Regulatory compliance is not a new thing. Although with the growing threat of terror regulatory bodies have stepped up on compliance requirements, this is something that has been here for quite some time. However, the regulatory landscape is not static. It has significantly evolved as regulators continue to respond to changing risks in the financial services sector. As a player in this industry, you cannot afford to be left behind. Regulatory compliance has offered many benefits for firms in the financial industry so it pays to comply. But how do you evolve with the changing landscape in regulation and compliance? Here are a few tips for payment services providers:
Stay Ahead Of the Technology
Although many people will agree that regulatory compliance comes with many challenges, many will front technology as the best way to deal with them. Regulatory compliance is not possible without supporting technologies and as such, it is imperative as a payment service provider to stay ahead of the pack as far as acquiring and using the latest compliance technology is concerned. There are many innovations in the compliance monitoring and tracking industry and companies like Trapets are breaking new ground in this area. Make sure you are always exploring what these innovations have to offer.
Dedicated Compliance Teams
Compliance monitoring is not an easy task. It involves a lot of planning, monitoring, and retrospective evaluation. If you are going to meet the regulatory requirements set in the EU, you need to have a dedicated team of compliance experts working within the organization. Their job will be simple. To proactively assess the operations of the PSP or payment service provider and to identify high risk and low risk processes as well as develop control measures designed to deal with these risks. Failure to have such a team may lead to many violations.
Learn From Other Firms
Learning never ends in the world of business. Even as you explore internal solutions in compliance, you must take note of what your competitors in the industry are doing to meet their regulatory obligations. Learning the best practices in the industry and taking time to observe strategies used by other firms in compliance will help you identify key systematic compliance challenges within your organization and address them accordingly. It will also help you benchmark and set standards for yourself that are aligned with what the industry demands. This will give you a better chance of avoiding violations.
Compliance As Part Of Management Action
You must also view compliance with regulations as part of the management actions that need to be taken within the firm. If there are clearly outlined benefits of compliance, management actions designed to meet regulations, and a framework to work with, then nothing will go past you. This is a new paradigm in the banking sector and it’s actually working.
Well, as you can see from the simple points above, compliance with the evolving regulatory landscape is not that hard. You can visit Trapets today for more details.