Financial services firms have never been more subject to stringent regulatory requirements and the consequences for non-compliance can be severe, ranging from potential hefty fines to major reputational damage.
It is up to your compliance team to ensure that the data your company distributes, through your website and documents, is accurate and up to date at all times. However, if the technology you’re using is not up to scratch, this becomes an extremely difficult – or even impossible – task.
Here are three common signs that outdated technology is compromising your regulatory compliance, along with some advice on what you should look for in a tech provider to eliminate the issues you are currently experiencing.
1. Your site is unreliable and slow
A website that is often down, or slow to load, is a sure sign of outdated and unreliable technology. What’s more, it means that your customers are often not able to get the information they need when they need it. This not only harms your customer experience, but can also lead to regulatory issues as your firm is not consistently showing the key data it is required to have available.
To mitigate these risks, you need to implement reliable technology to run your site – a platform with multiple layers of redundancy and an integrated content delivery system – to ensure your website doesn’t go down and is quick to load for customers across the globe.
2. The information on your website is often incorrect or out of date
Having incorrect or old information showing up on your site is another sign that the technology you are using is no longer serving you well.
If your site often shows closed share classes or doesn’t show newly launched share classes, and frequently shows incorrect share classes to investors, you are not using the right technology for your needs and are likely at risk of regulatory non-compliance.
You need to ensure that, when you close share classes, launch new classes, or make changes to fund or share class information, these changes are automatically pulled through to your site.
Another sign that technology is compromising your regulatory compliance is the presence of out of date KIIDs on your site. You need a system that integrates your KIID generation process with your site, and automatically pushes the latest documents to your website. This way you can rest assured that your site is always showing up to date and compliant documents.
3. You don’t have visibility into your site history
When data issues impact your site and compromises your regulatory compliance, you need to be able to ascertain how long the issues had been in existence for and thus how many investors may have seen the incorrect information.
If your current technology does not allow you to do this, it is compromising your compliance as the regulator will most likely interpret the inability to provide this information as a lack of rigour. This could, in turn, lead to increased regulatory pressure for your firm and even a hefty fine potentially.
To prevent this, you need to choose a system with built-in data checks and a method of providing a detailed site history should you require it.
How Kurtosys can help
With the Kurtosys platform you can mitigate all the regulatory risks caused by outdated technology.
Using Kurtosys DXM you can lighten the burden of building and managing your site – our system’s multiple layers of redundancy and integrated content delivery network will limit site downtime and speed up site loading times for your customers across the globe.
Furthermore, Kurtosys Data provides a central source of data for all your experiences and documents created within the Kurtosys platform, which means the latest fund and share class information will automatically be pushed through to your website. All documents created within the Kurtosys Documents module can also be sent to your site with the click of a button, so you can rest assured that no outdated information will be reflected on your website.
Kurtosys also offers a Data Healthcheck feature which will enable you to implement data checks to avoid bad data causing issues on your site and documents.
Furthermore, Kurtosys Snapshots and DXM Revisions will take screenshots of your website, automatically recording the contents of your pages and documents at set intervals as well as every time a page is created or updated. This allows you to provide all the necessary evidence to your regulator relating to what information was displayed when, should you be requested to do so.
For more information on the Kurtosys platform and how it can assist you in your marketing efforts, get in touch with us today.
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