Operational compliance reports tend to uncover areas where compliance initiatives are effectively being met or where more resources are needed to ensure you are remaining compliant. Preparing these reports can usually take hours and often even days to complete. However, automating the reporting process reduces human error and enables continuous compliance with real-time monitoring and alerts for regulatory compliance risks and operational inefficiencies.
The reporting dashboard within KYC Portal gives you a real-time view of your current situation by presenting you with a pre-defined sub-set of data sitting within your KYCP. It gives you a snapshot based on your current data showcasing some of the most important elements of risk and workload, whilst also identifying bottlenecks and anomalies in your processes. It also allows you to understand any upcoming work, based on future reviews, visibility of processes and tasks on your teams, therefore, increasing team efficiencies. The real-time dashboard gives you a real-time view of all your applications and the status they are in.
Compliance Officers can rely on this reporting dashboard to monitor their team progress and ensure tasks do not fall through the cracks. It also helps when it comes to coordinating compliance tasks amongst multiple people and across multiple locations, allowing them to make fact-based, data-driven decisions, and stay on top of the most critical areas of their compliance infrastructure, and spot signs of irregularities before they escalate.
We already established that corporate compliance reports identify areas within a company where initiatives are being met and those areas in which more work is needed to meet the standards of internal controls, and KYCP can give you all this. With this knowledge and insights at hand, CCO's can make more effective decisions about resource allocation, risk management and strategic planning for the future. In addition, the completion of annual compliance reports comes with benefits such as peace of mind and client assurance. Operational compliance reports offer concrete evidence that your organisation is on the right side of regulations and internal control, whilst demonstrating to clients and potential investors that your operations are trustworthy.
to read about how you can create your own reports, with the KYC Portal report builder.