How can compliance be made easier?

How can compliance be made easier?

In a recent blog, whilst complimenting the financial conduct authority (FCA) on a quality publication, the CEO of the ICM said how two recently issued compliance documents were 40 pages and 646 pages respectively. Philip King went on to add that he did not envy the job of a compliance manager on that basis.

So what about the companies that do not have a compliance manager? Where the financial controller or credit controller has to try and divulge this information whenever it should be drafted or arrive on email from the FCA? Philip’s blog, which can be read in full here: http://www.icm.org.uk/ceoblog/rule-thumb-blog-philip-king/ points out and pokes fun at the fact that one of these FCA documents has four pages set aside for abbreviations alone. Whilst the CEO of the ICM says how the writing style is good, plain English, easy to follow to read, the blog highlights that this was issued at the very end of February by the FCA. Guidelines within effective from the 1 April in the same year. Nearly 700 pages of information for a company to read, digest, implement strategies around to change policy and procedure to ensure compliance, in just one short month. No wonder Philipp says he doesn’t envy a compliance manager!

Using the right software can help. Safe Financials and Safe Credit Control software for instance is powered by Safe, kept abreast with the latest regulatory and best practice changes. Those using Safe software are updated with software updates, user manuals, and offered training courses. Having Safe software in your business could really help take the pressure out of financial regulatory compliance. To find out more visit www.safe-financials.co.uk or www.safe-creditcontrol.co.uk. You can also call 0844 583 2134 or email info@safecomputing.co.uk.

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