If there’s one word that makes any business owner’s skin crawl, it’s “compliance.” And as frustrating as it can be to meet certain compliance standards, this doesn’t have to be an issue that overwhelms you on a daily basis. There are ways to make things easier on yourself.
The Problem With Compliance
For financial institutions, compliance comes with the territory. It’s just part of what’s involved in running an organization in this space. You have to meet customer requirements, industry standards and guidelines, and finally regulations. And while we know that compliance is necessary and important for protecting our own organizations and the best interests of our customers, that doesn’t necessarily make it any more palatable.
Compliance is a lot like exercise. It’s something you know you need to do in order to thrive, but it’s often difficult. You can create a great fitness plan – or compliance program – and follow it for a few weeks, but when the proverbial rubber meets the road, it’s difficult to keep up with.
To say that you need to make compliance “fun” would be inaccurate. Compliance is never going to be fun, per se. You can, however, eliminate a lot of the friction associated with compliance by being more intentional in how you approach the creation and execution of your strategy and protocols. And in doing so, you’ll make it easier to accomplish your larger goals.
The Secret to Making Compliance Easier
Taking the friction out of the process is one of the keys to longevity and success with compliance. Here are a few of our favorite suggestions:
Satisfy Customers First
Complying with industry rules or government regulations is not your biggest challenge. In reality, your first priority is to satisfy your customers and clients. (If you don’t comply with the wants and needs of the marketplace, you won’t have a business for very long. And at that point, regulatory compliance becomes a moot point.)
Customer satisfaction is a must. Listen to your customers wants and needs and follow through on them. If you have supportive customers who believe in what you’re doing, it creates a strong foundation for growth.
Hire Passionate People
This step goes hand in hand with the first one. In order to cultivate a culture where compliance is something people are willing to embrace, you have to begin by hiring people who are passionate about your organization and its mission.
Someone who loves your company and what you’re trying to do is much more likely to prioritize compliance than an individual who is simply there to cash a paycheck and make it to the weekend.
Treat your employees in such a way that they hold deep and firm beliefs in the vision for your company, the products you sell, and service you provide. The more conviction you have, the more commitment your team will possess.
When it comes to actual compliance with regulations, the goal is to make things as easy on your team as possible. There will always be some manual work involved in compliance, but the more you can streamline processes, the less frustrating things become for your team. And when frustration is low, there’s always a much higher likelihood of successful outcomes.
Take business verification as an example. Traditionally, the process of verifying customers and monitoring individual accounts has been painstaking. But with business verification software, it’s now possible to automate tedious manual review and establish a seamless workflow that operates smoothly, efficiently, and without delay.
Make Training Engaging
Training is typically a requirement for federal regulations and other compliance initiatives. And the last thing you want is to make your compliance program feel like a boring classroom lecture that takes people away from more important, pressing duties. In fact, if you can find ways to make training more engaging, you can make this a strength of your program.
One way to make training more engaging is to give each learner a choice. Some employees operate best in a classroom setting with a live instructor. Other employees prefer self-paced training where they can navigate on-demand modules as they see fit.
Good training is also collaborative. Try blending individual and group learning so that employees feel like they’re part of something bigger and more meaningful. (This also helps improve knowledge absorption.)
Learning to Win the Compliance Game
Compliance isn’t something that most business owners are excited to discuss. But if you ignore compliance, it becomes difficult to accomplish all of the other goals you have within your organization. By learning how to win the compliance game now, you can set your business up for sustainable success.