LISTEN: turning compliance pain points into powerful workflows
How banks, brokers and leasing companies go from raw data to actionable compliance insights.
What are some of the best practices for compliance in the banking, insurance and leasing sector? In their latest podcast, Harmoney CEO Thomas Van Maele sat down with GraydonCreditsafe MD Peter Gazelle to talk about data-driven innovation. This blog provides a quick run-down, featuring highlights from the full thirty-minute interview.
Key takeaways:
- Raw data help paint a compliance picture, but it takes data-driven insights and automation to reach smart compliance.
- Businesses need partners who don’t just provide data, but help make them work and scale.
- By combining GraydonCreditsafe’s business data with Harmoney’s compliance automation platform, companies can build end-to-end compliance with complete peace of mind.
Common compliance pain points
Financial institutions typically share a number of recurring challenges when it comes to their compliance and risk management. Do you recognise the following issues in your organisation?
- Regulatory volatility. Laws and regulations keep changing. Companies must be able to adapt quickly to remain competitive.
- Siloed data. Companies often collect large volumes of compliance-related data, but struggle to turn them into actionable insights that are embedded in their day-to-day operations.
- Inefficient workflows. Many compliance processes are still manual and error-prone, costing precious time and resources.
- Disconnected systems. Integrating separate tools and data sets into a comprehensive compliance or risk management strategy remains a major hurdle.
Raw data are good, actionable insights are better
Organisations operating in highly regulated environments need more than just accurate information about their existing and potential customers. They need to apply their data in practical ways. Data and on-demand insights can be powerful, but only when fully integrated into a company’s business processes can they have full impact.
This is why GraydonCreditsafe and Harmoney have partnered. GraydonCreditsafe serves nearly 95% of banks, insurers and leasing companies in Belgium, while the Harmoney platform leads in process and workflow automation. Together, they help address some of the most pressing compliance challenges financial institutions face every day.
In practice: integrating data and business processes
While the standardisation of data and insights is relatively straightforward, integrating those insights into established business processes is a different kettle of fish. Every organisation has its own unique set of processes and approaches to adapt to new regulations.
The key challenge? Enabling organizations not only to stay compliant with evolving rules and regulations, but to do so efficiently and with flexibility. Organisations are under pressure to maintain auditable compliance processes for their customers (Know Your Customer or KYC), suppliers (KYS) and even their staff (KYS).
Reducing lag between insight generation and real-world implementation
Automatically embedding high-quality data into processes reduces friction and improves transparency. Rather than treating compliance as an obligation or a burden, clever combination of capabilities like Harmoney’s and GraydonCreditsafe’s helps businesses to create seamless, scalable and future-proof workflows. This allows them to connect structured data and decision-support insights directly into onboarding flows, risk assessments and due diligence checks. The end goal? Building end-to-end compliance with complete peace of mind.
Harmoney offers a cutting-edge digital platform that streamlines intricate onboarding and compliance procedures, featuring automated screening functionalities. Interested in discovering more about our innovative solution? Reach out to us for further details!