RegTech with its head in the clouds

Technology used to automate compliance policies should be flexible and configurable, and that means getting your head in the cloud.

Posted by: 
Alexis Fox-Mills
May 12, 2021

May 12, 2021

Configurable compliance solutions

Digital transformation is the watchword for financial services firms, and it's certainly a priority for their compliance teams. It's important to stop using manual processes and to optimise what is done with the right technology instead.

But, you don't just configure a compliance solution once, dust off your hands and never look back. To continue creating operational efficiency; to keep delivering great customer experiences; to keep-up with changing regulations; and to keep realising the benefit of your investment in RegTech you need to keep changing it.

Ouch, that sounds tricky and expensive.

Many firms will have experienced introducing a software behemoth into their organisation, maybe into their compliance function to manage KYC and AML processes, only to realise how horrible it is to try and make a change - small or large. Suddenly, the tech that was supposed to make your life easier has become impossibly hard and expensive to change.

Well, it doesn't have to be like that with a SaaS RegTech solution because it will have flexibility at its core. If your compliance solution is built on a risk-based model, not a rules-based model it's so much easier to change. And if you get your head around a cloud-based compliance solution, you can configure it to your heart's content.

Changing mindset

Tweaking your RegTech solution because a policy or operational practice has changed should be a cinch, but legacy systems can put you in a mindset that change is hard to do.

Situations arise where teams would rather put up with something sub-optimal, or even bad, because it’s easier than reaching out to a vendor, paying for a consultant, or going through a painful change request.

With SaaS technology, it’s easier for you to flex your configuration of the solution. PassFort customers request an average of 8 configuration changes each quarter. It's not difficult or expensive to deliver these changes because our smart policy builder interprets a compliance policy into a workflow of stages and checks.

Its simple to drag and drop the checks and stages into different "patterns" or workflows depending on what creates the best result for you and your customers. So, if something needs to change in your risk policy, you add or remove a stage to the digital process.

The data compliance teams get back from executing our automated compliance processes enables risk-based decision making. If a new customer meets your risk criteria or threshold, that decision can be entirely automated. If they don't, then the handover to humans takes place - the compliance team starts enhanced due diligence, asks for more information, or makes a final decision.

A sensible choice

With a SaaS compliance solution, processes can be continually adapted as operational efficiencies are spotted or as regulation demands.

Smart, no-code options for creating digital compliance workflows mean engineers or consultants aren't needed to make alterations to KYC and AML processes. Costs are contained, because there are no extra charges for modifying the software, and firms make the most of their compliance team's time and resources.

SaaS RegTech does the heavy-lifting for a compliance team. It frees people to focus on value-added tasks by automating the transactional, repeat work, and if a business scales quickly, the solution can ramp-up to meet demand.

Another benefit of a SaaS compliance solution like PassFort is that the cloud-based tech is operational and functional anywhere. You don't need to be in the office, in a particular country, or connected to a server for it to work.

As teams are homebased or hybrid working, cloud is really the only sensible option. Many folk have been resistant to the cloud in the past, with objections ranging from bandwidth issues to security. If recent times have shown us anything it's that good RegTech can operate from the cloud, on wifi and from someone's kitchen table.

Think about these 4 benefits

When it comes to automating compliance policies, and specifically onboarding new customers, there are lots of software options out there. So, who do you trust and what should you look for to get the right solution for your team and your customers?

  1. Faster return on investment (ROI)
    SaaS solutions are much quicker to implement into a business to realise ROI and operational efficiency. Instead of 6 to 9 month implementation times, we are looking at 6 to 9 weeks.
  2. Flexible configuration
    Choose a provider with flexible, no-code options so compliance processes and workflows can be reconfigured on-demand, and extra cash isn't needed every time you want to change the tech you already bought.
  3. Subject specialists
    You're the expert in understanding the customer experience you want to achieve, what you need from your compliance team, and the risk appetite of your firm, so use a specialist in SaaS RegTech to create a solution that's right for you.
  4. Great experiences
    Choose a SaaS RegTech solution that automates manual work, so compliance people are brought into the process wherever they work and wherever they add value. And, create better customer experiences with slick execution and reduced time-to-onboard.

Get in touch

PassFort adds the human touch to automated compliance processes. It's a SaaS RegTech solution that financial institutions use to map a workflow of KYC, KYB and AML checks, adding data providers to complete due diligence, and bringing in compliance people for full case management.

And when you need to reconfigure, we're happy to hear from you.

If you're looking for a flexible, cloud-based RegTech solution, please get in touch - email - we would love to hear from you.


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