You have the team for your payments compliance program. They’re working hard to run all elements of compliance for your shop: taking care of exceptions, conducting deep dives on transactions, checking websites, preparing for audits, and researching and requesting information.
In fact, they seem to be scrambling all the time.
As a leader of a busy risk/compliance team, there’s a good chance you might be missing ways to increase the efficiency and productivity of your team—and your overall compliance program for your payments business. It’s true that the day-to-day may not leave you lots of time to strategize—but why forfeit a better strategy when there are tools available to help you make that happen?
One of the most important changes you, as a compliance manager, can make is implementing a tool to automate the way you keep track of your merchant touch points. Technology platforms that automatically track compliance and remediation activities free up time for your team to focus on strategizing and preparing for boding risks of brand damage, misaligned disclosures, and errant offers, rather than staying stuck in the weeds of task-oriented work.
And just as keeping all of your contacts, calendar, notes, and emails in your smartphone—ALL in one place and at your fingertips—makes organizing your life more efficient, keeping all of your risk/compliance activities in one place creates efficiencies for your team. Find tools that work like a “hub” to manage and track data-gathering and touch point activity in one place.
Tools that centralize and unify data help you trend towards having a single view of merchants, or whatever entity you are looking for control or oversight on. The hub approach is important because it’s the best way to oversee merchants on a multi-channel level. With the right technology, you can have your KYC due diligence, ecommerce KRIs, and contact center voice business intelligence all in one place. This valuable data can inform crucial decisions and guide your compliance strategy for weeks, months, and even years into the future.
By shifting the way you approach your operation, by moving from task-oriented to strategy-oriented, you can take away the burden of manually tracking every element and refocus your attention on longer-term strategy. Ultimately, this shift will make you successful in the long run as your compliance tools easily scale along with the growth of your business.
At PerformLine, we’ve been developing and implementing compliance tools that enables a shift of your day-to-day from manual tasks to strategic items so your team can dedicate energy to what is most important. We’d love to tell you more about what our powerful compliance monitoring tool is doing for many Fortune 500 companies.