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Don’t Sacrifice Success for Compliance – The Right Technology for Regulated Users

For ‘regulated users,’ education of company policy is essential, but investing in and implementing the right technology is the key component to ensuring both compliance and productivity.

 By Tom McNeila, Senior Product Marketing Manager at IPC for Traders - first published May 1, 2017

Just as financial markets firms become more confident that they understand the implications to their business of Dodd-Frank and MiFID, here comes MiFID II and the General Data Protection Regulation (GDPR) expanding the number of regulations their organizations must adhere to and the number of employees affected by the regulatory requirements.

The growing portion of the workforce now considered ‘regulated users’ can pose a potential risk to profitability and reputation if these users do not follow company policies set up to meet all regulatory requirements. To address this challenge, the financial community is investing in technologies. In one recent IPC survey, more than 80% of firms stated their spending on compliance technologies has increased by more than 20% year over year.

The Role of Technology for the ‘Regulated User’

For ‘regulated users,’ education of company policy is essential, but investing in and implementing the right technology is the key component to ensuring both compliance and productivity.

Mobility is a prime example of where the need for productivity and compliance requirements intersect. Mobility offers the opportunity for productivity without the investment in infrastructure – for many a laptop and mobile phone are all that is needed. Whether it is entering new markets, establishing new geographies or offering the opportunity to be productive wherever or whenever needed, organizations need to offer their ‘regulated users’ mobility while simultaneously ensuring all regulatory requirements are met. However, mobility also offers the opportunity for behaviors that are not in line with company policy. The use of ‘zero-evidence’ applications that are outside an organization’s control is a common example of a behavior that has resulted in fines and loss of reputation for more than one financial institution. 

To combat this type of behavior, organizations are unifying their communication elements under one platform. A single platform offers your ‘regulated users’ a single workflow over multiple endpoints, adding efficiency to their work processes. For the organization, this single platform ensures your ‘regulated users’ will adhere to company policies and ensures the proper recording and archiving of all communications. This achieves the balance organizations need for continued success.

It’s A Brave New World

This new ‘regulated user’ world will most likely be a thorn in the financial community’s side for as long as there are regulatory requirements, but those organizations that invest wisely and partner effectively can turn compliance requirements into a competitive advantage.