Overcoming the Coronavirus Impact on Compliance Teams

Overcoming the Coronavirus Impact on Compliance Teams

Recently, we published a short, anonymous survey to research the impact of the coronavirus on compliance teams. Sadly, 100% of respondents said that the pandemic has impacted their ability to carry out their day-to-day tasks. And over 80% of respondents said that they’ve experienced slower case investigation due to challenges with intra-team communications. Furthermore, over 80% said that their compliance tools are not optimized for a remote workforce. One respondent added that using their compliance software over VPN is “a mess”.

Coronavirus impact on compliance teams

The unfortunate reality is that compliance teams are going to need to be able to work remotely for the foreseeable future. And anti-money laundering regulations aren’t going away. On the contrary, FinCEN has stressed the importance of keeping the financial system safe during this time of crisis.

Clearly, the lack of foresight by many AML compliance software vendors is causing unnecessary headaches for their customers. Conversely, we designed the Beam platform from the very beginning to enable smooth collaboration from within the tool. The notes feature makes it easy for analysts to communicate their findings with each other from inside each case. And the shared notepad provides a dynamic workspace for collaboration. Furthermore, the timeline provides a full audit trail of all case activity. Finally, the built-in workflow prevents cases from slipping through the cracks or proceeding without the necessary oversight and review. You can easily re-assign the workload between resources without the need for colleagues to debrief each other.

Because our platform is entirely cloud-based, there’s no difference at all between working in the office and working from home. Likewise, all of Beam’s business operations are 100% remote-friendly. “When San Francisco gave the shelter-in-place order to fight coronavirus, we went home and got right back to work with zero downtime,” noted Beam co-founder and CTO Andreas Bayer. “As a result, we have been able to support our customers with exactly the same SLAs as before.”

As the survey shows, the coronavirus pandemic has caused plenty of challenges. Your compliance tool should not be one of them. If you’d like to find a platform that will enable your team to be fully productive while working remotely, request a remote demo. We offer compliance for everyone, from startups with limited resources to the largest enterprises. We can have you up and running in days, not months, so your team can get back to doing what it does best.