The National Crowdfunding Association (NCFA) has published a new article by VigilantCS CEO and co-founder Robert Kirwin, declaring that a digitized staff compliance platform is absolutely essential for financial services firms.
Appearing in the July online edition of NCFA Blockchain Fintech CONFIDENTIAL—“A Digitized Staff Compliance Program is a Must-Have”—is easily accessible at: https://bit.ly/2MbEHeL. It is the first time that VigilantCS has written for the publication. The article flows directly from the presentation made by Kirwin at the FFCON19 conference in April.
“A key message we delivered at FFCON is that through digitization, firms can automate and reinforce regulatory requirements, while reducing compliance costs,” says Kirwin. “But the next important step – based on what regulatory bodies are seeking – is to examine staff conduct behaviour and hold financial professionals accountable for it. There’s still a lot of opportunity for gains.”
The article provides an overview of specific, telling behaviours that are sound predictors of the willingness of staff to engage in compliant conduct. It argues that an effective compliance program is much more than a “checkbox” exercise, making a digital solution a must-have.
“As we see it, compliance programs are a necessary function that have the potential to be a strategic advantage,” Kirwin emphasizes. As the article concludes: “Firms that do not adapt to new regulatory realities are at a competitive disadvantage.”
Founded by compliance professionals, VigilantCS is an innovative producer of intelligent cloud-based platforms for cost-effectively managing and monitoring conduct risk and staff-level compliance. In 2017, VigilantCS was one of only three Canadian companies to be named to the RegTech 100 list by FinTech Global. For more: vigilantcs.com, linkedin.com/company/vigilantcs/ and @vigilant_cs.