In today’s show, Amy Kadomatsu joins host Tom Fox to share how her company makes compliance simple for their clients. Amy is the Chief Operating Officer at ComplySci, a provider of regulatory technology for financial and professional services companies. ComplySci helps its 1200 clients in 51 countries monitor and manage employee risk, by leveraging technology to transform their day to day operations with digital compliance.
360° Employee Risk Management. Tom asks Amy, should a COO think about using a solution like ComplySci? And how it would help them integrate compliance into the business, but also satisfy the articulated requirements from the Department of Justice. Amy responds that it’s imperative to understand the needs of the business and try to engage end users into a culture of compliance. As the COO, you should also think about what you need to monitor and manage within employee risk. She describes how ComplySci’s multithreaded solution provides a 360° view of end users to help the company stay within the Department of Justice regulations.
Measuring and Maintaining a Culture of Compliance. Compliance and HR need to work together to establish a culture of compliance. Some ways to measure the effectiveness of their efforts are:
- Evaluating and quantifying the incidents reported;
- Tracking onboarding and attrition rates; and
- Measuring engagement via surveys.Employees need to understand the reasons why compliance measures are taken, and the company needs to make it easy for employees to comply. This is why ComplySci focused on a mobile implementation: they want to provide simple and accessible tools to make compliance easy for everyone.
How ComplySci Makes Compliance Simple. Many companies have compliance processes in place. Much of what ComplySci does is bring these processes to life, making them faster and more streamlined. Their compliance solution offers a robust dashboard and reporting system, which comes preloaded with many compliance rules. All the compliance officer has to do is modify the exceptions. If someone is trying to pre-clear a trade, for example, and something does not comply with a particular rule, the compliance officer can get a notification. Users, including the Board of Directors, can create customized reports and export them into Excel or another graphics program, effectively translating data into usable information.
ComplySci Summit. The ComplySci Summit 2019 takes place on September 9 in New York. The keynote speaker is former US Attorney Preet Bharara. An all-star COO panel will discuss topics such as the culture of compliance and innovation in compliance. They will also talk about how the needs of the COO have changed over the last decade and how to use technology to meet modern demands.