Untangling IT from Compliance Operations

Picture this: You have just joined a successful investment adviser as CCO. You want to take a hands-on approach, so you are overseeing the firm’s quarterly certification process. You are glad to see that the firm stopped using spreadsheets to manage the process a few years ago; you know such an approach can be fraught with errors and inefficiencies. Instead, the firm uses a custom-built, proprietary database.

After reviewing the language on the certification form you are about to send out, you decide the verbiage needs to be updated. Unfortunately, you learn that you cannot make any changes to the database yourself. Instead, you need to put in a help desk ticket with your firm’s IT department, which will be queued and handled in the order received.

Two days have gone by, and the clock is ticking on getting your certifications out to employees. You anxiously follow up with IT on the status of your request, only to learn that your ticket has been deemed a low priority after sales, marketing and finance tickets.

Frustrating? Definitely. Unusual? Unfortunately not.

This type of scenario is all-too common in financial services firms in which the compliance department is just another dependent customer of an overworked and understaffed IT department.

What’s the Real Cost of Having to Rely on the IT Department?

The true cost of being dependent on IT for any system updates, form or report modifications, workflow changes, regulatory enhancements or any other change can go beyond mere frustration.

There’s a financial cost associated with using the internal IT department, whether or not your organization actually charges back or allocates that cost to each individual company department.

Consider also the productivity cost that comes with waiting for IT to make changes; the compliance department may experience unwanted down time when they are unable to complete key tasks or activities.

Finally, there are also potential risks and regulatory costs associated with failing to make timely systems updates. Relying on IT staff who may lack the regulatory knowledge to effectively meet the compliance department’s needs can increase those risks.

How Using the ComplySci Platform Creates Efficiencies

There’s a better way to manage compliance technologies. Financial services firms using The ComplySci Platform have the ability to make changes to their forms, certifications, workflows, reports and more, directly in the system – on the fly.

This hands-on approach puts control squarely in the hands of authorized compliance department employees, giving you the ability to make those types of edits easily when you need to – without having to wait for the IT department to get around to your request.

When the compliance department is in control of managing system permissions for authorized personnel, the risk of an IT department employee accessing confidential information is also removed.

This is obviously a “win” for the compliance department, but it also creates efficiencies and savings for the IT department too. Instead of having to maintain such legacy, custom-designed systems for the compliance department, they can focus their time and efforts elsewhere, helping keep the firm’s infrastructure and other core systems running smoothly.


Picture this: It’s one year later, and your firm has implemented The ComplySci Platform. You’re reviewing system-generated reports with the compliance team and decide you would like to add a new field to the report.

In less time than it would probably have taken you to put in a help desk ticket for the IT department’s attention, you are able to log in to The ComplySci Platform and make the desired changes with simple drag and drop technology. You print out a new report and are pleased to see the data is exactly what you were looking for. You didn’t need to bother IT, and you have the power to make any other changes in real-time – customize certifications, change groups, update workflows, and more. The power is in your hands.


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