Staying on top of compliance matters is like spinning plates in the air. For investment advisers and asset managers, keeping compliance in check, workflows smooth, and teams in sync is no small feat. But there’s a solution that can simplify all of this: a single source of truth (SSOT).
What is a Single Source of Truth?
An SSOT is about bringing together critical information so that it exists in one place. This ensures everyone on your team is working with the freshest, most accurate information, reducing the risk of errors and enhancing collaboration. For a compliance team, this might mean the policies & procedures that make up the foundation of the compliance program, along with the tasks and controls that are linked to those obligations.
Key Benefits of SSOT in Compliance:
Consistency: With everyone referring to the same information, you reduce the risk of errors based on outdated or conflicting versions of documents.
Efficiency: With all important documents and processes centralized, compliance teams can quickly find what they need, and workflows flow better.
Collaboration: With access to the same information, compliance teams can communicate clearly and stay aligned on objectives.
Accountability: You’ll have a clear audit trail, helping demonstrate compliance and keeping you regulator-ready.
Compliance: With your compliance documents and processes in one place, you are less likely to miss something important.
Reporting: When your information is centralized, generating reports is quick and straightforward.
How to Set Up Your SSOT:
- Take Inventory: Start by taking a good look at what you are using now. Find where your data is scattered, duplicated, or inconsistent. It won’t be pretty.
- Choose the Right Tool: Look for a compliance management solution that includes a centralized document library as well as activity management and workflow tools.
- Move Your Information: Plan your move. Clean up and consolidate your information (no cyber doom piles!) to keep things accurate.
- Train Your Team: Choose a friendly vendor you like and make sure everyone knows how to use the new system.
- Monitor and Optimize: Keep an eye on how things are working. Gather feedback from your team and tweak processes to keep everything running smoothly.
Conclusion
By bringing your documents and processes together in one spot, running your compliance program will be easier, more efficient, and lower risk of non-compliance. We know it sounds like a lot, but with the right tools and help from us, you’ll be all set in no time.