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ComplySci stats: only 27% of professionals deem their compliance program scalable for future growth

Compliance requires precisions. It requires accountability. It requires proactive care. It also requires forward-thinking initiatives designed to meet the evolving demands of a scaling firm.

Because, at the end of the day, the regulatory landscape will only continue to expand in complexity and a growing firm simply can’t afford to fall out of compliance.

Scaling your compliance program

In our recent webinar, “Moving Out of Excel: A Guide to Automating Compliance for Small to Mid-Sized Financial Firms” our panelists discussed the necessity of and strategy for scaling your compliance program. An initiative which many firms have yet to see fully mature based on the overall response to our poll.

Is your compliance program, as it stands today, scalable for future growth?

  • Yes – 27%
  • Somewhat – 63%
  • No – 10%

So, what can you do to help enforce your compliance program for scalability? Ensuring the same efficiency and effectiveness remains throughout your firm’s growth?

  1. Create a unified policies and procedures manual, contextualizing why compliance is a necessity and how it safeguards your firm.
  2. Implement annual compliance meetings to review any best practices, amendments to your Code of Ethics and other critical compliance updates.
  3. Provide ongoing employee training for all staff members.
  4. Integrate a compliance software technology to ensure no step ever gets missed.
  5. Take a proactive approach to communication oversight and recordkeeping.

Your firm’s compliance is dependent upon the fact that you and your team are able to do the most effective job possible. A feat which, in many cases, can be extremely challenging. However, with the right technology, one designed to reduce burden and improve efficiency, your team can rest assured knowing that every t is crossed and every I is dotted. No matter how large your firm gets.

ComplySci’s Compliance Program Manager calendarizes your entire compliance ecosystem, ensuring you never miss a date or forget a deadline. Ready to see why so many of your peers have chosen to work with ComplySci? Schedule a demo today.