The importance of the compliance function has increased over the years – and like many other departments, in light of digital transformation it is being viewed as more of a proactive business partner rather than as a reactive separate part of the business.
However, there are some key challenges which compliance teams need to overcome before being able to truly digitally transform – including having the right technology in place to be able to do more with less.
The key challenges include:
- Lack of automation: Despite many organizations having a standardized compliance framework, most of the underlying tasks and processes are still manual and paper-based which means valuable time and cost is incurred during compliance matters, such as, client due diligence
- Compliance work can be complex and highly customized: processes and policies can range depending on the industry sector
- Lack of IT: Most compliance departments struggle with sufficient IT resources
- Limited reach: The lack of automation results in a limited reach and day-to-day application of policies in the business
- Lack of transparency: Manual and paper-based processes are slow and difficult to track
- Increased risk: The lack of transparency results in potentially higher unknown risks that a compliance process has not been followed
- Lack of KPIs: Without a digitized process, compliance functions struggle to appropriately measure their performance metrics, impact on the business and develop a reporting structure
This is where BRYTER comes in.
BRYTER helps compliance teams implement policies across the business and automate and streamline compliance processes and workflows internally – all without the need for programming expertise. Using BRYTER’s no-code logic-based decision-making, compliance professionals can build and apply their compliance framework and process across the organisation, streamline the handling of compliance matters, such as anti-money laundering and client due diligence and collaborate with all stakeholders across business units. Ultimately, this allows compliance teams to ensure that the right processes and policies are being applied and maintained across the organization.
Here is what the no-code platform can do for you:
- Customized and complex automation: BRYTER is highly customizable and able to capture complex expertise, reasoning and scoring attributable to your compliance policies and procedures
- Scenario-based: BRYTER can automate highly interdependent and conditional scenarios typical for compliance work
- Impact: BRYTER offers rich user analytics to understand how business users are interacting with your compliance applications
- Customized output: BRYTER combines logic with content to generate bespoke outputs such as documents, reports, emails etc.
- Connected: BRYTER can connect to existing IT-infrastructure and data bases to formulate structured data
- Integrated: BRYTER is interoperable and integrates with all major tech providers to enable you to create integrated solutions for your compliance needs
- Enterprise-ready: BRYTER meets the highest standards of performance and security