The need for operational efficiency within the sales and compliance management space has never been greater. Financial regulations have increased significantly over the past several years alone. These developments have in turn left many organizations and companies with challenged and sometimes ineffective sales and compliance departments with operating budgets so high that they have hampered daily operations. This is why Global RADAR, the leading AML compliance, and risk management platform available on the market, has partnered with Salesforce, the leading CRM provider in the market.
While the shift towards automation and adoption of cloud-based technologies has been a boon to the sector, many companies have found themselves still overwhelmed by expanding regulatory scrutiny accompanied with slow client and revenue growth. Most recently, compliance departments have been called on to peel back complex beneficial ownership layers to identify the true actors behind foreign investment. Further compounding these burdens is the fact that the modern compliance department tends to be poorly integrated with other systems or teams within their own organizations.
From sales, to lead management, to client support, all teams within a company must be on the same page to work seamlessly and meet the regulatory demands, in addition to keeping their customer base satisfied. With so many different working parts however, meeting the most basic standards has become virtually impossible without the adoption of a Customer Relationship Management (CRM) solutions. Given the growing Know Your Customer (KYC)/Customer Due Diligence (CDD) requirements for companies, such developments have become particularly useful with respect to improving risk management and streamlining individual and organizational screening and due diligence processes both during the onboarding process and beyond, both essential components to complete regulatory compliance. With an organization moving collectively as one unit, the risk of compliance slip-ups and potential violations for non-compliance effectively falls by the wayside.
The primary purpose of CRM in this context is to improve the integration of relationships to grow a business, while allowing firms to better organize and access their data as well comply with regulatory expectations. CRMs gives the various departments within a company (i.e., sales, recruiting, marketing) a better way of managing external interactions with clientele, while accumulating real-time client data into a cohesive and easy to use platform.
While still in its relative infancy with respect to use in the compliance space, in adopting such technologies, an organization’s productivity increases, expenses decrease, and time is optimized. Different departments can now collaborate on the same projects using the same data, providing immediate access to the needs of their customers – giving them a complete view of their client(s) at every point of their interaction with the company.
The capabilities for the integration of such processes across the regulatory compliance field are endless. As such, Global RADAR, the leading AML compliance, and risk management platform available on the market, has announced that they have completed their integration with the top CRM solution on the market, Salesforce. The Global RADAR application is now available on the Salesforce AppExchange. With the combined power of both applications, screening and due diligence requirements for prospects, existing clients, or venders has been streamlined, allowing for all departments within a company to be in the loop, knowing exactly who they are doing business with. Through this software collaboration, Global RADAR now allows its clients to expand due diligence reviews, sanctions screening, adverse media, and corporate details screening within the Salesforce platform.
Global RADAR is taking things to new heights with this collaboration using artificial intelligence (AI) to power their screening processes. In addition to the time and resources saved by using Salesforce, the Global RADR AI and machine learning capabilities replace many of the now obsolete and costly manual labor practices synonymous with antiquated client onboarding and due diligence process.
Given the unprecedented leaps in efficiency, integration, and productivity provided by CRM technologies in this space, having such a solution in tow is an absolute must in order to navigate increasingly complex corporate structures and regulations while avoiding crippling fines and sanctions. As demonstrated by Global RADAR, these benefits can be taken to even greater heights through the improvement of all elements involved in client management, doing the dirty work to help companies assure integrity with internal and regulatory requirements, creating a new standard for industry best practices.