Is administration the bane of your life?
If so, it’s time to cut your admin. Is your ability to meet deadlines, improve your processes and meet strategic objectives thwarted by never-ending paperwork, inefficient procedures, duplication and rework?
With the FCA expecting firms to take a more proactive stance on governance, a Compliance team that takes a ‘tick box’ approach isn’t going to cut it.
But taking a more proactive, strategic role means you need to ditch the grunt work. Losing those tasks that leech your time away unproductively – and leaving space in your day to be the strategic adviser your firm needs.
We’ve compiled our top 5 tips on how to cut down the time you spend on admin to help you cut through unnecessary tasks and increase efficiency.
- Take control of your emails
Email is a necessary curse of modern life.
How you deal with it, though, is down to you.
Set aside fixed points in the day to tackle your in-box, and you will find chunks of time are freed up elsewhere. This gives you the space to do more ‘thinking’ work.
If you need time to write or review financial promotions, don’t be afraid to put on an out-of-office message and turn off your email altogether. Doing this means you can avoid the regular intrusions that impede your ability to think.
- Pick the time that best suits you to do admin
We all have times of the day when we are more and less productive.
Scheduling lower-grade tasks for the late afternoon or early morning can enable you to use times when you’re not at your best to cut through the paperwork.
This won’t enable you to avoid your entire admin mountain. But by working through it at the times you choose, you can make sure you’re not spending your most productive time on work that doesn’t warrant it.
- Consider outsourcing
If you can outsource some of your processes – while remaining compliant with FCA rules – you can potentially free yourself from a lot of unnecessary work.
Increasingly, Compliance teams overwhelmed by the amount of regulation they face are looking to external consultants and third-parties to manage some of their processes.
Whether this is using as third party for technical aspects, such as record keeping, or enlisting outside help with sign-off and day-to-day work, outsourcing can help to minimise your workload.
- Get it right first time
Easier said than done, of course. But if you can:
- Reduce oversights and errors
- Minimise the amount of financial promotions that need rework
- Ensure that your Marketing and Sales team understand how they can write approval-ready content
You will save yourself huge amounts of time.
It’s estimated that banks have paid over £50bn in fines in the last 15 years for misconduct. Behind each one of the fines sits a mountain of work – in terms of withdrawn promotions, reworked processes and responses to FCA queries.
- Automate where possible
Streamlining your processes is vital if you want to slash the time you spend on admin.
Automation can be a huge help here.
- Reducing the amount of time you spend compiling financial promotions amendments through real-time collaborative reviewing
- Using slide and disclaimer library that ‘lock down’ approved content and prevent you reviewing the same content over and over
- Automating your record-keeping to create a compliant audit trail
…automated workflow solutions can have huge benefits.
Follow these tips and you will have more efficient ways of dealing with the demands on your time.
At LS Consultancy, we offer a number of distinct products and services which can be deployed individually or combined to form a broader solution.
When you face business or regulatory challenges, we provide solutions that are tailor-made to your needs with a view to releasing your energies to focus on your clients.
We work both within individual teams and across many departments to offer a complete solution, with a range of cost effective, compliance and marketing solutions which are uniquely suited to supporting firms.