Cloud computing solutions have been available to businesses for several decades, but their significance has only recently become apparent. Banks and financial institutions that were not using cloud solutions to manage risk and compliance have found themselves suddenly unprepared for today’s working conditions.
Cloud solutions enable collaboration and task management across the entire organization from any desktop or smartphone device connected to the internet. Banks and financial institutions that operate primarily on a local level have been able to operate without these solutions because they assumed their teams would always work from offices. It is simple to collaborate when everyone on the team is seated in an office. Coordination and monitoring can be accomplished simply by walking over to another team member’s desk.
For the first time, the pandemic has compelled many businesses to implement work-from-home policies for their employees, and these businesses may now struggle with efficiency and productivity. While the benefits of cloud solutions are obvious in the context of the current pandemic, there are additional benefits that will always be beneficial to banks and financial institutions.
Continuity of Business
During the pandemic, business continuity has surfaced as the most obvious benefit of cloud risk and compliance management solutions. Most businesses have relied on general-purpose cloud solutions to enable employees to collaborate while working from home. Microsoft Teams, Asana, and Zoom Meetings are just a few of the apps and tools that are being used to ensure that everyone can collaborate effectively.
The issue is that while these solutions are adequate for simple tasks, they are incapable of handling complex and collaborative tasks such as risk and compliance management. Within a bank, the risk management and compliance management teams must collaborate with all departments to handle risks and to ensure compliance. They must ensure that checklists are followed, processes are completed in a timely manner, and reports are generated on time.
Cloud-based risk and compliance management solutions enable easy management of all aspects of risk and compliance via the internet. They do more than facilitate communication between individuals; they optimize the risk and compliance management process.
Risk and Compliance Management Instruments
Managers of risk and compliance require monitoring, management, and analysis tools. Installing these tools on office computers means that they will be unavailable to any employee working remotely. Cloud-based risk and compliance management solutions do not require computer installation; they can be accessed directly through the browser. Thus, regardless of the complexity of the task at hand, the risk and compliance team will have access to their full arsenal of tools.
Availability of Documents
Many businesses now store their documents on Office 365, Google Drive, or other cloud-based solutions to ensure they are always accessible to employees when they need them. Banks and financial institutions are unable to do so as easily because their documents contain sensitive financial information and must be stored securely. Additionally, banks require an audit trail of who accesses and edits documents for compliance purposes. Risk and compliance management solutions delivered via the cloud are frequently combined with a document management system. These document management systems ensure that all documents are accessible to employees while also adhering to risk and compliance requirements.
Task Management Has Been Improved
Numerous teams face difficulties when working remotely due to a lack of visibility into their work. In an office, the manager can simply turn around and address a team member, inquiring about the status of a particular task. When an employee works from home, they can be reached only via instant messaging, email, or phone. This can result in a micromanagement culture in which employees feel excessively monitored. Cloud-based risk and compliance management solutions include task management features that keep the manager informed of everyone’s progress. Rather than having to inquire about work from employees, managers can view everything they need through the solution.
Collaboration Made Simpler
Employees can collaborate more easily with cloud-based risk and compliance solutions. The manager can review the latest compliance or risk issues that the cloud solution has identified and assign team members to investigate. The task is communicated to the entire team. They can initiate the task and then discuss the work that needs to be done. They can then divide the work and re-enter it into the system, where the manager can immediately see that all necessary steps were taken. Everyone can collaborate without picking up the phone or sending an email.