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May 13, 2020To survive in the midst of unpredictability, your business must have the ability to perform essential functions during and after a crisis has occurred.
Business Continuity: The need for proactive and adaptable practices
In the midst of a national health crisis, the need for organisation’s to create and implement business continuity systems is apparent.
It is true, no one could have predicted this pandemic nor its disastrous effects on enterprise.
However, it is imperative to implement systems that can allow your business to operate as effectively as possible when facing external economically threating challenges.
These systems should act both as a prevention & recovery mechanism. They should ultimately allow your organisation the ability to perform essential functions during and after a crisis has occurred.
Business Resiliency: Think long-term
Your business will inevitably face many events which will threaten to disrupt operations.
An organisation that rises above the threat with innovation and resilience, that seeks to find new ways to operate is one that will ultimately thrive once the threat dissipates. Now is the time for business leaders to step out of traditional routines and instead adopt a digital-first approach.
Implementing remote identity checking and digitalizing the customer onboarding experience is not something that is necessarily new nor untested.
Rather, large corporations & banks have already implemented these systems for years with huge success.
They have benefited from the transformative effect of Regtech on their daily functions and now continue to reap the rewards of a system that is fully operational in spite of social distancing measures.
The fact is social distancing, whether the lockdown is relaxed or not, will be around for some time. To ensure your business can survive a highly likely & long period where social contact is prohibited in the interest of national public health – you must ask yourself:
How is your business going to continue to attract and retain customers, remain AML & KYC compliant as well as adhere to a policy of no social contact?
Eliminating Impact with Regtech
Regtech is a fancy buzzword for regulatory technology.
It is specifically designed to fulfill regulatory compliance obligations for professionals securely but efficiently, utilizing technology to verify individuals against various official data touchpoints in a matter of seconds.
With social distancing here to stay, Regtech and identification verification systems allow organisations to continue to perform essential compliance functions efficiently and effectively.
They remove the need for face-to-face meetings and physical handling of paper documentation, & provide an automatic audit trail to prove your organisation’s compliance efforts.
The use of digitalizing compliance efforts has been strongly recommended by the authorities including the FATF;
“With people around the world facing confinement or strict social distancing measures, in-person banking and access to other financial services is difficult, and unnecessarily exposes people to the risk of infection…digital onboarding reduce the risk of spreading the virus. In line with the FATF Standards, the FATF encourages the use of technology, including Fintech, Regtech and Suptech to the fullest extent possible.”
Invest in Compliance with Veriphy
Our unique model was designed with SMEs in mind. We have invested in access to top-quality data sources from leading industry data providers and brought these together into one secure platform that offers you the ability to benefit from all our products with ease and no capital cost.
