Often compliance activities represent a major overhead, and it is quite common for compliance to be seen as an obstacle in the way of getting business done and efficient processing. The costs of compliance are a significant factor in most industries, and a major factor in several. In a time when profitability is under heavy pressure anything that can reduce the cost burden of compliance without compromising standards is highly desirable.
Kingston Smith Consulting offers a sophisticated toolkit of support to reduce your costs of compliance:
- Process review and re-design - the greatest efficiency gains are achieved from compliance procedures which are built into processes and systems so they occur with as much automation as possible and in a way that achieves other commercial goals of the organisation, not just its regulatory goals. Kingston Smith Consulting has process analysis tools which are designed to drive out compliance savings for our clients.
- Systems generated compliance information and analysis tools - one of the most cost effective approaches to remaining compliant is to build a strong detection regime that gives a high likelihood of problems being identified before they can become severe. We specialise in the system interrogation tools that are used to analyse your transaction data and flag concerns over compliance. Where these are strong enough, under most regulatory regimes, the costs of other monitoring activity can be cut and more intensive forms of monitoring scaled back.
- Harmonised compliance testing - detailed testing regimes designed in response to different rules and at different times, often by regulatory specialists without input from business testing specialists, create inefficiency. We can review existing testing regimes and identify how they can be harmonised. We can also re-design testing to deliver the best level of assurance in the most efficient manner.
