Helping organizations make the transition is a New York-based company, MyComplianceOffice, offering software solutions that automate the compliance program on a single platform. Brian Fahey, CEO, MyComplianceOffice, remarks that while “compliance may have some expenditure, but non-compliance can cost organizations their reputation. With expenses much lower, businesses can deploy a compliance SaaS solution like MCO within days and actually reduce the cost of ownership and the day-to-day running costs.”
Through 15 years of research and development, MyComplianceOffice has identified the tasks, workflows, and document management functions that form the backbone of any robust compliance program. The firm found that the market offered only two solutions – organizations could have an expensive bespoke deployment or a single-tenant hosted system with limited functionality. This left many firms in the employee compliance space with poor compliance cover and a lack of centralized system of control. As regulation creeped on, firms were left with disparate systems that effectively do the same thing from an IT perspective but are not integrated onto a single platform. Fahey’s team specifically developed their control center dashboard to deliver the level of oversight more typical seen in mission-critical programs.
Our solutions demonstrate how good governance and compliance can be integrated with minimal disruption while simultaneously being a valuable asset for the firm
“Furthermore, because the compliance reality is often in reaction to a new regulatory issue or impending piece of legislation, we built a modular platform that is adaptable and grows with the organization as the external regulatory environment changes,” notes Fahey. The solution also captures the external market data required to compare the internal firm data with external market data to provide an unparalleled ease of monitoring of the compliance program. “Our solutions help the Governance, Risk, and Compliance team to demonstrate how good governance and compliance can be integrated with minimal disruption while simultaneously being a valuable asset for the firm,” he adds.
The company’s Compliance Program Manager enables the configuration of a new task or workflow within an hour, without the need for the IT department to get involved. The team has been operating globally with users in over 20 countries and a multi-lingual capability to enhance user engagement. They offer Know Your Employee or Conflict of Interest solutions, as well as Trade Surveillance solutions, aimed successfully at financial service firms. “The addition of our Know Your Supplier solution provides a fully integrated Conduct Risk solution to the market,” says Fahey.
About the road ahead, MyComplianceOffice is planning on strengthening their services and extending their worldwide footprint, with the software now being available in any language. “Our services ensure that a company’s operations are reliably compliant, enabling them to consistently and confidently manage the regulatory demands placed on their business,” concludes Fahey.