By Varun Chandrasekeran, The Red Flag Group®
As compliance teams begin the new normal of working remotely, or trickle back into the office through a meticulous phased approach, they are being asked to do more with fewer resources. When The Red Flag Group® sampled our client base, a significant amount of respondents indicated that their organisation has been impacted by the COVID-19 crisis and are being asked to do more with less. Even before COVID, over 70% of respondents to a past survey indicated that they are spending close to half their time on resource intensive compliance tasks, taking away time from strategic priorities.
Working remotely presents unique challenges. For compliance professionals, it means relying on team members to be responsive electronically, using compliance software to automate and manage risk related topics, and responding to potential compliance issues through enterprise software tools without the benefit of face-to-face communication. One senior compliance officer stated, “Even though we are running at full speed with half the staff, high expectations remain to provide the same level of service to our organisation. As companies get stretched thin, risk increases. Everyone that I have spoken too feels the same,” stated Jordan F., Chief Compliance Officer. Work-life-balance has also been impacted and a major challenge is breaking away for family life when increased compliance requests stream in.
The Red Flag Group®’s Managed Services team is standing by to help our clients manage their compliance workload and bridge any gap in resources resulting from the difficult times we all face. Our team onboards new partners, screens large batches of third-parties and manages time consuming compliance processes, to give you back precious time to handle higher priority work.
In addition, The Red Flag Group®’s Managed Services team can assist other departments including channel sales and procurement (mainly with onboarding partners), mergers and acquisitions (usually in the form of due diligence and screening on target company third parties), human resources (with conflict of interest checks), and financial institutions (for sanctions, anti-money laundering and anti-terrorism database checks).
How viable is outsourcing compliance and stakeholder onboarding work? In a recent survey on supplier onboarding, The Red Flag Group® found that:
- Companies don't have headcount to manage key onboarding tasks
- Work cycles and spikes in activity are hard to predict
- Even senior team members spend significant time on admin tasks
Our team can:
- Gather data on suppliers
- Track supplier onboarding through your procurement process
- Conduct screening to identify compliance or business issues
- Save you time and allow you to allocate resources more efficiently
With the economy slowly bouncing back in multiple regions, the workload is increasing and managing risk remains a priority. Reestablishing business continuity and relying on technology, automation and outsourcing highlights the value of partnering with The Red Flag Group®.