With an announced crisis on the horizon, why are companies like Currencycloud investing in policy management automation?
Cost-of-living crisis, uncertainty in the Fintech and Crypto spaces, ongoing war, political instability. These current buzzwords are nothing short of scary. They were certainly not what we were hoping for after the COVID-19 hurricane took us by surprise and soared the globe. We were looking forward to blue skies but are faced instead by a cloudy horizon.
Many companies, still scarred by the crisis in the past couple of years, are deciding It’s time to cut costs, hold on tight and hope for the best - again. While a cautious approach may be the most sensible route, there are technology investments that still need to happen, as they have the potential to help your company navigate this brewing storm and arrive safely to the other side.
Here are 7 reasons why organisations are investing in policy management technology now:
- The Board will certainly be looking for efficiencies and cost reduction, and there will be a laser focus on areas that don’t directly bring revenue, such as compliance. Automating policy management has the potential to cut compliance costs by up to 30%, by reducing the back and forth in editing and approval processes, eliminating inefficiencies and allowing senior, more expensive staff to focus on strategic tasks.
- The speed of regulations won’t slow down. If anything, changes might be accelerated in an unstable environment. You should be prepared to update and distribute policies and procedures to the staff quicker than ever, at no extra cost.
- Headcounts might be frozen - hopefully, you don’t have to cut personnel, but it’s quite likely that you won’t be allowed to hire for a while. By automating time-consuming, manual tasks, you can make sure your existing team is leveraged in the best possible way and is prepared to deal with an ever-increasing demand for compliance.
- It’s a tough market out there. The great reshuffle doesn’t seem to be over yet. Great professionals are really hard to find and attract and even trickier to retain. Make sure you keep your stars happy by freeing up their time to do what they love, instead of burying them under boring, repetitive tasks.
- With an economic downturn, who can afford unnecessary fines? Financial institutions across the globe are constantly being fined by staff transgressions, such as use of unauthorised social media at work and breaches in BYOD rules. With an automated policy management system, you can make sure your compliance team is on top of updates and able to efficiently spread the word on what needs to be done to all members of staff.
- If you’re lucky enough to be growing in this environment, you need to be ready to scale up in compliance. Launching new products, expanding to different geos, communicating with a growing workforce and so on will certainly require the compliance team to be agile and adaptable to emerging requirements.
- Modern policy management solutions are cloud-based and, as you probably know, this can translate into a much lower Total Cost of Ownership, as the cloud has lower infrastructure costs, and consequently requires lower maintenance. It can also bring flexibility to scale up, with shorter development and implementation times.
Currencycloud just took the plunge and adopted policy management technology to help them manage their policies and procedures as the company continues to grow and expand. They’ve moved away from the use of conventional software that wasn’t fit for purpose and involved a lot of manual processes. Using generic tools that don’t cater to their needs is the reality for more compliance teams than you can imagine, and the reason why so many companies are looking for efficiencies through policy management automation. To understand how your organisation compares and what you should do next, you can take a free assessment here.
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