If you manage your firm’s compliance, you are probably experiencing “regulatory fatigue” and overload as a result of the sheer volume and scope of regulatory change. Managing and demonstrating compliance within the complex web of evolving regulations can be time consuming, resource intensive and expensive.
The checks that you are now required to perform on your customers, are becoming progressively more complex.
With an increasing number of businesses coming under scrutiny by external regulators, lack of compliance with regulation can result in severe penalties including fines, reputational impact, and even imprisonment for senior company executives. Non-compliance is not an option.
HMRC’s fraud investigation service collected nearly £5bn in 2016, following a crackdown on non- compliance according to Pinsent Masons [Source] and they have no intention of decreasing their regulatory scrutiny in 2017.
So, how are you planning to manage your increasingly complex compliance requirements and keep the regulators at bay?
As RegTech and compliance specialists, we work across multiple sectors, developing technology solutions that enables you to simplify your due diligence checks, streamline operations and ultimately reduce your risk associated with not meeting your compliance and reporting obligations.
Many of our clients are increasingly requiring bespoke compliance solutions to navigate the ever-changing regulatory environment. Richard Ingles, Head of Client Development at Contego, explains how we help our clients manage the complexity of onboarding and the monitoring of their customers.
We provide real-time, automated checks on People, Companies and Identity Documents, simultaneously, combining results from multiple sources, and delivering the results in real-time via a single API.
No matter your industry we will start with your unique compliance challenges. We bring best-practice insight, guidance and support to help you address your highly complex requirements by utilising the appropriate data sources and running parallel high-speed checks.
The speed and sheer breadth of regulatory change will continue to be a challenge for many of you, regardless of your companies size and scale or geography or the sector in which you operate. We are continually refining the Contego system and adding data sources, to ensuring we can offer customisable solutions that can adapt to the latest industry changes, from regulation to technological advancements.
Regulation is often viewed as being a burden on your business, however the ‘red tape’ is indeed necessary. The right compliance solution can not only help companies adhere to tightening regulatory standards but can also uncover value through benchmarking, application of best practices, and better internal control.
If you feel you are constantly playing catch up with changing regulations and want to ensure you are doing the maximum possible today to reduce your risk, get in touch by calling +44 (0) 1235 375 000 or visit the Contego website to find out more and book an online demo.
