The role of compliance has expanded as companies grow internationally and regulatory enforcement becomes stricter. The number and complexity of tasks that compliance departments must undertake to manage risks has grown exponentially. Compliance professionals now lead everything from risk assessments and training to due diligence and social media administration.
To better support compliance professionals globally, The Red Flag Group launched its compliance managed services solution in 2015; organisations can now leverage our expert teams to manage resource-intensive tasks and free up time to tackle other priorities.
The Red Flag Group implemented managed third-party processing services with multiple global organisations. Chief compliance officers found their existing third party onboarding processes to be inefficient and time-consuming, often involving things like issuing questionnaires and tracking third-party due diligence. These tasks ultimately diminished their ability to focus on sales and growth.
A recent survey administered by The Red Flag Group to over 200 compliance professionals found that 70% still spend almost half their time on administrative tasks and 72% of experienced team members shared they spend significant time executing tactical daily tasks rather taking time to prepare or execute strategic initiatives.
The high workload expectations on compliance professionals leaves little time to manage resource intensive tasks such as third-party onboarding, screening, processing applications, managing supplier data, and others.
Expanded service areas
In 2016, the Firm expanded its service offering by adding managed database screening and continuous monitoring, acquisition integration due diligence and compliance project management (everything from vendor audit services to applications processing).
In 2017, it plans to expand its core suite to include managed know-your client screening and anti-corruption and bribery investigations. The Red Flag Group’s team of attorneys work to evaluate each organisation’s process, identify pain points and bottlenecks, simplify workflows and most importantly, build dedicated teams for each organisation to manage onboarding tasks.
For a global pharmaceutical client, for example, The Red Flag Group’s expert team distributes questionnaires to third parties, conducts baseline screening, tracks third-party progress and updates business sponsors so they can make timely decisions. The client’s third-party onboarding rate nearly doubled, and turnaround time was reduced to less than 10 days for each third party.
Our expert teams
By leveraging our managed service model, organisations gain a trusted partner to support key operations. The Red Flag Group’s Professional Service Teams speak over 45 languages and are experts in due diligence, research, workflows, compliance technology and client
communication. Our teams are positioned globally, to offer follow-the-sun support for multinational clients.
Last year we added regional teams in Panama, Krakow and Amman to complement our existing teams in Phoenix, London, Hong Kong, Manila and Penang.
This is an extract from The Red Flag Group Annual Report 2016/17. To read the full report please click here
Additional sections of the Annual Report 2016/17 include:
- Our 10-year anniversary and The Red Flag Group in numbers
- The market outlook for 2017
- Product developments 16/17 - ComplianceDesktop® | Compliance Technology Platform
- Product developments 16/17 - IntegraCheck® | Integrity Due Diligence
- Product developments 16/17 - IntegraWatch® | Compliance Screening
- Product developments 16/17 - Supplier Integrity® | Suppliers Management Platform
- Product developments 16/17 - Advisory Services