With more people than ever before conduct their business online, the need to ensure widescale protection and regulatory compliance has become imperative.
This development – mostly spurred on by the Covid-19 pandemic – has led to increasing demand and need for RegTech solutions. According to RegTech firm Clausematch, while many organisations are now allocating compliance teams’ budgets for RegTech software, some organisations are still hesitant about investing in technology they don’t fully understand.
With this considered, Clausematch outlined five key ways in an post that you can get approval from your executive team to adapt this new technology to your company.
The first was to foster open channels of communication. Clausematch stated that it is likely a company’s executive team is not completely aware of the compliance team’s top priorities and the challenges it faces – therefore, they may be more supportive of a RegTech transformation if they understand the reasoning behind it.
By setting up an informal call where you can be open and transparent with senior leadership, this will make it easier for them to digest the information you give them and provide them a chance to voice their concerns.
Clausematch suggested that to make the meeting effective, you should share the current situation and what you are trying to solve, share what the desired outcome is and explain why it is important to change the technology now.
Secondly – and vitally for many executive teams – there needs to be proof of a return on investment. To deal with this, Clausematch suggests providing the executive team with examples of the value your organisation will receive after implementing the new software.
It is also important that you are able to explain the effectiveness of the new functionality, as it may be tougher for the executive team to fully grasp what the certain RegTech software provides compared to a legacy or current system. This effectiveness can be showcased through a visual table or chart, for example, to show a direct comparison and enable your team to understand the new technologies effectiveness’ in hitting the company’s goals.
Adjacent to the ROI of a new RegTech solution is the cost breakdown of said product. Clausematch underlined that you should be prepared to provide your executive team with the costs associated with such a platform – something that will show your executive team that you have done your homework and you are aware of the costs.
The final way to persuade your team to adopt RegTech solutions is to share customer success stories.
Clausematch explained, “Speak to the individuals that use the platform on a regular basis and ask them about their experience using the platform. Ask questions like, “Has the platform been effective in achieving your goals? Would you recommend this platform to a friend?” If you gather positive feedback from client referrals, you will build more credibility with your executive team and ease their reluctance about purchasing the software.”
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