R egulatory compliance in the Financial Services industry continues to grow in scope and complexity. Greater scrutiny, tighter controls, lost returns, and a constantly changing interpretation of risks all contribute to today’s unprecedented environment. While many of these regulations protect the consumer, they create significant challenges within Financial Services organizations. In this first post of our four-part blog series, "CWM in Financial Services," let's take a look at how you can address these challenges.
Overcoming regulatory obstacles can be as complicated as the regulations themselves. To navigate these compliance concerns, Financial Services institutions need the right people with specific skillsets, often on short notice, under a restricted budget, and in a marketplace with steep competition. Yes, hiring contingent labor helps meet these needs. But it comes with its own complications.
Are you confident today that you’re procuring the best talent, at the best price? Are you certain that leveraging contingent labor makes achieving compliance more efficient and effective—not an additional regulatory headache? Financial Services organizations need a way to strategically manage the contingent workforce to ensure a best-practices approach to hiring contingent workers, mitigating related risk, and achieving compliance. Here’s how:
- Leverage an agile workforce. To meet today’s stringent compliance demands, you need the right skillsets at the right price at the right time. But that’s easier said than done. Drive more agile, flexible talent sourcing with technology that gives you centralized access to a network of suppliers that successfully vet and identify quality candidates. Take advantage of talent performance evaluations, KPIs and SLAs that help ensure that your compliance challenges are solved on time and on budget.
- Win the war for talent. You need the agility to source exceptional talent, and the resources to win that talent over. Get the best person for the job with a vendor management system (VMS) that offers anytime, anywhere access for all individuals involved in sourcing your contingent workforce. The right VMS makes it easy to run competitive bidding, and offers supplier performance management, smart job templates, mobile functionality, and more.
- Ensure comprehensive intelligence. Governance for Financial Services organizations includes having detailed information on every contingent worker in every location around the world, plus the vendors that enter facilities but don’t work for them. Make sure that your vendor management solution lets you track and report on contingent workers globally to meet risk management and compliance objectives. It should include end-to-end visibility, automated workflows, alerts, and audit trails, plus online management of agreements and SLA compliance to make it easy to monitor your workforce.
- Keep your contractors compliant. The contingent workforce should help solve your regulatory issues, not create new ones. Guarantee that your contingent labor is aligned with compliance demands with a contingent workforce management solution that provides all of the necessary controls and workflows for secure, streamlined onboarding, management, invoicing and offboarding.
With these strategies, Financial Services organizations can reap the benefits of contingent labor without incurring additional risk. Top talent, plus tight controls, add up to an efficient, effective way to manage regulatory compliance.