creating and enforcing their corporate policies.  A great deal of thought and consideration goes into every organizational policy.  Any compromises made would lessen the efficacy of the policy and its reason for existence.

These polices shape and help control a company’s operational business processes.  From a compliance perspective, it is your mandate to reduce risk wherever possible and enforce the procedures that you develop with this obligation in mind.

As we head into 2022, far too many compliance programs are handcuffed by technology suited for 2002. With more and more being demanded of compliance departments and their staff, it has never been more important to implement automation technology that reduces costs, labor, cycle times, and risk. And only when technology is customized to meet your exact, evolving requirements can it provide its true value.

319 InSight has been a global leader in reconfigurable technology for greater than 15 years. Early on, we recognized the significance of total customization for compliance programs. It is a fact that no two compliance programs are identical in their policies and procedures. In addition, no compliance program is ever static in its business processes.

These two critical truths underscore the pressing need for technology that can mold and adapt itself to your unique requirements. When compliance leaders are forced to decide whether to uphold their carefully crafted policies against what a technology product can support, the resulting compromise is never positive.

Imagine a case where policy dictates that two approvals are required for a specific engagement of an intermediary, but the system used to support the process is limited to only one. Now, compliance must develop workaround and manual processes that are usually impossible to fully enforce. The entire intent of the policy to reduce organizational risk is no longer being effectively administered.

We at 319 InSight have seen this type of scenario play out far too many times in our discussions with compliance leaders across the globe.  Other examples that highlight the importance of total customization with no compromises:

  1. Global organizations with regional-based policies driven by local regulations require nuanced automation across the enterprise, instead of force-fitting a policy to apply to all areas of the world based on a technology restriction.  For example, the acceptable value and circumstances around giving or receiving a gift varies greatly around the world.  In addition, these policies are subject to continual changes.  It is essential to have a system to automate all scenarios with the seamless ability to change on the fly.
  2. Diversified organizations will have different policies for third parties based on the nature of the engagement.  For example, a company that manufactures chemicals, epoxies, and ammunition will require variance in compliance efforts based purely on the product line.  If there was to be a single workflow applied to third party due diligence, there would be compromises in either direction.  Compliance leaders would have to choose to enforce a highly intense and involved process for all, which would increase cycle times, costs, and labor efforts.  Conversely, they could choose a less diligent process, which would increase risk to the business.  The technology implemented must allow for any process to be automated to fit the unique requirements of the company.
  3. Organizations that may have had some enforcement action rendered (an FCPA violation, for example) will no doubt be subjected to intense scrutiny of its compliance business processes.  Typically, a government appointed monitor will prescribe very specific policy requirements, analyze them over a period, and make any necessary adjustments over time.  A technology partner that supports organizations like this must have a flexible, fully customizable platform to satisfy these obligations.

Those that have selected 319 InSight’s technology have been liberated by to automate any compliance business processes that they require, with no compromises.

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