Funds Industry Report - Flipbook - Page 42
Andris Macs, Natasha Quinn GECKO Governance
reliant on spreadsheets face many challenges,
the fundamental being that they only give you
a static snapshot of where things were, not
where they are at an exact moment in time.
Spreadsheets limit a user’s visibility of emerging problems making it virtually impossible to
quickly detect and eradicate them. As a result,
deadlines are often missed and remain overdue, and companies nd themselves failing to
comply with regulations. Even the smallest
error can result in signicant losses and cause
irreparable damage to professional credibility.
For this reason, and to keep pace with adhering
to regulatory requirements like CP86, innovation in nancial services and technology rms
must be agile and more innovative in their
ways of working.
ManCos must prioritize the upskilling of senior
individuals who typically fall under the role of a
Director or DP due to their previous experience
and knowledge. Upskilling to support their
roles and promoting engagement with evolving technology and data analytics, allows them
to address hotspots and prevent issues before
they occur. There is a need to adapt to the
demand for digitalization and disruptive technologies (i.e. RegTech, Blockchain, Machine
Learning and AI), to better serve clients’ needs,
create cost efciencies and protect companies
from any potential regulatory breach. Having
said this, in any industry, software can only be
as good as the data entered, yet understanding
it is another key skill set. The solution to this
conundrum for organizations is to nd a software provider that can offer both the understanding of the compliance ofcers’ pain
points and the software to address these.
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