This article was contributed by Robert Cruz, VP of information governance at Smarsh

For decades, compliance efforts have been inextricably linked to the word “no.” 

Consider the financial and banking space, where new channels of communication with customers have emerged at an accelerated pace. Historically, compliance managers have been hesitant to explore these new methods or downright opposed to adoption. But in 2022, as brokers try to reach the growing number of millennials and Gen-Zers curious about investing, a genuine shift has occurred. 

The last couple of years stress-tested the ways we communicate and strategize with customers and potential clients. The result? Collaboration, conferencing and chat platforms went from supplementing the workplace to replacing it, and we’re at a point of no return with our reliance on Slack, Zoom and Microsoft Teams. A little further down the road, the ability to collaborate within a virtual, augmented or fully digital metaverse present even bigger opportunities — but also new challenges for compliance managers. 

At this critical moment, we need to move forward with an open mind and strategic thinking when it comes to the changing communication and technology landscape. Too many opportunities to reach new audiences exist — along with technology partners to support these efforts — to continue being overcautious in the face of risk. Additionally, compliance managers need to make sure they’re equipped to better capture and aggregate their communications to prevent new and unexpected problems that could become public. 

Why 2022 is a turning point for compliance and compliance managers

The financial services and banking industry is at an inflection point when it comes to compliance. From multiple fronts, exciting opportunities and new threats are emerging. Where do we stand? 

          The high stakes of modern compliance 

          Compliance managers are naturally risk-averse, and our caution only increases when we see how devastating high-profile examples of improper data archiving, oversight and planning can be. Especially with a push toward collaboration in the metaverse, compliance managers face new territory and need a better understanding to make sure these interactions won’t expose the company to risk or penalty. 

          On the other hand, strong compliance efforts can deliver nine-digit savings. Here are some notable examples of where compliance has been a difference-maker:

            In 2022, the most seismic shift of all for compliance professionals in finance and banking is that technology is finally mature enough to mitigate risks that historically have been too high. With the right partner and tools, new channels and communications methods can be seen as opportunities, not simply new risks. 

            Robert Cruz is VP of information governance at Smarsh



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