09 October 2018
All those long summer nights gave us chance to recharge our batteries, and get ready for the next season: budget season (well that, and autumn). Yes, it’s that time of the year again, where budget meetings seem to take up all the space on your calendar.
Budgeting is a process that plays a significant role within companies, from multinational organizations, to smaller businesses. A budget is more than a list of income and expenses, it’s your road map to running a successful business.
In certain industries investing in compliance is a fixed topic on the budget. But over the last few years, the amount budgeted for compliance has increased for highly regulated businesses, such as financial services. However, as we spotted in the media in recent weeks, it seems that certain companies invested in compliance too little too late. This resulted in record-breaking fines, and many newspaper headlines. Ouch.
In other industries – such as offshore, shipping and construction – investing in compliance solutions is fairly new. These industries mainly focus on safety when it comes to compliance, leaving AML and counterparty compliance out of scope.
But the compliance landscape is changing. It’s not only laws and regulations. Even if you exclude industry-specific compliance, corporate ethics are becoming more and more important, and supply chain and other third-party risks are getting more attention. The potential impact of failure of key suppliers or customers damaging reputation, productivity, and financial performance – highlight the importance of planning for and managing such risks.
Are you tempted to skimp on investing in compliance? Has your company been humming along for years without a proper compliance budget and are you tempted to wait and see for another year? A wise man once said: ‘if you think compliance is expensive, try non-compliance’.
We foresee that compliance budgets will continue to rise for organizations. There are many ways to invest in compliance, such as investing in your workforce, or managing risk manually. The financial industry taught us that concentrating on these aspects will put a significant cost burden on time and resources.
Compliance processes can often be more effective by using the right tooling. Save budget and meanwhile manage your well-calculated risk. Sounds almost too good to be true? Well, it’s not.
Yes, at ComplianceWise, we might be a bit biased towards investing in compliance solutions. We’re aware that not everybody is so passionate about compliance and tech as we are. But hey, we can make compliance easy for you! Let us help you to guard against compliance and operational risks, and become future proof. Curious how? Get in touch!
ComplianceWise’s CW360 can help you easily take control of your AML and compliance obligations, from KYC to transaction monitoring and cashflow management. Not only do we help to reduce the risk of non-compliance costs, but our solution also offers an opportunity to gain valuable business insights that can be used to inform management decisions and support strategic planning.