We hosted our annual compliance summit at the Chartered Accountants' Hall at One Moorgate Place in the City of London, focusing on the future of compliance.
Over 100 industry leaders, compliance professionals, and technology experts gathered to discuss and reimagine the future of compliance in an increasingly digital world. Our annual summit explored the three pillars that we believe shape this future: innovation, data-led compliance and value for money.
After a networking breakfast, the summit kicked off with a session focused on innovation and learning, where we unpacked the challenges ahead, innovative solutions and the results of our recent benchmarking survey.
As the regulatory landscape undergoes constant change, compliance training must adapt to address emerging challenges. Innovation in compliance involves leveraging technological advancements.
Skillcast has journeyed with our clients to develop better solutions to help them manage risks. We believe the future of compliance is in custom-designed integrated tools for record keeping.
This is why we have designed an integrated solution, Skillcast Premium, which allows all records to be held in one place, addressing our clients' needs and guarding against red flags.
Our annual benchmarking survey indicates that continuous learning is a key method in enhancing the training experience, which highlights an increased need for more timely and flexible learning solutions. We are developing approaches to improve the learning experience, which include:
Simon Truckle, Director of Learning Solutions at Skillcast, was joined by Hannah Dix, Global Compliance Manager, Dr Martens, to explore how Skillcast has been a game-changer for compliance training at Dr Martens.
Dr Martens boasts a diverse array of roles, spanning from design to finance, not only within the head office but also across retail stores, distribution centres, and factories. It is crucial to tailor the compliance training programme to individual needs, acknowledging varied backgrounds and existing knowledge.
Organisations can harness the power of data analytics to monitor, analyse, and interpret vast amounts of information related to their operations and data processing activities. This enables them to identify potential compliance risks, monitor key performance indicators, and promptly address any deviations from regulatory standards.
By adopting a data-led compliance strategy, organisations can gain a comprehensive understanding of their data ecosystem, assess the effectiveness of existing compliance measures, and implement data-driven improvements.
Skillcast's Director of Regulatory Compliance, Lucien Carter, was joined by Darter's CEO, George Carter, to discuss an alternative approach to driving compliance success through data.
The seminar unpacked the three steps to data-led compliance success:
We were joined by Linklaters' specialist financial services regulatory counsel, Sara Cody, to discuss the value and impact of data-led regulation. With regulators such as the FCA aiming to be more data-led, firms are expected to not only use data but employ specialised systems to ensure data management, the reduction of regulatory risk and good outcomes for customers.
Balancing compliance with cost efficiency is a tightrope walk for any organisation. While adhering to regulations is crucial for avoiding penalties and building trust, the associated expenses can quickly turn into a burden. Effective cost management in compliance starts with prioritisation.
We were joined by Carmel Speers, senior managing director at Ankura and the founder and managing director of ComplianceLnD, Paul Coady, to discuss building a culture of compliance.
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