compliance technology

How to find and integrate the right financial services compliance software for your firm

Recent merger and acquisition (M&A) activity within the financial services compliance software industry has resulted in many firms looking to transition to a new compliance technology…but unsure exactly what to do, how to go about doing it and who needs to be involved.

While a new technology does mean some up-front investment – think time spent training and onboarding – the resulting impact will save you money and resources, allowing your compliance team to prioritize those strategic initiatives that have been on your backburner for the past few months.

Key considerations when selecting and transitioning to a new financial services compliance software

In our recent webinar, ComplySci CEO Amy Kadomatsu sat down with a recently onboarded client as well as a transition specialist and a legal specialist to discuss what to expect in the process of transitioning compliance software.

The takeaway?

Whether you are moving away from manual processes or you’re transitioning between compliance technologies, there are a few key factors (internally and externally) to take into consideration when selecting and transitioning to your new financial services compliance software:

1.Find a partner who will work with you on a definitive project plan.

Your technology partner should be just that, a partner, working with your team to help drive the project forward and setting clear expectations and deadlines for the process. This might include providing information and support on:

  • Data migration considerations.
  • Tech stack integrations.
  • Clear KPIs and milestones.

2. Establish what kind of training your vendor will provide post go-live.

A good partner should provide initial onboarding as well as continued education and training. This will be essential for your team as you continue to scale and expand your compliance program and the technology supporting it.

3. Consider a test site or phased roll-out.

A test site will allow your team to assess functionality prior to launching firm wide. You might also consider a phased roll-out, which allows teams to become more familiar with the compliance systems they will be using and provides the opportunity to assess the technology and make recommendations for future improvements.

4. Remember it’s a team effort.

While your compliance team will likely be the most active users, your internal launch team should include personnel from multiple departments. Most importantly, include your IT department early and often. They will help define how data should be collated and handed over from your previous system and will ensure the technology integrates with your other technology systems appropriately.  

5. Automation is only successful when it’s backed by a good team.

Automation for automations sake is worthless. However, automation + people = best-in-class results.

Ready to transition your own financial services compliance software? Schedule time for a quick conversation to see if ComplySci might be the right it for you!