Case Studies

CHALLENGES OF THE COMPLIANCE OFFICER

The Problem

Natalie, a Compliance Officer of a mid-size investment firm, was facing a growing challenge: talent shortages in her compliance team and a material uptick in PAD and Gifts & Hospitality approval requests after the firm doubled the size of its front office. Natalie and her small team were finding it difficult to address requests in a timely and consistent manner. She was increasingly concerned that resources were being used for data entry and follow ups that should be applied to monitoring potentially higher risks in the business.

The Solution

Axiol was able to quickly implement its no-code GRC solution that streamlined the processes and provided tailored automation aligned with the firm’s policies. Axiol is a user friendly system that is easy to understand and requires little or no training of front office staff. Smart forms mean staff are only required to answer questions and provide data relevant to their request thus reducing the need for clarifications or request rejections. Axiol immediately freed up Natalie’s compliance resources by eliminating the time spent on data entry and spreadsheet maintenance. Alerts and reminders eased the burden as the system automatically sends reminders when a task are due and drastically reduced the time spent chasing up staff for responses or contract notes. Axiol’s Exception Reporting provides notice when tolerances are close to being surpassed which removes the need to ‘monitor’ an inbox or system. Audit trails, internal chats attached to each case and a workflow history chain are standards that form each module within Axiol; standards which allow the Compliance Officer to divert attention to work on high value tasks with the assurance that at any point, a 360 view of each case is accessible with the click of a button. Natalie was able to reduce the amount of time spent creating meaningful management information.
Axiol is a framework which demonstrates adherence to the firm’s strategic and conduct goals as responsibility is put on the employee to provide information to Compliance; responsibility to ensure sound understanding of their own area of work and regulatory obligations.

Natalie was able to reduce the amount of time spent creating meaningful management information.

Benefits

  • Streamlined processes in aligned with the firm’s policies
  • Highly flexible configuration which makes responding to change quick and efficient
  • Informed decision making with fully audited workflows
  • Exportable reports in real time
  • Demonstrable compliance reducing the likelihood of regulator intervention
  • Role-based set up means users only see information relevant to their needs
  • Architecture that grows with the business

Axiol Ltd is an enterprise-wide Governance, Risk and Compliance (GRC) system which combines risk management and compliance functionality into one no- code solution to deliver targeted compliance.

For more information about Axiol and how we can help your firm please email info@axiol.com.