Financial Services are part of a highly regulated industry, and as such face the challenge of managing complex compliance risks while simultaneously striving for business innovation and digital transformation.
Financial Services are driving a rapid pace of innovation as customer expectations are changing and markets are being disrupted. Recently, I noted the expansion to Visa and Revolut’s partnership, which is an example of one of the many influences in the race to stay competitive. (Visa and Revolut have just announced a new agreement that will enable Revolut to reach 24 new markets for a total of 56 markets globally).
As Financial Services continue to tap into new and existing markets, and continue to push each other to improve value propositions and embark on initiatives, keeping up with the necessary regulatory requirements becomes difficult to balance with the speed of business innovation and digital transformation.
And compliance, as I’m sure you’re aware, has a significant impact on reputation, on cost and ultimately on customers, which in turn affects business development and growth.
How IT compliance is usually managed in an environment of business innovation
The responsibility for remaining compliant falls partly to the IT department, and is part of the IT Service Management mix.
I’ve seen cases where the Chief Information Officer (CIO) has overall responsibility for IT compliance. In other cases I’ve seen, responsibility falls to the Chief Digital Officer (CDO).
There are also cases where IT compliance is the responsibility of an IT Managed Service Provider.
As such a provider, our Financial Services division work with companies as a full IT department, often as CIO but also as an extension to your team.
Outsourcing IT compliance to an IT Managed Service Provider is beneficial in an environment of business innovation and digital transformation in a number of ways. I’ve selected a few of the most common here:
1 – Cost Savings and Control
Since managed service models tend to be subscription-based, with businesses usually paying a fixed amount each month for ongoing management, there is greater certainty to the cost of IT compliance.
2 – Better Efficiency
IT Managed Service Providers are in a position to bridge knowledge gaps more quickly than an in-house IT department, due to experience of managing a wide variety of compliance risks on a day-to-day basis. They have knowledge of workflows, task automation and technology to help run IT compliance processes with improved efficiency.
3 – Time Savings
Outsourcing the ongoing management of IT compliance gives companies more time to spend on business innovation, digital transformation and other value-added activities.
4 – Remaining Competitive
Small to medium sized companies simply don’t have the same range of resources as larger enterprises. IT Managed Service Providers enable a greater level of access to expertise, technology and support for IT compliance, ultimately helping companies to keep up with the necessary regulatory requirements while focusing on maintaining a rapid pace of innovation.
Epoq-IT are a Managed Service Provider. We have a track record of audit preparation and post audit remedial work to enable Financial Services to remain compliant.
If you’d like to learn more about how an IT Managed Service Provider can help with compliance, please let me know.
I’m also happy to answer any questions you may have about IT Service Management – relating to business continuity, Office 365 or something different.