Look for these five important qualities when evaluating regtech partners to be sure you get not only a useful technology solution, but also a knowledgeable, supportive team of professionals who prioritize your business needs, collaborate with you, configure the system to meet your unique processes, and provide responsive support long after go-live day.
According to ViClarity, it’s hard to find an area of modern life not impacted by technology. The converging disciplines of governance, risk and compliance (GRC) are no different. Even as managing GRC becomes more complex, the injection of technology can — when it’s the right fit — simplify day-to-day duties for GRC professionals across regulated industries.
Technology, particularly automation, creates opportunities for organizations to free up time that can be better spent on more strategic pursuits and increase speed and productivity. It’s amazing what happens when team members come out from under piles of paperwork and unglue their eyes from screens full of worksheet tabs. Rescued from the monotony and stress of manual inputs and analysis, they begin to see things they couldn’t before.
Individuals resistant to process change may have a tough time accepting new technology, but they just might be persuaded by the right partner. From the perspective of the ViClarity team, one of the most critical aspects of technology is the people behind it. The support backing the system is what makes or breaks any technology integration. So, how can you be sure the human side of the solution you buy is up to the task?
Evolving the Sales Relationship
When you think of a salesperson, no one will blame you if what comes to mind is the aggressive type who doesn’t take no for an answer. Thankfully the old stigma of the seller-buyer relationship is evolving. Collaboration, rather than coercion, is the prized outcome. Although this relationship has vastly improved as configurability, design thinking and feedback loops have entered the conversation, you should still look for these key elements to ensure the best possible collaboration between tech provider and tech user.
What to Look for in a RegTech Partner
It’s strategically responsible to be meticulous about deciding who you partner with — the relationship can either provide relief or become a burden to your organization. Without proper deliberation, an incorrect fit could cause poor integration, lost time, lost money and a big headache for your organization. There are a lot of software and system providers that promise they offer the right tool for you, but it can be tricky to cut through the noise.
At a minimum, the regtech you’re considering should meet your standards for cybersecurity, privacy and data protection, but beyond that here are some characteristics that can help ensure a successful technology integration and long-term partnership:
- Knowledgeable & Curious Employees
Every person you encounter or interact with on the technology provider’s team should strive to understand your business and integrate your specific practices and processes into the functionality of their platform. It should be an active transition with people on both teams asking lots of the right questions. A good partner will demonstrate that they truly care about what you do and show a sincere desire to help your business become more successful.
- Adaptable & Responsive Approach
Not everyone is up for change and technology implementations can run into roadblocks and resistance. The right regtech provider will listen to you and adapt accordingly to keep progress moving forward. Pay close attention to whether your potential new partner is truly willing to discuss and adjust based on open and honest conversations — this quality is often easy to spot during the proposal and contract negotiation process.
When first working with a new regtech solution, you’re bound to get some tough questions from your team. A good technology partner will jump on a call with your internal audit, finance, compliance and other department leaders and system users to provide thorough, on-the-spot answers that calm fears and secure buy-in.
- Configurable Solutions
Any system that requires you to change your processes to meet its limitations is likely to create angst within your business. Look for a technology partner that has the capabilities (and importantly, the willingness) to configure their solutions to align with your existing processes. Whatever problem or process you are looking to solve, more often than not, a one-size-fits-all approach is not really going to fit. Every organization handles processes their own way — even if those processes are founded on industry best practices — and a good technology provider should reflect that principle with tailored solutions.
- Helpful Implementation Professionals
It’s not uncommon for a company to discover it’s not yet ready to tackle a technology implementation. Setting up a new software system can be an intense task, and it requires cooperation on both sides. The right regtech partner will not rush you. They’ll provide clear guidelines and expectations for the implementation process. Together you’ll build a scope and timeline based on the project’s needs, enabling each party to easily identify their responsibilities for a seamless transition.
Adequate training is critical, too. At ViClarity, we feel you should never be left to use the tech on your own until you feel fully trained and comfortable in the system. It should be a sad but happy day saying goodbye to your implementation manager!
- People & Culture as Good as the Tech
Company culture is an important aspect of building a successful business and attracting and retaining talent. It’s also critical to the success of a technology partnership beyond the sales transaction — be sure your potential partner’s company culture aligns with yours.
You should have confidence that the entirety of the partner’s support team (implementation managers, help desk staff, customer success managers and anyone else you might come into contact with) is ready and willing to collaborate with your staff in an open and positive way. That’s why paying attention during those early interactions in the sales process is important. You want a tech team that values your relationship and treats you as more than just a “paying customer” — you want them to view you as a collaborative partner whose success is a top priority.
Integrating new technology can be a daunting task, but when done well, you get the pay-off of doing less manual and more strategic work. Choosing the right Regtech partner will put you on the path to efficiency, improved outputs and compliance.
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