Part One: Cloud-Based Platforms
As you head into the summer months, you may find yourself contemplating ways to refresh and update your compliance efforts. Like the perfect summer cocktail, a well-designed compliance program blends the right ingredients of technology, collaboration, and automation. In this three-part summer series, we’ll focus on the considerations for modernizing & scaling your compliance program. It’s time to keep cool, collected, and compliant this summer!
Part 1: Cloud-Based Platforms
While cloudy skies may not be the ideal backdrop for a summer day, one kind of cloud will brighten your compliance program – cloud-based platforms. So put on your shades (if you aren’t already wearing them), and let’s explore the considerations of shifting to a cloud-based compliance platform.
- Centralized Data Storage: Just as you seek shade on a hot summer day, it’s time to move away from disparate systems. These platforms provide a single source of truth where compliance data, documents, and processes come together seamlessly.
- Scalability & Flexibility: Like a beach umbrella that adjusts as the sun moves across the sky, cloud platforms offer easy scalability and flexibility. Your business is growing and changing. Cloud-based solutions can effortlessly scale your compliance program, staying one step ahead of the competition.
- Future-Proofing: Protect your business the same way sunscreen protects against UV rays. Eliminate the need for hardware maintenance and on-premises infrastructure. Old mainframe applications may be moving to the cloud, but it’s crucial that the underlying code is also updated.
At Four Eyes, our Intelligent Compliance Platform is built with open architecture, leveraging the power of Amazon Web Services (AWS). Here are some of the features that make our platform shine and solve the challenges faced by compliance leaders:
- Cloud-Native: Operate in a scalable, flexible, and secure environment. AWS provides a robust and reliable infrastructure accessible to clients anytime and anywhere.
- One-time Data Integration: Streamline one-time data integration, decreasing the cost of new features & functionality, and accelerating the path to going live.
- Role & Permissions: Enabling different views of the same data through a role and permission-based approach (advisor, head office, assistant views.)
- Connected Workflows: Automating data pre-population across multiple products through connected workflows, such as client onboarding. For example, when onboarding a new client, their information seamlessly flows from the initial application form to various compliance checks, risk assessments, and documentation requirements.
- Push & Pull Data: Facilitating seamless data exchange through push & pull capabilities.
- Built for Change: Help firms scale immediate regulatory requirements and adapt to new rules & regulations as required.
Stay tuned as we dive into part two of our summer series for modernizing & scaling your compliance program. Grab your pool float, embrace the summer vibes, and get ready to elevate your compliance program to new heights with Four Eyes.