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Tuesday, May 21, 2024
Tuesday May 21, 2024
Tuesday May 21, 2024

Five strategies to enhance business compliance effectiveness in France’s emerging RegTech sector

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As regulatory technologies gain traction, french experts share key tips to streamline compliance processes and mitigate risks

In the evolving landscape of regulatory technology (RegTech) in France, staying abreast of compliance requirements poses a significant challenge for businesses. Despite the nascent state of the RegTech market, the importance of robust compliance systems cannot be overstated, especially in sectors heavily regulated like finance. Industry leaders Manon Anglade and Carlos Gutiérrez provide five pivotal strategies to enhance compliance efficiency and effectiveness.

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Keep abreast of regulatory changes

Staying updated is fundamental. Manon Anglade, France Country Manager at Leo RegTech, highlights the rapid evolution of regulations post-2008 economic crisis. She advises companies to engage with legal or compliance consulting firms and subscribe to their newsletters for the latest updates. Carlos Gutiérrez emphasizes the value of networking within one’s industry to exchange valuable insights and stay informed about regulatory changes.

Embrace digital transformation in compliance processes

Many compliance managers still rely on outdated tools like Excel spreadsheets and Word documents, which can be inefficient and error-prone. Anglade notes that in other countries, centralized compliance software has been adopted to streamline processes and reduce errors. Implementing such tools not only saves time but also improves accuracy and adaptability to changing regulations.

Enhance internal communication

Effective compliance requires cohesive teamwork and clear communication channels within the company. Anglade suggests setting up centralized processes for handling requests, adopting notification systems, and using project management tools to track and delegate tasks efficiently. This ensures that all departments are aligned and informed, fostering a collaborative environment essential for compliance.

Recognize the broader impacts of compliance failures

Compliance is not just a legal necessity but also a critical component of business strategy. Poor compliance can lead to severe financial penalties and damage to a company’s reputation, which in turn can affect investor confidence and market position. Anglade warns of the dire consequences of non-compliance, which can extend to significant asset losses and operational restrictions.

Proactively monitor and adapt compliance measures

Waiting for periodic reviews or audits is insufficient. Continuous monitoring and real-time updates are crucial to maintaining compliance integrity. Digital tools can facilitate this by providing ongoing oversight and documentation of compliance activities, ensuring that companies can respond promptly to regulatory changes and avoid potential violations.

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