It’s 2021 and the first quarter of the year is almost behind us. For some, the tradition associated with 21 is to present a key. Accordingly, and as I do annually, I have some key compliance tips to assist with the months to come.
Staying in touch with clients has really changed as the work-from-home revolution gains momentum. Lockdown certainly tested financial services and because of technology, we were largely well prepared. Keeping client contact a regular fixture online is important, but don’t forget about meeting in person too (with safe social-distancing included). Some elements of business aren’t necessarily better through the screen.
Also keep Know Your Customer (KYC) and Anti-Money Laundering (AML) practices in mind, particularly to keep FIC fit on the journey.
Keeping pace with how tech develops isn’t just a hobby. In today’s business environment, tech is a ticket to the game. To stay on top of what your business needs to survive and thrive will likely mean integrating tech in some way. Keep your ear to the ground on developments in the Fintech, Regtech and Suptech space as these continue to shape financial services on a global scale.
Prepare for POPIA
POPIA comes to the party this winter too. The compliance deadline of 30 June 2021 will be here before you know it. Ensure that you are following the POPI Act rules, particularly treating your customers’ data as fairly as you should be.
Clean up your cybersecurity
As technology advances, so do cyber criminals and Covid-19 has been a breeding ground for increasing crime. As working from home continues, so do the risks. Be clean and safe interacting online, insisting on properly removing or storing private data. Ensure your employees understand this process as well by not clicking on, or answering emails that sound too good to be true.
COFI is coming
While comments on the second version of the Bill only wrapped up at the end of October last year, you should keep a close eye on any changes that could suddenly come up. The sleeping giant (COFI) will soon wake…
Data management matters
Any risk management plan should include Data Management Risk. Management Information (MI) enables you to reach TCF outcomes. Interpreting data at the right level, so it can be used to better the customer experience, is how you should be thinking.
The year 2020 will be remembered for many reasons, albeit few of them good ones. Keeping a clear head in 2021, with the correct mindset to match the challenges we are likely to face, will hopefully make for a productive year ahead.
Article by Richard Rattue, Managing Director, Compli-Serve