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SuiteBox technology drives greater efficiency for compliance services in the financial services environment

Posted: 24 November 2017

Moonstone Compliance Pty Limited is a South African based company providing compliance services to 1,500 South African registered Financial Services Providers (FSP). Because these FSP’s are dispersed across South Africa,  Compliance Officers have to travel long distances and endure long hours in traffic to meet with clients.  All compliance monitoring , including training sessions, is traditionally delivered face-to-face resulting in Compliance Officers wasting expensive billable hours just traveling to and from clients. These extraneous travel hours sometimes requires additional staff to ensure that Moonstone Compliance could meet the demands of its clients.

 

Moonstone Compliance uses a custom built compliance and risk management software system to service its clients. The system enables Moonstone to create compliance monitoring questionnaires to better assess controls as a core part of its Risk Management Programme.  The clients rely on the Moonstone Compliance Governance Programme for monitor governance, risks and compliance of their respective businesses. The system is named the Moonstone Auditing and Reporting System (MARS). 

 

Challenges:

Legislation in South Africa formerly required that registered compliance officers meet with their clients face to face. A recent legislation update modified the face to face meeting provision enabling compliance officers to remotely manage their clients; as long as, the compliance practice has electronic systems in place to remotely monitor and assess risk management protocols. Moonstone Compliance went in search for a solution that would enable them to take advantage of this technological update to the legislation and was pleased to learn about SuiteBox.  Using Suitebox in conjunction with MARS meets the requirements of the regulator.

SuiteBox enables Moonstone Compliance to continue to meet with clients face to face via an online meeting room with full video while using the screen share functionality while recording the full conversation

The SuiteBox technology has enabled the company to keep up the diligent compliance review schedule with its clients without the wasted expense of travel time for its Compliance  Officers.  SuiteBox has also been demonstrated to, and accepted, by  the  South African Regulator.  With SuiteBox, Moonstone Compliance has overcome the many of the costly challenges for compliance monitoring and governance in South Africa including:

  • Travel distance and travelling time (long distances and traffic congestions result in non-billable hours and loss of income)
  • Efficency in servicing multiple offices for national clients  (a large geographic footprint requires long travel schedules and an increased number of compliance officers to meet client deadlines)
  • Effectively matching compliance officer skill sets with client needs (based on the complexity of the client and not the client’s geographic location)
  • Increased safety for Compliance Officers that need to travel to remote areas or urban areas with high levels of crime

How Suitebox changed the Moonstone Compliance business model

Most of SuiteBox’s clients use electronic client planning and CRM tools to run their businesses. A typical example of such a client management and financial planning  system is XPLAN. Part of the compliance function that Moonstone Compliance offers its clients is the monitoring of financial transactions of financial planners to ensure that the transaction and process followed meet the regulatory requirements. To complete this part of the process, the Moonstone Compliance Officer would randomly select transactions and then use the MARS system to record the outcome per case. The Compliance Officer would then collect business information and declarations by interviewing staff/management, record, sign and then file a report on the MARS system. All of the above would be done in the client’s office by the Moonstone Compliance Officer.

The SuiteBox technology enabled a hybrid model of face to face interactions and remote system monitoring utilising the following processes:

  • Creating a virtual meeting room per client. This protects the client’s privacy and enables Moonstone Compliance to easily track each clients’ risk analysis performance.
  • Enabling the Compliance Officer and the client to meet face to face via video and share requested documents real time during the meeting.
  • Signing declarations and documents digitally which can then be emailed to the client for record keeping purposes.
  • Using screen share functionality to provide full transparency while using the MARS software.
  • Getting the client to screen share and view the client’s electronic client files to do case monitoring.
  • Recording video/audio of the meeting, shared screens used during the meeting and any documents signed during the meeting adding additional record keeping validity above current compliance standards
  • Using the recording as digital minutes of the meeting instead of transcribing and summarising the meeting.
  • Using recordings of meetings as a management and training tool for Compliance Officers.

 

Benefits to Moonstone Compliance

 

By using the  Suitebox Technology solution, Moonstone Compliance gained the following positive performance results:

 

  • Saving travel costs (a minimum of two hours per week once all the clients are converted to the new hybrid model per compliance officer. This could result in 4,600 more billable hours per year)
  • Selling more billable hours due to less time spent travelling. The outcome in terms of return on investment should the additional billable hours be achieved can be up to 16700% per year.
  • Better record keeping
  • Increased supervision
  • Better allocation of resources (geographical location no longer an issue)
  • Improved internal risk management
  • Increased operational efficency meant more clients could be handled by each Compliance Officer in the same amount of hours as the traditional face to face method.
  • Increased profitability –  depending on how many hours that have been converted to billable hours. However using the above numbers, a 15% overall increase in profitability is achievable.

 

 

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