What does control mean when we’re talking about compliance in finance? And how do you maintain it? That’s what Tom Fox and Philip Fry are talking about in this third installment of the 5-part Compliance and Podcast series on Innovation in Compliance. In this context, control means the tools and strategies we employ to prevent non-compliant actions from taking place or being alerted to them when they do.

Listen to the episode:

Phil mentions that if at all possible it’s better to prevent non-compliance than find it after the fact – but that isn’t always a reality. He shares some examples of the different tools and strategies available to help manage the difficulties of controlling information capture, like taking a cohesive approach to validating the collection and quality of interaction data. What can be very time and resource-intensive when done manually, can be done quickly and accurately via automation.

Tom asks Phil to apply this kind of automation capability to organizations that have a variety of different communications systems in play, and Phil talks about the importance of having open standards and taking an open approach to developing solutions that help various systems co-exist.

Another way to build better control is by staying on top of changes within the workforce, and making sure that your roster of what needs to be monitored when is kept up to date. By being flexible, but strategically using the tools available, you can have greater control overall.

In tomorrow’s episode of this 5-part series, Phil and Tom will be getting into the important issue of sustainability – and what it means in the context of compliance in finance.


Philip Fry