Upping the completeness, quality, and trustworthiness of your data is a compliance trend that isn’t going to go away – in fact, the opposite seems likely to be true. These types of compliance requests are some of our clients’ least favorite to address for many reasons, but frequently, it’s because they seem like small changes, but in actuality, the small language used tends to ripple out into a tidal wave that ends up being a business-wide project.
So, is there a way to minimize the headaches that accompany these requests?
The short answer is yes. And there are even opportunities to take that will improve your business.
Setting and keeping a higher standard regarding your data isn’t something that you should be doing just to comply – it really is for your benefit. Not only does it help keep the overall health of the industry it can also be used to give your company an advantage. The better your data hygiene is, the better you know your clients. In doing so, you can assess your risks in a timely manner with more accuracy and efficiency that will naturally lead to fewer costs. Keeping a higher standard for data management also means you are less susceptible and vulnerable to money laundering and other illegal activities. It’s easy to quickly spot fraud and other irregularities if you’re collecting the right data points and organizing them effectively. With better data management, you can easily pinpoint any security gaps and plug them thus minimizing any damage. This all naturally also keeps you safer from fines and creates better trust with your clients, potential clients, and the public at large.
So why isn’t everyone doing it?
The short answer is that it can be a daunting task.
Merging legacy data-systems with modern ones, shuffling through seemingly endless cases of missing or incomplete data is time-consuming and labor-intensive. It can span your every department – all of this on top of business as usual and other programs you have on the go. It can be expensive, too, if you’re outsourcing large portions of the work – not to mention its potential legal issues. It’s easy to see why so many businesses do only the bare minimum to meet compliance.
But we propose doing the bare minimum is just investing in more and on-going headaches.
At ACE, we help our clients transition into a highly sustainable system that gives you the quality and quantity of data you need that will serve you for the current compliance measures and future mandates. This means you’ll be able to respond faster, with a good understanding of your roadmaps and how they interact with each silo involved. You’ll be able to be proactive and stop being so reactionary and putting out fires as you go.
Get in touch if you’d like to know more about how we can help.
As always, thanks for reading,
TEAM ACE