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ReadersSpeak

Getting serious about at financial institutions, which mystifies me, particularly
compliance dashboards since there is a relatively straightforward and painless
tech solution: dashboarding. A compliance dashboard is
e wish to thank Tariq Akbar, CEO and co- purpose-built software designed to help in-house counsel
founder of LegalEase Solutions, for the fol- and compliance personnel monitor their company at a
lowing insights on the benefits of employ- glance. It provides everything needed to know about steps
W ing compliance dashboards: "Financial ser- taken, training conducted, information secured from
vices companies are among the most heavily regulated clients, verifications performed and more.
businesses in the world, with laws that constantly change.
Depending on their focus and geographical footprint, The process that goes into creating a compliance dashboard
these firms—and their in-house counsel—must ensure is something companies should be going through anyway.
complete compliance with innumerable international, This includes identifying known risks, monitoring
federal and state regulations. And, no matter how well- applicable regulations and creating playbooks to guide all
staffed they are, there's a good chance something will fall decisions regarding compliance initiatives. The dashboard
through the cracks. pulls that information together so the entire company
can be monitored and actions taken to mitigate liability.
Compounding this, financial services companies 2022 should be the year financial services companies get
commonly have divisions siloed off from each other, serious about compliance dashboards. This will put an end
managing compliance in isolation. For example, clients not only to sleepless nights, but also headline-grabbing
are often onboarded by a sales team before know your compliance lapses that invite the scrutiny of enforcement
customer and anti-money laundering checks are done, personnel.
leaving the company open to liability—or regulations Compliance automation
change, but not everyone is aware of new requirements.
How do your processor and acquiring bank handle
These firms are just one enforcement inquiry away from a compliance? What's your take on compliance dashboards?
nightmare scenario—because they don’t have a centralized Share your thoughts on this and other compelling
way to track compliance. I come across this often in payments topics at greensheet@greensheet.com.
working with in-house legal and compliance departments