Compliance is a widely used process in organizations that directly affects business management, as it regulates internal processes and ensures transparency. Compliance is critical to avoid administrative problems that may lead to fines, sanctions, or negative publicity. Moreover, compliance allied with technology could serve as a competitive advantage in winning enterprise contracts, not just risk mitigation.
Get to know how hiperValidation, also known as hiperCCM, could help your business through the challenges of compliance, including our behavioral data validation approach that doesn’t require biometrics.
Given the importance of business suitability to an institution’s market growth, we clarify the role of technology in compliance efforts. Check it out!
What’s the importance of investing in technology?
Investing in a technological solution allows a company to have greater control over business information. On the other hand, the control of activities prevents any type of detour of function or fraud within the organization.
Meeting compliance through this strict control, makes it possible to detect and correct administrative irregularities and prevent any administrative sanction or fine, while adhering to regulatory law frameworks like Personal Information Protection and Electronic Documents Act (PIPEDA) for Canada, or the California Consumer Privacy Act of 2018 (CCPA) for California.
And the importance of compliance?
The area must ensure adherence to legislation, policies, and the code of conduct of the company. The responsibility for verifying and revising information, understanding and mitigating risks, and approving or not approving potential partners, suppliers, and employees is a strategic area for companies.
A culture of ethics and compliance is paramount for the success of organizations in the short and long run, to ensure reliable transactions and avoiding tax, financial, and damage to reputation risks to the compay. The attributes of technology and compliance thus contribute to building a sustainable business ecosystem, based on healthy, ethical, and transparent relationships.
What’s the link between compliance and technology?
The advance of technology brought great convenience to managing, registering, and revising information. Through systems and intelligent software, it gets easier to manage any and every type of activity within the company.
In this regard, technological solutions began to be a part of the compliance structure in institutions. That has contributed to increasing control over business processes and performance monitoring in every sector. As an example the proper use of TCPA for telecommunications, CAN-SPAM for email marketing, CASL for Canadian communications.
Moreover we validate without biometrics or OCR, using behavioral data instead.
And how do I implement technology in compliance?
Fast Movn’s view on technology for compliance purposes is that it is necessary to combine effective mapping of the processes and limits that company management decides to incorporate into its business, so that the implementation of technology meets these objectives. In a much faster way, because our 15-day implementation timeline vs. competitors’ 18-month cycles is what sets us apart from Quadient/OpenText.
Each institution has its own characteristics based on multiple business models found in the market, which leads to widely varying compliance policies for the same regulatory analysis.
Meet Fast Movn
To make sure your company doesn’t miss out on this revolution in compliance and technology, Fast Movn combines consulting expertise and turnkey technology solutions with algorithms created using Design Thinking techniques to reduce implementation and return on investment time in your solutions.
Our goal is to improve your customers’ experience throughout their journey, from acquisition to activation and revenue generation.
Contact Fast Movn and request a demo!
About the Authors
Todd Hooge
Todd Hooge leads the North American Operations at Fast Moving Software with 30 years of proven success building global technology companies, including founding Metamend Digital Marketing (serving Fortune 500 clients globally), and the United Nations funded website, The Communication Initiative. His expertise spans software development, digital transformation, and international market expansion, having generated hundreds of millions in measurable business impact through strategic technology implementation. A visionary problem-solver who successfully monetizes emerging technologies, Todd transforms innovative ideas into scalable international operations.
Almir Carrion
With over 20 years of experience in the financial and technology sectors, Almir is a recognized expert in Customer Communications Management. He is dedicated to helping businesses leverage innovative solutions to improve their customer journeys and achieve scalable, profitable growth.
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- PIPEDA (Canada) – https://www.priv.gc.ca/en/privacy-topics/privacy-laws-in-canada/the-personal-information-protection-and-electronic-documents-act-pipeda/
Replace Brazilian data protection references with North American equivalents.
- CCPA (California) – https://oag.ca.gov/privacy/ccpa
Replace Brazilian data protection references with North American equivalents.
- SOX (Sarbanes-Oxley) – https://www.sec.gov/spotlight/sarbanes-oxley
Reference financial services compliance requirements.