You can’t meet financial compliance without accuracy

When most professionals discuss compliance, documentation accuracy may not be the first thought that springs to mind. In fact, accuracy and compliance go hand in hand, and should be at the core of any comprehensive financial compliance strategy.

Last month we attended the Financial Industry Regulatory Authority conference (or FINRA); and had the opportunity to discuss and listen to compliance challenges facing financial advisors. These challenges, specifically when it comes to financial documentation compliance, mirror the results of a recent national survey we conducted, which found that 89% of advisors say they struggle with heavy documentation demands because of increased regulations and governance within the industry.

The burden to accurately and efficiently author financial documentation to meet compliance has more and more advisors focused on paperwork like never before. In fact, 37% of those responding to our survey said they spend 3 hours a day on paperwork alone; from writing regulatory filings, client financial plans, to completing other notes and documents.

So, it wasn’t surprising for us to see sessions at FINRA specifically focused on financial documentation, like how to better document and monitor client and advisor interactions, to creating effective records management and retention programs.

Financial institutions need to build a comprehensive compliance strategy that includes smart technologies to help with documentation; tools, like speech recognition, that can ease the documentation burden, from helping advisors to on-board a new client, automate processes like distributing standardized forms and templates firm-wide, to simply empowering them to capture the immediacy of client interactions in real-time.

Building an efficient and accurate documentation workflow is no longer an after-thought. Is your firm ready?

Financial Documentation Compliance Survey

Nuance Dragon Role of Technology in Financial Documentation Compliance survey finds financial advisors need help with documentation compliance

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Mark Geremia

About Mark Geremia

Mark Geremia is Vice President and General Manager for Dragon Professional and Consumer and oversees the product and marketing strategy for Nuance's Dragon speech recognition and documentation workflow portfolio. Mark has held various leadership roles within the Dragon business over the last decade, and with his team continues to expand Dragon's reach across enterprise, legal and law enforcement markets, transforming productivity and documentation accuracy for professional individuals and large organizations. Prior to joining Nuance in 2005, Mark held key marketing management positions at both large and small technology companies. He holds a Bachelor of Science Degree in Business Management from Bentley College.