Unexpected site visits from regulators can be extremely stressful. The ever-changing regulations and laws add to the workload and the need to stay prepared for surprise inspections while maintaining standards.
Since 2008, regulators have imposed more rules and laws, and with the introduction of new regulations like GDPR and DORA, we can expect even more changes ahead.
Each year, the costs of complying with new regulations increase by 10%, making it increasingly challenging to keep up using traditional, non-digitized methods.
In 2018, the Competitive Enterprise Institute released a comprehensive report on the rising compliance costs for large companies.
Here are the top three most stressful aspects of a regulatory site visit and how to address them:
1. Not Having Your Audit Reports Ready
Keep your audit reports up-to-date and easily accessible. Regularly review and organise your reports to avoid last-minute rushes during a site visit.
2. Having to Print Loads of Documents
Reduce the need for printing by maintaining comprehensive digital records. A robust document management system enables quick retrieval and sharing of documents with regulators.
3. Discovering Gaps in Your Audit Records
Conduct regular internal audits to identify and fix any gaps in your records before a regulatory inspection. This proactive approach helps maintain compliance and reduces the stress of unexpected findings.
The New and Improved Way of Automating Reports with KYC3’s Solutions
Integrated System with Full Audit Trails
KYC3’s solutions keep all data in a single integrated system, complete with full audit trails and detailed statistics. Reports are available in real-time, ensuring you’re always prepared.
Generate Reports within Minutes
With KYC3, reports can be generated in minutes rather than hours, thanks to standardised formats and consistent data directly from the system. Data is accessible via API, allowing automatic integration with complex business intelligence and decision support systems.
Streamlined Compliance with a Digital Platform
Using an integrated digital compliance platform, 360-degree view reports are standardised and available at all times. This saves man-days of work annually and ensures consistent and unbiased reporting.
Efficient Auditor Review
Auditors can review configuration rules, results, and audit logs directly on the system, providing a transparent view of how the system was used. This allows for quick empirical observations and immediate addressing of deficiencies, with auditor sign-off for configuration changes achieved swiftly.
Comprehensive and Accessible Records
Analysts can produce detailed records, including documents, assessments, and audit notes for regulators in standard formats at the push of a button. This holistic, transparent, and simplified compliance process ensures that fines for deficiencies or errors are avoided.
By leveraging KYC3’s solutions, the compliance process becomes more efficient, reducing stress and ensuring your organisation is always ready for regulatory site visits.
