Whilst the UK’s regulatory body details guidance regarding best practice when outsourcing, the increase in demand for outsourced services clearly reflects the benefits of doing so; alternative invesment firms are not only able to optimise their resources, but also drive innovation and leverage specialist expertise; both sought after for all firms in such a fast-paced and changable environment.
Here, we review reasons to consider outsourcing your compliance services as a viable option for your firm:
Streamlining Compliance Through Outsourcing
The intricacies of the FCA regulatory framework are complex and can be hugely time-consuming. Outsourcing your compliance to a third-party provider can streamline operations for FCA regulated businesses by allowing firms to focus on their core activities while ensuring adherence to regulatory obligations.
Cost-Effective Compliance Solutions
By reducing the need for in-house resources, outsourcing compliance functions can be a a cost-effective strategy that also provides access to specialised expertise. This works particularly well for funds who need to scale operations and fill staffing gaps. We have helped many clients overcome scaling obstacles and assisted with challenges associated with recruiting specialist talent to in house teams.
Staying Ahead of Regulatory Changes
Staying ahead of regulatory changes and retaining an overview of the regulatory landscape can be difficult while managing day to day operations. Working directly with a specialised compliance provider enables your business to not only stay informed about these changes, but also ensures that the business is able to make timely updates and implement necessary changes.
Mitigating Risks with Expertise
Like all businesses operating in financially regulated markets, operational and security risk should be front of mind for COO’s. The levels of expertise outsourced compliance professionals provide can help firms to mitigate against risk, particularly in complex areas such as financial crime, market abuse and AIFMD, for example.
Customised Compliance Strategies
Businesses have their own unique operational structures, needs and requirements; from start-ups who need support with compliance frameworks and FCA authorisation, to established firms who require consistent and on-going compliance support. Prioritising and providing customised compliance strategies to firms that align with the specific needs and risk profiles is key for individual regulated entities. All of our clients are different and have different operational structures. However, they all must adhere to the same set of compliance regulations. We understand this and that one size does not fit all which is why we work with our clients as an individual business.
Enhancing Operational Efficiency
Working with an outsourced provider can alleviate the administrative burden of compliance requirements as they can often impact all areas of a business. This provides teams with capacity to channel their focus and efforts into other areas of the business helping to improve efficiency.
Access to Advanced Technologies and Tools
Compliance reporting systems can be impactful on internal budgets. By working with Comsura, firms can ensure they have access to the most appropriate and advanced technologies and compliance management tools. Equally, by working with an outsourced compliance specialist, firms can ensure they have access to the most appropriate and advanced technologies and compliance management tools as part of their contracted compliance activites. This is extremely beneficial as such tools can be cost-prohibitive for individual firms to procure and maintain.
Improving Stakeholder Confidence
By partnering with a reputable compliance outsourcing firm and demonstrating commitment to high compliance standards, firms can demonstrate confidence among stakeholders including investors, internal teams and the regulator.
Effective Handling of Enforcement and Investigations
Complaince partners understand the nuances of compliance and regulations. They can provide critical support during FCA enforcement actions or investigations by leveraging their professional experience to navigate complex proceedings in a timely and effective manner.
Building a Culture of Compliance
Creating a culture of compliance within a business is fundamental. Working with an outsourced compliance partner can help foster the culture within an organisation, including training staff, establishing clear policies, and promoting a healthy environment for ethical conduct and regulatory compliance.
Why Comsura?
At Comsura, our experience is specifically built from supporting regulated firms with their compliance needs. By establishing a partnership approach between our clients and ourselves, we being value to the fund ecosystem to support day to day operations but also longer-term initiatives.
We take the time to truly understand the operational infrastructure of each of our clients and are able to build compliance frameworks, programs and initiatives that not only suit the funds needs but also optimise operations and their potential to scale.
Each business we work with requires a different level of support: we work with smaller firms that do not have in-house compliance resources, mid-sized firms that are scaling and require additional support or larger firms that require support with essential but time-consuming compliance activities or project based initiatives. Our expertise enables us to be able to help at any level.
Please do get in touch to discuss your requirements and how the Comsura team can help.