It is so difficult to start; the world is full of great businesses being put on pedestals as great tokens of success. Apple’s cool gadgets making billions and gazillions….Facebook’s ability to inform and misguide the world with “friends updates” and some rather trendy “fake news”. Google’s super algorithms than can do anything and find whatever you want, subject to being bombarded with marketing, spam and having your life read and interpreted for marketing purposes (did we say you have to accept cookies to read this?).
Starting a new business and imminently structuring and developing departments within the business to run at full capacity whether being independent or serving as a core function within the business is hard. Developing a credible business proposition to seek investment or in better cases to start trading can be incredibly challenging. So much, that even the incredible titans mentioned above choose not to play ball in areas where Compliance and Financial Crime controls are a must, where if they have ever dipped a toe, the shiver they got was such, that they opted to outsource to the likes of Paypal or another outfit with an exacerbated ego looking to revolutionise everything, but really not changing much.
We understand where you are, what you need to achieve and where you are heading; having to spend so much time and money “to comply” can at times be a frustrating effort and eventually cost more than the money you are looking to make to position your business as a real competitor to the bigger guys. It is just the way business works! You are trying to make 1EUR and all of a sudden you need an MLRO, a compliance manager, an assistant, someone who can do monitoring and reporting….and of course pay for the Super Expensive Consultant (who will come and “deliver wisdom” to your new soul searching regulatory team)…who, despite being around for years, seem to struggle to understand that you are a new business and keep coming to you with lists of things to spend money on. Regulatory compliance is only one crucial aspect of business, in addition to the already set expenses, there are other costs such as software systems and access to data sets that need to be added to the equation … not to mention the difficulty to find and nurture, talent and passionate individuals towards their profession.
At QGen we do not just have great solutions but also have a great memory; one that allows to remember when we started. We know how difficult it was; from the outset, it was our mission to become a solution to clients where managing costs was at the centre of everything we do. Have you ever worked out how much money in terms of hours it can take to onboard a corporate client of relative complexity? Add some False positives to the mix and, suddenly your staffing costs have gone up considerably hence the compliance department has become a limitation to you your growing organisation, especially if you are operating in a volume based environment. If you operate online or in a Fintech environment you also have the added pressure of time, where the hours you thought you had to onboard a client, are suddenly gone. Client wants to use your services now, and if you have bottlenecks leading to excessive waiting times … that could very possibly result in a client opting for one of your competitors.
We can empathise and will always be happy to discuss your needs and see how we can help you; perhaps you have shopped around already? Great, that is always good news as it will help you understand why and how QGen makes it happen through its flexible framework to cater to your specific needs..
Call us on +356 22484447 to discuss your needs and consult you on the best way forward. Let us help you quantify your savings and plan your compliance function when starting off and scaling up your company.