Sun. Jun 23rd, 2024

As a startup FinTech company, one of the best practices for staying FCA compliant today is by outsourcing your compliance duties to a third-party company, such as MEMA Consultant. The right outsourcing services provider has the right talents and resources to make your compliance campaign a success. It’s pretty simple; with the right talents and resources, your company can easily adjust to the latest industry compliance trends.

For you to enjoy all the goodies attached to outsourcing your compliance duties, you need to partner with the right their-party company. But here’s a quick question; how to find the right outsourcing expert today?

1. Track record

Outsourcing will strategically and cost-effectively increase your firm’s capacity and lower its operational costs. But this is only possible if you work with the right company, such as MEMA Consultant.

That said, when choosing a company to handle your FinTech regulatory compliance duties, one factor you need to consider is “track record.” To get information regarding the company’s track record, we advise that you start by evaluating its portfolio of past projects. In addition, you can also check online reviews to know how the company’s past clients feel about its services.

2. Cost

How much will the entire outsourcing campaign cost? You need to consider this factor and choose a reliable service provider that falls within your budget. One thing you need to know is that most outsourcing firms will put in effort to win your company by offering the lowest possible price. The question is; should you go for the lowest price? The simple answer is no; we’ll only advise you to go for the lowest price if you’ve done your due diligence and find the outsourcing company reliable and without hidden fees.

3. Top talents & resources

Will the outsourcing company offer you top talents and resources to carry out your FinTech regulatory compliance duties? You’re mostly outsourcing part of your compliance duties because you lack in-house compliance team or don’t have enough time. To get the most out of this outsourcing campaign, you need to be sure the company will offer you top talents and resources. 

With top talents, you can rest assured that your company will remain FCA compliant for as long as possible. With the help of the right resources, these talents know exactly how to respond quickly to any chances in the FCA regulations and those of other regulatory bodies in your industry. 

4. Goals alignment

Will the outsourcing service provider be able to take time to learn and understand what your company stands for and needs? Knowing your firm’s needs, compliance risk management, and processes of monitoring transactions will help the outsourcing company to understand all it should do to improve your overall compliance.

That said, the bottom line is that you need to create measurable deliverables, which the outsourcing company needs to consider before the start of the project. In addition, you need to make your expectations known and be sure the outsourcing company can meet them.

By Syler