Compliance is a moving target
Compliance is a moving target, and therefore, your work in compliance is never done. Not only do you have to make sure that you meet current regulatory requirements, you have to make sure that you keep track of all the new changes coming out, and figure out how they affect you and what you need to do in order to be compliant.
Compliance is manual
Compliance is manual, and therefore it requires a lot of hours of work. Like most other processes in an operation, compliance is managed manually and with the help of excel sheets or inadequate software tools (that are seldom more than glorified excel sheets). Given the complexity of the regulatory environment, this almost guarantees enormous inefficiency.
The common compliance process does not accumulate knowledge
The typical compliance process does not accumulate knowledge. When a new regulation comes out, the organisation must read and assess its implications, and then perform a gap analysis to figure out what new policies, instructions, routines, and controls must be implemented. Even if new regulation comes out that is nearly identical to something already conformed to, the same process is done and lots of money is spent on consultants and organisational changes.
We started out as a ragtag team of technologists helping our colleagues at Advisense disrupt the GRC space through innovative RegTech software solutions powered by data science and AI. Some of those projects turned out to be interesting enough to be launched as stand alone products.
Now, Grand Compliance is the most innovative RegTech provider in the Nordics, backed by more than 400 industry leading experts in governance risk and compliance. We combine AI-enabled solutions with human expertise in our next gen GRC platform.
Advisense is the leading GRC experts in Europe focusing on financial risk and compliance. With more than 450 highly specialized subject matter experts FCG is the trusted advisor to nearly 700 financial institutions.