ComplianceAugust 30, 2022

Outsourcing – Conquering the myth

One of the most widely-known and influential thinkers on management, Peter Drucker once said, “Do what you do best and outsource the rest”. Such a statement is most relevant in today’s regulatory environment.

Risk management, regulatory compliance and AML compliance have become increasingly complicated and evolving rapidly. For companies to have a properly functional risk management and compliance function, they require more skills, experience and knowledge, which all come with a hefty price due to the lack of such individuals in the market. Due to such a shortage, many companies are looking to outsource certain risk management and compliance aspects.

But what are the benefits of outsourcing such tasks to third parties?

Through engaging with the right partner, outsourcing can give companies access to knowledge and systems and relieve some unnecessary workloads of the existing employees. At the same time, the company will have external expertise available when needed and employees can focus on their core competencies that directly impact the business.

The ever-growing regulatory environment requires more specialised skills and knowledge, which is difficult and expensive to onboard. However, through outsourcing, the company can access such a scarce resource, typically at a lower price. Such is possible since the outsourcing provider would be offering a number of similar services to different companies and can offer competitive prices due to economies of scale.

Apart from the savings mentioned above, the quality of service that outsourcing partners can deliver would significantly improve the company’s internal processes and overall productivity, which would only result in growth.

Outsourcing with Compliance 360 allows you to leverage all the benefits of having an outsourced risk and/or compliance staff with fully flexible business solutions that suit your needs. Compliance 360 Ltd offers a wide selection of outsourcing services to a broad spectrum of Subject Persons. Services include:

  • Risk Management
    • Risk Manager role (approved by MFSA)
    • Risks Manager shadowing and/or support
  • Regulatory Compliance
    • Compliance Officer (approved by MFSA)
    • Regulatory compliance support
    • AML/CFT support
    • WiseBOS RiSC, an automated AML tool covering CDD, KYC and document management

The benefits of outsourcing far outweigh its perceived challenges. Contact us on 2136 0000 or to discuss how we can assist you in achieving your goals.