Compliance Management: Your CFO Can Be a Strategic Enabler
The credit and collections industry is currently rife with change, specifically when it comes to compliance management. From Hunstein to Reg F and differing interpretations at the state-level, firms are currently caught between deciding to innovate or choosing to batten-down the hatches for the next regulatory wave.
If you’re currently weighing these challenges, check out our webinar on-demand, ARM Disruption: Are you Reg F Ready?
But does it have to be one way or the other? Perhaps not. Your CFO might just be the key to balancing the need for innovation – namely, digital transformation – and managing the strategic objectives of your firm, like revenue growth and compliance management. As Provana’s own CFO, Sanjeev Handa, recently wrote, “As business partners to the CEO, CFOs must become forward-thinkers, excellent communicators and successful connectors.”
Because modern CFOs have a deeper understanding of technology and its impact on the business, for example, they are able to more closely drive the impact of new investments, such as automated compliance management programs.
As Sanjeev writes, “CFOs must now consider non-financial elements and other influences that may impact the company’s future performance and earnings.”
Compliance management may not be the most exciting part of anyone’s day job, but establishing an agile compliance strategy that leverages automation and real-time data is undoubtedly a “non-financial influence” that will directly influence the future outlook of your firm. Agile compliance management starts with a solid digital foundation that enables effective client communications and consumer self-service that naturally implements and follows the latest regulatory guidelines.
Going digital is especially effective for SMBs who are looking to spur growth despite current macroeconomic trends. With so much ambiguity and change, creating a more agile business environment will help you stay on top of your compliance game while paving the road to innovation.
Talk to your CFO about setting a digital strategy that includes automated compliance management, and map out how it will impact your business trajectory. As always, we’re here to help. Feel free to contact one of our experts to learn more.