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By Kali Bagary | 15 MAY 2017 |

One of the dilemmas faced by Compliance Directors is the ability to demonstrate ROI to the Board, in proposing the implementation of what may seem like yet another technology solution.

Additionally purchasing and setting up a RegTech solution requires careful planning - in meeting the functional requirements & ensuring a seamless integration into existing IT infrastructure.

So how do you prove ROI when looking to implement a new RegTech solution into your business?

These next bullets offer a recommendation on approaching the ROI aspect to a new system purchase and integration;

  1. Define Return on Investment:
    This means a clearly defined, documented and agreed desired RETURN or GOAL statement.
    This can include core compliance functionality; such as data migration, automated workflow & alerting, bespoke development, application support, etc.
    This also includes a timeframe within which this RETURN or GOAL is required.
    This sets clear expectations on the outset of the project & implementation; which will shape the type of solution your business requires.

  2. Define Return on Investment:
    This means a clearly defined INVESTMENT or SPEND.
    This typically will be in the form of a calculation such as total project cost versus time/costs saved versus costs saved through compliance (ie fine avoidance).
    This should include a min and max amount of time, budget and/or both.
    This sets clear expectations and will help define the scope of the project – in other words whether an off-the-shelf or bespoke application is required.

Once these two definitions have been set, a detailed project plan can be mapped out. This should then be put forward as proposal requests to a series of RegTech solution providers. An experienced FinTech/RegTech Solution provider will inevitably review your project plan, offer some additional ‘tweaks’ you may not have taken into consideration and provide you with a few options, which must fall in line with your ROI requirements.

Once the project has been agreed and stakeholder signoff obtained, the implementation can begin. Inevitably, through ongoing data collection activities, this big data can be sliced and diced into various dashboards and reports that you require for your next board meeting.

Simply pop those into your presentation and you are ready to demonstrate ROI on your new RegTech Solution. Furthermore, as time goes by and regulatory compliance information is readily available, your teams will be able to automatically generate Governance and Responsibility Maps, thereby dramatically reducing employee time & costs in gathering and collating this information, as it is readily available; on demand too.

Want to know more? Simply click here: http://www.techfinium.com/index.html to see how innovative RegTech can prove your ROI in weeks and months rather than years.

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We are proud of our team of highly experienced & well connected professionals, who have been successfully delivering business solutions across diverse technologies and in multiple industry sectors.

Our particular expertise is in the financial services and insurance sectors.

Along with this, we are able to call on our extensive network of consultants, partners and associates to augment our delivery capacity. TechFINIUM currently has operations in the UK, South Africa and India.

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