In the fast-paced world of business, compliance oversights are more common than you might think. Startlingly, over 60% of banks admit to struggling with missed compliance deadlines, leading to avoidable penalties and stress.
In recent times, meeting compliance deadlines is a bit like playing a high-stakes game where even a small mistake can lead to big consequences.
Missing a deadline for submitting Regulatory or Statutory returns or forgetting about compliance tasks can result in monetary fines, a series of inspections, reputational loss, and headaches for businesses.
But you don’t need to fear; we’ve got your back! In this article, we are talking about some simple and effective strategies to ensure that compliance tasks are never overlooked.
1. Centralized Calendar: Your Task Mastermind
Imagine having a magical calendar that keeps all your tasks, deadlines, and to-dos in one place. Well, you don’t need magic; you just need a centralized calendar. It’s like having a superhero’s vision, allowing you to see all your tasks at a glance. And here’s the best part – it’s not just about you. With a centralized calendar, you can also keep track of your team’s tasks and progress, making sure nothing falls through the cracks.
There are lots of ways to create a centralized calendar, but we recommend using software designed specifically for task management. That way you’ll be able to plot tasks, attach relevant documents / evidences, drill down reports, and analyze your compliance tasks reports in personalized dashboards to spot trends and issues.
2. Alerts and Reminders: Your Personal Task Assistant
Have you ever forgotten something important because it slipped your mind? We’ve all been there. That’s why alerts and reminders are like your personal task assistants, gently nudging you when a task is due. They’re like little digital post-it notes that help you stay on top of things. Whether it’s a calendar notification or an email reminder, these tools ensure that important tasks don’t get buried in the hustle and bustle of daily work.
Email alerts can easily be set up in your calendar or send out email notification.
3. Embrace the benefits of automation:
Compliance teams manage many tasks that happen on a recurring basis, such as Regulatory returns filing, etc. Recurring tasks can be like sneaky ninjas – you remember them once, but they disappear from your mind the next time around.
So it’s not uncommon for someone to complete the task the first time but forget to add it to the calendar for the next month or quarter. When the next occurrence rolls around, you may find yourself non-compliant. Instead of relying on memory, let automation take the lead. Set up recurring tasks in your calendar, and they’ll automatically appear when they need to be done. This automation keeps you compliant and frees up mental space for more important matters.
Pro Tip : Instead of adding each deadline to the calendar individually, you can automate recurring tasks or create pre-sets or templates that can be triggered when an event occurs. When you create a recurring task, the next task is automatically added to your calendar on the set frequency you specify — weekly, monthly, quarterly, and so on.
If you do this through your task management software, your tasks and relevant documents (proof of work / submissions) will all be available in one place. You can also set up reminders to let you know that a recurring task is due soon. This way you don’t risk forgetting to complete an important task.
4. Effective Delegation: The Teamwork Card
A lot of compliance problems happen at the task assignment stage. You might think your team member is working on the report you assigned to her, but they never even saw your email about it. If you find yourself spending a lot of your time chasing down people to get things, you might need a better system for managing your team’s tasks.
Having a system in place to track the progress of each task, collaborate with team members, escalate tasks and share reports and documents for review once their tasks are due in a centralized software will go a long way toward avoiding miscommunication.
Ever heard of the saying “teamwork makes the dream work”? Well, it’s true for compliance tasks too. Clear communication and effective delegation ensure that everyone knows their responsibilities and deadlines. By having a system in place, you can track tasks and keep everyone on the same page, reducing miscommunication and last-minute catchup.
5. Breaking Compliance Activities into smaller tasks: Plan like a Pro
Remember that time you thought you could finish a puzzle in five minutes, but it actually took an hour? Compliance activities can be a bit like that puzzle. Setting realistic timelines is like putting together the pieces of the puzzle, step by step. Break down tasks into smaller chunks or sub-tasks, estimate the time needed for each, and add some buffer for unexpected hiccups. This way, you’re not rushing against the clock, and the stress levels stay manageable.
One way to do this is by creating smaller milestones along the way. By breaking down a big task into smaller tasks and setting deadlines for each chunk, meeting the overall deadline becomes much easier.
Looking at each sub-task individually will also help you estimate the amount of time it will actually take to complete the task, as well as building in time for approvals, etc. Over time, you’ll be able to see where compliance tasks typically get off track and determine if there’s something in your process that needs improvement.
Managing compliance tasks might seem daunting, but with the right strategies and tools, it becomes a breeze. A centralized calendar, alerts, automation, effective delegation, and setting realistic timelines– these are your tools for success. So, gear up, plan ahead, and conquer compliance tasks like a pro!
Remember, you’ve got this! And if you want to dive even deeper into efficient task management, check out TaskCentral+. Stay tuned for more insights on mastering compliance tasks.