Streamlining Control Activities with Digital Checklists

Background

An international fund services firm faced challenges in maintaining consistent control procedures across its servicing teams. The firm required a solution to standardise processes, reduce manual errors, and ensure adherence to regulatory requirements for different jurisdictions.

Challenge

The firm’s traditional paper-based checklists were time-consuming to complete, prone to errors, and arduous to update with changing regulations. Distributing, tracking, and securely storing these checklists required significant manual effort and led to inconsistencies in compliance practices, complicating audits and effective reporting.

Solution

The firm implemented the digital checklist feature of Navigator, by Nexus Assurance, to address these challenges. Initially, the firm converted 20 operational processes from a Microsoft Word and Excel evidence framework into Navigator’s digital format. This conversion and template upload required operational expertise rather than technical resources and were accomplished within a short window, ready for rapid rollout. Navigator’s digital checklists empowered the firm to:

Standardise Processes: Create uniform compliance procedures across all offices, ensuring consistency and adherence to international standards.

Dynamic Updates: Easily update checklists to reflect the latest regulatory changes, ensuring ongoing compliance.

Custom Roles and Permissions: Assign specific checklist responsibilities to team members based on their roles, enhancing accountability and efficiency.

Audit Trails: Maintain a complete, time-stamped record of all compliance activities, simplifying the audit process and enhancing transparency.

Secure Collaboration: Share checklists with third parties securely when needed, maintaining control and confidentiality.

Results

The adoption of Navigator’s digital checklists is transforming the firm’s operations. The time required to complete control activities is reducing significantly, and the firm is decreasing the occurrence of compliance-related errors. The digital checklists also provided a robust audit trail, which leads to a 30% reduction in time spent on compliance audits. Moreover, the firm reported enhanced employee satisfaction due to the reduced administrative burden and the ease of complying with complex regulatory requirements. As a result, the firm is enhancing its reputation for stringent compliance and continued delivery of excellent service to its clients.

Conclusion

Navigator’s digital checklists provided an efficient, reliable, and scalable solution for the asset management firm’s compliance needs. By embracing digital transformation with Navigator, the firm not only improved its compliance operations but also positioned itself as a forward-thinking, efficient, and client-focused organisation. The initial implementation phase demonstrated that by leveraging operational expertise over technical resources, Navigator could rapidly revolutionise traditional processes, setting a new standard for compliance efficiency.