Business Continuity with Apiax
Blogs on 24th March 2020
By Ralf Huber, Co-Founder, Apiax
COVID-19 affects many companies around the world, and financial institutions are no exception. Recently, we have learned that one of their main concerns is business continuity in compliance.
In the current situation, many financial institutions, from global universal banks to local private banks, are challenged in their ability to keep their compliance units operational.
From what we have learned, companies are finding it difficult to continuously provide compliance expertise to business units as compliance teams move to remote work – often for the first time ever – and team availability is becoming increasingly
We find that companies need a combination of the following elements to maintain business continuity of regulatory compliance in times of crisis: tools to digitalise their compliance knowledge and a way to provide their organisations – especially business stakeholders – with easy access to this compliance know-how.
In a digital format, compliance expertise becomes independent of the compliance teams, ensuring availability even if the teams are temporarily unavailable or resources are scarce.
To date, most financial institutions struggle to provide their compliance knowledge in digital form because they generally do not have the tools to translate their compliance expertise into digitally accessible rules.
Legal & compliance teams still work with manual solutions to provide their expertise, relying heavily on paper-based manuals, written policies, and compliance training. In the current situation, the value of digital collaboration tools has become blatantly clear.
We urge our community to examine these issues and use the current situation as an opportunity to reflect on their ability to provide compliance services in times of crisis.
In a few months, banking will not be the same anymore. The financial industry sees a boost towards digital right now, which affects key processes. For many of these processes, legal & compliance rules are the foundation. Now is the time to support these developments with the right regulatory technology.
We are proud that the ability of our customers to meet regulatory requirements has not been compromised in recent weeks.
You can not predict the future, but you can prepare for it – in this sense, we hope that this gives a positive note in an otherwise difficult situation.