Our client, with a considerable retail client-base, had several different technological solutions to manage complaints and to control internal compliance workflows such as financial promotions. The Compliance Function had to log onto multiple systems to manage their compliance responsibilities, as did employees of the firm. With the Firm’s continued focus on compliance, there was a need for a streamlined system to deal with the increased regulatory burden.
Our client had seen increased regulatory requirements drive the time of the Compliance team into more administrative tasks, and less time on value-added advice and support to the business. To resolve this problem, the Firm was looking for technology to help release the time of the Compliance team and to complement their existing RegTech solutions. They already had in place several RegTech solutions with specific capabilities. The Firm’s initial requirements for a new compliance technology solution included:
- Compliance Monitoring Tool; and
- Document Management Solution
A developing problem for many firms is the growing number of technological solutions and the increased cost of compliance software licensing, as well as the need for users to remember how to use the multitude of software.
By deploying CCL C.O.R.E, the client is able to meet their needs for compliance monitoring and document management, as well as keeping on top of employee’s compliance obligations such as disclosures and attestations. The decision to employ CCL C.O.R.E is easy to justify, as CCL C.O.R.E meets the firm’s requirements, allowing the firm to retire legacy systems. It also meets the regulator's expectations for record keeping and accountability. This consolidation not only simplifies and strengthens the firm’s compliance framework, it also brings efficiencies that offset the cost of CCL C.O.R.E.