One of the trickiest things for wealth management firms is Compliance. Staying on top of changing regulations, and complicated nuances to keep your firm in good standing is a full-time job.
For many firms, automation has emerged as a great way to stay organized, improve efficiency, and even reduce risks. That’s why 91% of wealth management leaders say they’re planning to embrace new technology in 2024. When it comes to the anticipated return on investment (ROI) of new technologies, digital workflow automation (29%), compliance (23%), and risk management (18%) were all listed in the top 10 areas with the best ROI.
This blog examines how automated surveillance can streamline regulatory compliance, reduce risk, and boost operational efficiency.
Automate Transactions and Communications To Improve Regulatory Compliance
With automation, Wealth Management firms have an unprecedented opportunity to put important processes on cruise control. However, when adopting new tools which allow you to create rules-based alerts, automate communications, and flag transactions, it’s crucial to be aware of the regulations that govern such tools and processes.
For example, when PII is present, staying in compliance with security as well as data compliance rules is crucial for firms looking to automate processes with this type of data. Because not all vendors keep up to date with those requirements, it’s key to find an automation partner like Docupace that is aware of your firm’s regulatory compliance needs.
Our surveillance and compliance processing solutions integrate across key areas and ensures that your information is secure and compliant as it passes and is shared from one part of your business to the next. Just a few of our platform’s compliance or auditing solutions include:
- Automation for OFAC and FinCen contact review
- Letter Generation Automation for 36-Month Mailings, Address Change, Suitability Change, and Welcome letters
- Management for licenses allows you to flag trades based on license status, and send alerts to a rep if there’s a problem
- Automatically flagged Transactions, Accounts and Employees based on rules your firm designs
Reduce Risk and Human Error
Not only does automation for your Surveillance team have the potential to ensure your firm’s compliance across a variety of areas, it can also reduce risks and errors associated with tasks.
Through automation, operational risk can transform from reactive monitoring to proactive monitoring. By investing in data and automation tools, your firm will anticipate potential risks and correct course before issues evolve into serious breaches or noncompliance.
Imagine human errors are minimized, and your firm is able to expand its reach by surveilling more completely than you could with human brain power alone. Round-the-clock monitoring means that your surveillance and compliance practice can become more consistent and, by reducing human oversight, you also reduce the risk of smaller errors compounding over time.
Boost Operational Efficiency
Last but not least, automation is a boon when it comes to the costs and time associated with compliance activities. By automating repetitive work, your firm can free up advisors’ time so they can spend high quality time with clients. This pays dividends down the line in referrals and trust.
Reduce frustration with paperwork and back-office tasks that advisors must slog through, to improve employee satisfaction while at the same time, lessen employee turnover. This is important during economic downturns, when innovation and small gains are major keys to success.
Whether it’s automating simple communications with Advisors or maintaining compliance in more complex areas, your ability to reduce the volume of manual labor makes for happier clients, auditors, and advisors. At Docupace, our platform offers digital Trade, Account, Employee surveillance, and more, while also supporting you during regulatory audits. Find out more about our surveillance and compliance solutions here.
