As we’ve learned from our conversations with CCOs, data management is a top concern for compliance teams. Compliance teams are managing more and more information that is often stored in multiple disparate systems, leaving teams overloaded with manual tasks and exposing the firm to significant risk.
A recent survey of compliance professionals highlights this concern. During a ComplySci Training webinar, we asked attendees how they are feeling about the amount of data they manage, and we learned:
- 26% of attendees currently feel overwhelmed by the amount of data
- 37% of attendees are currently managing but feel the amount of data could become a problem
- 40% of attendees expect the amount of data they manage to increase in the next six months
With more than 60% of compliance teams already overwhelmed or anticipating being overwhelmed by data activities soon and increased scrutiny from regulators on the importance of data management, automating tasks is more critical than ever. ComplySci automates compliance tasks and securely stores compliance data, reducing manual tasks and freeing the compliance team to focus on more value-added activities.