Any compliance officer will tell you that financial safety is the first benefit associated with regulatory compliance. Compliance officers are requested to issue reports to ensure they’re complying with the industry standards, laws, rules, and regulations set by government agencies and regulatory bodies, no matter the industry or company size. It touches every industry and has become a vital part of operations.In simpler terms, it is the process businesses and individuals must continually go through to show they are following all the rules.
Regulatory compliance differs from other aspects of corporate compliance. Having a KYC system in place that can give you a real-time dashboard view of your current situation by presenting you with a pre-defined sub-set of data sitting within your system, whilst also allowing you to create your own dynamic reports from a corporate compliance aspect for internal purposes, is essential in this fast evolving industry.
This level of detailed reporting will allow you to prepare all the information that you need for all regulatory requirements as well as filling the details for ancillary report requirements such as the Business Risk Assessment. Having this kind of flexibility and control is very important from a reporting perspective since it will allow you to tailor any data extracted on a historical basis (daily, weekly or monthly). Such extracts will be able to provide you with the data you need for the end of year regulatory compliance reports.
With the regulatory environment constantly evolving, the compliance target is always moving. You might find that, just when you’ve achieved full compliance, something shifts and you’ve got to tweak your approach to stay compliant. Your business needs to be able to adapt; otherwise, you put your business at risk. The importance of regulatory reporting really can’t be overstated: few businesses can operate safely without it.
Most businesses who incur fines most often fail because they don’t place a proper emphasis on assembling the information they require or undertaking the processes they need to.
