Making Compliance Easier and Smarter Through Technology

Intuitive Interface and Intelligent Data Gathering is Helping WorldRemit Get Out Ahead of Competitors

WorldRemit is an online money transfer service. It’s bringing a strong challenge to other players in this field through easier-to-use services and lower fees. But while it may be an innovative company, it is still challenged by the strict compliance standards (who isn’t?!) any financial services business faces—even more so because of its international reach. We sat down with Brion Nazzaro, Group Compliance Director at WorldRemit to hear first-hand how he has used compliance technology to not only improve his compliance program, but give his organization a competitive advantage in such a highly regulated space.

“Compliance is not a point in time. It evolves with the business,” Brion said. “As the business changes the compliance changes. As the volume and value of the activity you do increases, your risk increases. As you become more publicly known you face other reputational risks. To have a competitive advantage in compliance you must have a very specific mission and vision that all compliance professionals across all your jurisdictions and markets can strive for.”

Proactive Compliance is When It’s Everyone’s Business

A key part of WorldRemit’s compliance strategy is making risk-management part of everyone’s responsibilities and trusting front-line managers to monitor and manage risks that fall into their prevue. Typically, employees go to their manager when they have a problem. Yes, this is good thing that employees are going to their peers to voice their issues, but if it is not documented or handled correctly it doesn’t really help. This is why Brion focuses heavily on involving and communicating with his mangers. If they are doing compliance correctly, it spreads across their teams.

“If you don’t communicate with your lines of business you’ve limited yourself to just what your compliance group can do. That’s ineffective,” Brion explained. “We need the company to understand what our responsibilities are as a company and for every line manager to understand what they can do to help mitigate the risk picture.”

Involving line managers helps WorldRemit get a more accurate and current picture of its risks, letting Brion and his team focus where their expertise are needed most at any given minute.

How a Smart User Interface is Changing the Game 

Convercent’s intuitive solutions allow compliance teams to assign roles that limit the information a user can see, create custom dashboards to surface exactly the data that’s most important to that user and, most importantly to Brion, allow for quick reporting results without requiring data that WorldRemit deems unnecessary. On top of that, WorldRemit’s line managers are more inclined to use the software because it is not overly complicated or difficult to learn and use.

“Converent’s emphasis on the user interface, their emphasis on collecting large amounts of data but not requiring every single field to make something useful come out was very intriguing,” he said.

Many compliance management systems Brion has encountered in the past made it difficult and time consuming to look at data in a meaningful way. He also needed his line managers to be able to easily pull reports related to their specific risks and monitor their organization’s compliance activity without getting bogged down in a larger, difficult to use system.

The Power of (the right) Data

Relying on so many points of entry into a program could easily create a data and reporting headache. It is one of the most challenging parts of a compliance professional’s job — discerning the important data over the more mundane. Because data is so important for a compliance program, Brion was very careful when choosing a compliance technology. Since the whole point of technology is to improve efficiency, he did not want excessive data entry requirement,  manual analysis, or a cumbersome user interface.

The WorldRemit compliance team also needed the ability to easily dive deep into data to identify trends and keep its Board of Directors and executive staff up-to-date on the company’s risk register and mitigation efforts. Having the right reports with meaningful information is particularly key when trying to express the importance of compliance to those who don’t live and breath the program everyday.

Even though WorldRemit’s board of directors and executives have taken an active role in the company’s compliance standing since the early days, giving them something they can understand and really dig into is invaluable. It’s one of Brion’s favorite benefits of having Convercent. No more of those same tired old metrics!

Analytics that Make Sense to the Rest of the Company

“The analytics are something that’s tangible,” he said. “Compliance is very theoretical—the law, the implementation, there are many things that are happening but you don’t see the physical representation of that. Having something that can create a representation of what you’re doing is very impactful to many of our audiences outside of compliance and it’s made communication easier.”

Many compliance management systems Brion has encountered in the past made it difficult and time consuming to look at data in a meaningful way. He also needed his line managers to be able to easily pull reports related to their specific risks and monitor their organization’s compliance activity without getting bogged down in a larger, difficult to use system.

“Having the data isn’t enough,” Brion explained. “If you can’t slice the data, if you can’t provide the reports that are meaningful to your line partners, then you spend a lot of your time and your resources trying to cut the data apart and make it meaningful to somebody when that time could be better spent introducing them to the reports, showing them how to self serve off their own oversight and metrics reports and how to help self-identify risks.”

Through techonlogy, WorldRemit’s compliance team is to able effectively and efficiently run their program in a way that simply wouldn’t be possible when relying on siloed systems or solutions too difficult for employees to use.