Despite the rise of digitalisation, many compliance teams are still stuck with slow workflows, largely caused by disjointed tools added gradually over years.
As part of its podcast series, ByAllAccounts sat down with Greenboard co-founder and CEO Dave Feldman to get his insights on the current compliance landscape. During the on-demand conversation, which can be viewed here, Feldman explains why fragmented compliance is a major challenge for the industry and the benefits a unified operating system brings.
Feldman, who has extensive experience in AI and FinTech, was new to the world of compliance and quickly identified a gap in the market, which other industry veterans had always perceived as the way things work. This led to the creation of Greenboard, an AI-powered compliance platform that aims to replace the patchwork of legacy tools with a single, cohesive system.
Feldman noted that despite regulatory pressures increasing, due to compliance being a non-revenue generating area, it is hard for firms to justify spending millions on multiple new tools. “At the end of the day, it is really hard for a part of your business that doesn’t make any money to spend infinite money on software solutions where the regulators don’t seem to be slowing down in any administration. It’s not really viable for every time there is a new regulation to layer on another software tool.” As technology advances, he added, more can be asked of it, reducing the need for various point solutions.
Not only is it not viable to continually add new solutions each time there is a regulatory update, but it also impacts the quality of the compliance. Feldman explained that one of the biggest challenges he sees within compliance teams is the complexity of tools. Not everyone in the team is going to have the same level of tech savviness and trying to get everyone trained across various types of tools is a tall order.
He said, “When you have 3, 4 or 5 fragmented compliance systems that all look and feel like they were built 20 years ago and don’t really work together and have all sorts of outdated experiences and, sometimes just problems, it doesn’t really help you build a culture of compliance.”
This is where a unified system, that embeds education and ease of use can go a long way to helping compliance teams improve their output.
During the discussion, Feldman explores why fragmented compliance stacks fail at scale, why consolidated operating systems are important, how Greenboard leverages ByAllAccounts for investment-grade data, and how modern compliance supports growth.
Watch the full discussion here.
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