Commentary by Scott Seibel, Vice President, ComplySci


If you missed this year’s NSCP Annual Conference in Washington, D.C., it can be summed up with one key word – technology. In fact, technology has become such a key component to the compliance industry that the United Kingdom has coined a term that is slowly gaining traction here in the U.S., “RegTech”, describing the vibrant technology industry that has spun off in response to regulators’ increased use of technology for oversight.  And this year’s NSCP Annual Conference reinforced this growing trend with the consistent message that technology and compliance are now intrinsically linked.

From the opening keynote, Marc Wyatt, Director at the SEC, explained that through the use of innovative analytical tools the organization has strengthened their ability to further their efforts to protect our financial markets. This is exemplified by analytical programs such as NEAT, which the SEC implemented in 2014. His comments should be shared with CFOs around the world – my takeaway: in order to keep pace with the regulators, compliance platforms are worthy of investment.

Lee Augsburger, Head of Ethics & Compliance for Prudential Financial emphasized the growing importance of compliance and how it has evolved from a regulatory burden to an essential strategic business role. Lee explained that in order to support this growing importance, compliance not only requires a seat at the table, but also must be supported and nurtured through tone from the top. Through proper support and a foresight to anticipate where risk may hit a firm hardest, firms can work to ensure that they are building out compliance and risk programs that address their greatest potential pain points.

While increasing the significance of the role of the CCO should be viewed universally as a good thing, it brings added responsibilities and pressures that only technology can help alleviate.   From data management, to surveillance to automated workflows, there is no shortage of opportunities in utilizing advanced technology in this field.

ComplySci is proud to contribute to the compliance revolution.  We are helping rearchitect not just how compliance officers perform their daily functions, but how the role is viewed and utilized in boardrooms across the globe.


*ComplySci is not affiliated with or endorsed by the National Society of Compliance Professionals. All views shared in this post are my own and do not reflect the views of anyone else, or any other organization.