If “Nothing bad happened” is your best FinTech compliance result for 2023 and feels like a miracle, READ THIS NOW! 

• Are you one of the many FinTech Compliance leaders who work very long hours, constantly under pressure from your senior management to complete tasks (and compromise the quality of your research), but still leaving your management unsatisfied? 
• Do you see many of your recommendations ignored and your budget requests postponed with a comment “Sure, but not now”?
• Do you feel that when “nothing bad happened” with your company under the current circumstances it is actually a miracle, but your management just takes it for granted?
• Have you tried changing jobs during the last couple of years hoping that the new company will value and appreciate what compliance has to offer and would take your advice seriously only to be disappointed in a few months?

If at least one of these examples feels true to you, you are definitely not alone. Most FinTech compliance experts are not afraid of hard work, have extremely high work ethics, and proudly consider themselves perfectionists…

Does this sound like you?

• Since your function or team is not adequately resourced, you felt like your only option was to document deficiencies and gaps…
• You strongly believe that information is power and that knowing more laws and regulations will help you make better decisions and avoid mistakes.
• You feel that your primary responsibility is to provide accurate information and that the business “must own their risks”…
• You may have resorted to ultimatums and threats to secure additional budget, highlighting regulatory breaches and reminding your senior management that they are ultimately responsible for risks and compliance…

The reason why you may be stuck with forever-growing to-do lists, compounding risk, and endless regulatory gaps while struggling to secure resources and lacking support from your senior management is that you may have focused on assembling and sharing information and documenting risks instead of assessing and communicating advantages and benefits or investing into compliance.

You see, the argument “it needs to be done because it is required by law” may be obvious to you, but it is not a very compelling argument for most FinTech founders and CEOs. You will be more likely to secure resources if you share how many new customers can be served or how many new transactions can be approved faster if your team gets the resources it needs.

It is also very possible that your senior management assumes that since the company is still in business without implementing your recommendations, it could mean that your recommendations are optional or non-essential. In most cases, your management does not see any value in risk assessments, gap analysis summaries, and other long documents you produce. They may be thinking that compliance is a “necessary evil”  producing these documents to protect and satisfy themselves with very little benefits for the company.

When you delay decisions, highlight risks, or escalate complex issues to the risk or compliance committee, you may see yourself as a collaborative consensus-oriented team player, but your management may view it as you trying to dilute responsibility and waste their time.

How to bridge this gap between compliance and business?

Don’t worry. I have helped hundreds of FinTech compliance experts and founders implement the ROI method for managing compliance function as a revenue center as opposed to a cost center using my unique compliance performance training, which will accelerate the speed of your decisions, reduce the number of risks you are trying to manage and significantly simplify the documentation you need.

DM me if you need help and would like you to start right away and make sure that every $$$ spent on compliance in 2024 and beyond is well appreciated and adds real value!