Simplifying Financial Compliance Regulation for 2024 with IBM OpenPages
Complying with financial compliance regulations is harder than before. Businesses are in danger of non-compliance with financial regulations such as AML (Anti-Money Laundering), FATCA (Foreign Account Tax Compliance Act), and IFRS (International Financial Reporting Standards), which can lead to costly mistakes and lost time. According to the survey, financial crime compliance in North America cost businesses an astounding $56.7 billion in 2022 alone. This figure highlights the growing demand for resources to ensure compliance, especially for larger enterprises.
However, the cost isn’t just financial. Meeting financial compliance also consumes substantial time and resources. According to Thomson Reuters, financial services compliance teams now spend an average of 1 to 3 hours a week monitoring and evaluating regulatory developments, adding to the operational burden.
The pressure to reign in compliance continues to mount, especially when penalties for non-compliance related to financial regulations, such as: AML, KYC, ESG, sanctions, and CDD (Customer Due Diligence) regulations surged by 57%, reaching a total of $6.6 billion, up from $4.2 billion.
At the 2023 ABA Risk and Compliance Conference, prominent business leaders stated that businesses must give up on manual compliance processes. Financial compliance automation is more than just a practical tool these days. It’s essential to keep up with the constantly evolving laws.
That gap is filled by IBM OpenPages – financial compliance solution. It is intended to assist companies in streamlining their financial compliance procedures by automating tasks and lowering the quantity of manual labor required. It is possible to streamline processes like regulatory reporting, financial audit management, and AML monitoring. Let’s examine how IBM OpenPages can help your company with financial compliance.
How IBM OpenPages Simplifies Financial Compliance: Key Features and Benefits
- Centralizing Financial Controls
It might be difficult to stay on top of several compliance systems, particularly if you still handle everything via spreadsheets. One of the key advantages of IBM OpenPages is how it centralizes all your financial controls and compliance data. OpenPages consolidates all your entities, processes, risks, controls, and test results into one location, saving you from having to switch between many platforms.
This centralization is particularly valuable for companies that need to meet complex financial compliance requirements like Sarbanes-Oxley (SOX). With IBM OpenPages, you can easily map out dependencies between your processes and their related risks. This makes it much easier to find potential flaws before they develop into more significant issues.
Having everything in one place also facilitates decision-making. With the use of a single database, you can quickly and simply keep an eye on your financial compliance status, spot any gaps, and take appropriate action to ensure accurate and timely financial reporting.
- Turning Data into Actionable Insights
IBM OpenPages doesn’t just store your compliance data. It transforms that data into something more meaningful and actionable. The platform provides interactive dashboards and pre-built reports that give you a real-time view of financial compliance activities, such as AML checks or FATCA reporting. This way, issues are caught early, giving you enough time to address them before they escalate.
Another significant benefit is the option to personalize these reports. Financial compliance teams can modify them to meet the unique requirements of the company, such as concentrating on particular risk areas or producing thorough reports for stakeholders. Your team can make better decisions with IBM OpenPages’ data presentation in an understandable style. It transforms data into something that actually aids in maintaining compliance and averting hazards before they materialize.
- Automating Compliance Workflows
Manual financial compliance workflows are time-consuming and often error prone. IBM OpenPages removes the guesswork by automating the whole financial compliance lifecycle. From setting up and testing your controls to assessing, validating, and addressing any issues, the platform assists you in staying on top of everything.
Not only does automation save time, but it also reduces errors. For instance, IBM OpenPages ensures that internal controls that comply with SOX are regularly certified, assessed, and tested. By automating repetitive tasks like data entry, you reduce the risk of human error and can meet financial reporting deadlines with ease. The platform also supports gap analysis, meaning it can automatically highlight areas of vulnerability in your compliance processes. With this insight, you can take proactive steps to fix those vulnerabilities before they lead to costly penalties.
- Customizable and User-Friendly Experience
No two organizations are alike, and IBM OpenPages financial compliance solution understands this and thus, provides a customized interface. Whether your firm has unique procedures or documentation structures, the platform is adaptable to meet your requirements. You may quickly set up how your financial compliance data is managed, visualized, and reported.
The interface itself is intuitive, so your team won’t need to spend weeks learning how to use it. With customizable workflows, data visualization options, and seamless integration into your current processes, OpenPages makes it easier for everyone on your team to handle financial compliance tasks efficiently. By guaranteeing that the appropriate individuals have access to the necessary resources, this flexibility enhances accuracy and expedites the process.
Conclusion: Take Control of Your Compliance with IBM OpenPages
IBM OpenPages can dramatically alter the way your business manages financial compliance. In addition to lowering your risk of fines, centralizing and automating important compliance procedures also frees up time and money. Your team can concentrate on strategic objectives that support the expansion of your company rather than tedious operations.
Are you set to streamline your financial compliance procedures? Make an appointment with ITech GRC, premier partner of IBM OpenPages, for a demo now to discover how financial compliance automation may help you keep ahead of changing regulations, save time, and streamline compliance.