How to align your individual compliance across regions

Accountability requirements from one region to another have historically been managed by firms in a siloed way. But just as enabling communication between compliance functions provides a competitive advantage, so does building bridges between regional compliance processes. 

 Most individual compliance regimes are viewed from a regional perspective. But a holistic view that spans jurisdictions supports global reporting, analysis, and risk management. What’s more, it empowers consistent values which drives better governance across the organisation and its sites. 

 Individual regulatory compliance (IRC) from Trailight empowers organisations to achieve this view, whether they have regional, national, or multi-national requirements. 

 

A holistic view of the individual 

In recent years, regional regimes have been released across the globe. Although these regimes share common values, such as accountability over individual conduct and positive outcomes for people, they each introduce a complex web of detailed requirements. Financial services organisations have been spending the past few years adapting their processes and compliance frameworks in line with these new demands.  

This has been a long road for companies dealing with one regime, never mind multi-national organisations who have had multiple regimes to implement. This is because regulators manage different regulated entities separately, which doesn’t always align with the global needs, compliance frameworks, and data systems of the organisation.  

Whether organisations have entities in one region, or multiple, they need to be able to track individuals as well as themes across a population. They should also be able to report on these different views with completeness and compatibility. 

Individual compliance brings all regional and global requirements together. Trailight’s individual regulatory compliance platform supports different regional regimes, including IAF and SEAR, the Consumer Duty, and SM&CR. Organisations can adapt their frameworks to suit their (maybe multiple) needs and break down silos between regions. All data around the individual is recorded in one place, so you can zoom out to see global trends, or drill down to monitor departments or individual activity. 

It’s a unified solution for tracking, managing, and reporting on registration populations for any region or cross-border regulations. Here are the key capabilities of our individual regulatory compliance solution: 

  • All data around the individual and their compliance is brought together in one digital platform 
  • Users can configure reports based on what they’d like to see around the individual, such as breach trends or certifications needing updated 
  • MI dashboard reports are available at the individual, department, entity, or global firm level  

 

Example scenarios for IRC 

  1. Looking at individual metrics 

Starting at the heart of the issue, organisations will want to look at specific metrics for their individuals, such as breaches or conduct data, seamlessly. This could be used by HR teams as well as compliance teams to track individual performance, behaviour and conduct. However, these teams may want to view this data slightly differently, as they’ll have different strategic perspectives. 

Most solutions require lots of filtering to get there – by entity, department, team and so on – because they aren’t built with the individual in mind. On the other hand, IRC is built to collect all the relevant compliance data surrounding the individual. 

It can also provide different views of data which can be used for different purposes, from governance to legal to management requirements. 

 

2. Looking at population trends 

Alternatively, an organisation may want to zoom out and look at individual compliance trends across an entity or all jurisdictions. This allows them to understand widespread systematic risks, behaviours, or the impact of regulatory processes.   

Organisations may struggle to do this if they are using separate systems as regional solutions won’t be recording the same data in the same way. 

To do this effectively (and not entirely manually), organisations need a unified solution which not only tracks all their individual compliance activity but can flexibly navigate through it to understand people compliance, not just company compliance.

 

3. Working across regions 

There are various scenarios where individuals may be working across borders. This may be employees collaborating from different sites or jurisdictions, sharing data between regulated entities, or working with clients in another region.  

In these scenarios, any process being followed for a shared project or communication needs to be compliant for both regions. Having a unified system that can show the requirements for any individual involved in a project regardless of where they are will better support organisations to manage this work compliantly. 

 

Global pillars still remain 

 Underpinning all regional or individual requirements are universal themes. No matter the location or organisational structure, having good competence, conduct, and culture is essential for good governance. Individual regulatory compliance with Trailight builds transparency and consistency across individual requirements so that organisations are empowered to establish these pillars of governance across their organisation. 

The platform is adaptable for different regions, but it ties all activity together under a unified umbrella. By having all individual data in one place, organisations can better gain visibility over individual activity, reduce risk, and foster positive trends throughout their populations. 

 

Learn more about individual regulatory compliance for global requirements in our whitepaper:
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