In any organisation, compliance with regulatory bodies is extremely important. However, many organisations set up their company with the regulations in mind but neglect to audit it regularly to ensure they are not breaking any new rules. In this case, an outsourced compliance audit would be the best option. Below, we look at some of the key reasons why you should consider this for your organisation in 2021.
Get Advice From The Experts
One of the main reasons why you might want to outsource your compliance audits is that it can ensure you are getting things right the first time. If your team aren’t well versed in compliance and all of the existing regulations then you may find it hard to stay on the right side of the law one hundred per cent of the time. However, when you get advice from a compliance consulting firm, you can ensure that the information you are getting is accurate and up to date. Regulations can change from time to time and it can be tricky to understand exactly what is expected from you – especially if you are operating in various countries around the world.
Relieve Pressure On Your Team
Operating in a heavily regulated industry such as finance can be very stressful for teams around the world. When you put additional pressure to maintain and audit compliance on your team, you are more likely to cause problems rather than find solutions. It shouldn’t be the sole responsibility of one team member to maintain compliance and ensure the rest of the organisation is following the rules. By outsourcing this task to an external team of experts, you can relieve that pressure on your team and allow them to focus on their own tasks.
Resolve Issues Quickly
As we mentioned above, your team likely have other tasks that they need to be focusing on – so what happens if they spot a compliance issue. It is unlikely that they will be able to drop all of their work to deal with the issue and this is where problems can occur. You need to have someone who is ready to manage the compliance issues straight away to avoid any kind of regulatory action or fines. When you outsource this kind of project to an external company, you can make sure that the job is always done right away. With little delay, you can have the peace of mind that you aren’t going to face action from regulatory bodies throughout the financial year.
Saving Money
While you may believe that outsourcing simply costs more money, you’ll often find that by hiring experts to help with this kind of task, you can save money in the long run. Compliance consulting experts are trained to help you improve your current system and give recommendations that will help you improve. This can not only save you a lot of time but also money over the coming years. Additionally, they can help you to avoid fines from the FCA or your relevant regulatory body. If you aren’t constantly watching out for breaches, you risk having to pay these fines.
Consider Outsourcing
If you are running a large organisation, you might have the resources in place to manage compliance and audits in-house. However, if your team is smaller and extremely busy, it is often the better option to outsource compliance audits. In specific scenarios, such as automating your compliance regarding how you structure or develop your AI implementation, an AI governance platform could be ideal. Before you hire an external company to complete this task, make sure that you have heavily researched their experience and what they offer. This way, you can stay on track and ensure your business is successful.
