NOVEMBER 2020CIOAPPLICATIONSEUROPE.COM8IN MYOPINIONR egulatory change is constant. Consequently, the compliance team has to be lightning fast and agile to keep up with those changes. Usually, this means compliance will add head count or just ask existing personnel to do more while continuing to operate the same way it's always been done. The default calculation at most companies is More Work = More People. There is another way to support the organization without unnecessary and costly hiring. In these circumstances, compliance leaders can benefit from partnering with their technology colleagues, working together to find the intersection of compliance, technology, and efficiency. The intersection between compliance, technology, and efficiency is not always easy to find ­ and it moves. In the past, compliance monitoring and testing meant manually gathering data from parts of the business scattered in many different systems that were hard to manipulate and which did not speak to each other. Sometimes this meant the compliance department had to get IT involved to get the right data from the right system. Once the testing was complete it become another burden to maintain a testing audit trail and meet other documentation expectations. Lastly, "operational inertia" often takes over once a process is established, insuring the practice will continue on the same way for years. Difficult data mining, reporting Boost Operational Efficiency and Compliance Scores Using Data and TechnologyLUDER MILTON, CHIEF COMPLIANCE OFFICER AND JOSHUA GRAHAM, COMPLIANCE DATA ANALYST, FARM CREDIT MID-AMERICA Joshua Graham
< Page 7 | Page 9 >