{"id":14060,"date":"2020-07-31T14:37:00","date_gmt":"2020-07-31T14:37:00","guid":{"rendered":"https:\/\/devalt-kambatiag.savviihq.com\/?p=14060"},"modified":"2023-09-12T14:36:46","modified_gmt":"2023-09-12T12:36:46","slug":"the-truth-behind-the-two-most-heard-compliance-myths","status":"publish","type":"post","link":"https:\/\/www.altares.be\/en\/blog\/compliance\/de-waarheid-achter-de-twee-meest-gehoorde-compliance-mythes\/","title":{"rendered":"The truth behind the two most commonly heard compliance myths"},"content":{"rendered":"

There\u2019s no doubt about it: more is demanded of compliance professionals than ever before. And often against a backdrop of demanding regulations, skills shortages and business demands for faster controls. At the same time, there are a number of myths that make compliance unnecessarily difficult. In this article, we disprove the two most frequently heard misconceptions about compliance \u2013 once and for all.<\/p>\n\n\n\n

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Myth 1: It will always be necessary to bother customers with extensive, mandatory compliance checks<\/h2>\n\n\n\n

As a compliance professional you want to support the business as much as possible, while complying with laws and regulations. These two core tasks occasionally conflict with each other. This myth is probably a common topic of discussion between the compliance department and the business. At the same time, it is one of the most commonly heard misconceptions. conflicteren nog weleens met elkaar<\/a>. Deze mythe is waarschijnlijk een vaak voorkomend onderwerp van discussie tussen de compliance afdeling en de business. Tegelijkertijd is het een van de meest gehoorde misvattingen.<\/p>\n\n\n\n

For the onboarding process, companies need huge quantities of information about new customers. This often means that customers have to provide extensive information themselves as input for compliance checks. This can result in delays and often an unpleasant initial introduction. No fewer than three-quarters of all compliance professionals say that delays during due-diligence audits negatively impact the customer experience.<\/p>\n\n\n\n

These delays may be exacerbated by internal company policies, in particular the desire to obtain as much customer information as possible.<\/p>\n\n\n\n

Accelerate your Customer Due Diligence check with external data<\/h3>\n\n\n\n

You can\u2019t avoid CDD processes. But this does not mean that they can\u2019t be done faster and more simply. By using external data, organizations can obtain a considerable part of the required information without bothering the customer. This ensures that questions can be limited to the information that is actually needed at that stage. This can greatly reduce delays and pressure on new customers. And meanwhile, you\u2019re still collecting all the data you need.<\/p>\n\n\n\n

Many questions can therefore be answered on the basis of information provided by third parties. Do you use current and verified data in real time in your compliance process? Then you can comply with domestic and foreign legislation.<\/p>\n\n\n\n

Myth #2: Automation increases the chance of overlooking something<\/h2>\n\n\n\n

Automation puts an end to a certain degree of human intervention. And it\u2019s only understandable that compliance professionals think that the more processes are automated, the greater the chance that relevant information will be overlooked.<\/p>\n\n\n\n

The use of automation at each stage of the compliance program will free up more time for team members by identifying specific entities and their relationships, and screening them in terms of sanctions and reputational risks.<\/p>\n\n\n\n

The advantages of automation:<\/p>\n\n\n\n