Here's how our new mobile compliance app changes the game and encourages employee engagement by allowing compliance tasks to be done anywhere: explained in-depth by Star's CTO and mobile compliance guru, David Rowland
People are increasingly turning to their mobile devices to get online. Around the world, mobile data traffic has experienced a 46% compound annual growth rate since 2016 as users flock to new mobile apps.
Those preferences don’t suddenly change when it’s time for work. Still, companies continue to rely on non-mobile enterprise tools to support employees. This holds many industries back, especially financial services. Not only do non-mobile tools detract from the overall employee experience, but they also put firms at unnecessary risk, particularly when it comes to compliance.
Without a mobile compliance solution, employees can’t access pre-clearance software to get approval for trades or gifts and entertainment spending. Employees may miss out on important trades or client meeting opportunities. Worse, they might move forward with the activities anyway and put the firm at risk of breaking an important regulation.
HOW MOBILE COMPLIANCE APPS REDUCE RISK
We built the STAR Mobile app to address these risks. As a mobile compliance app, it supports key, time-sensitive workflows, enabling employees to be more efficient and ultimately reducing the time they spend on compliance activities. Employees and compliance officers can complete important compliance tasks from anywhere.
Currently, our app supports key workflows around personal account dealing compliance and gifts and entertainment compliance. Employees can submit trade or gifts and entertainment spending requests from anywhere at any time through the mobile app. Compliance teams can configure the software to approve or deny some requests automatically and escalate others, so if the app doesn’t respond to a request right away it will escalate the request to a compliance officer. The officer can then approve or deny it from a mobile device.
With STAR Mobile, compliance officers are free to step away from their desks without fear of letting reviews sit for an extended period, and employees receive fast and efficient assurance on trades or gifts and entertainment spend requests.
DESIGNED TO IMPROVE THE USER EXPERIENCE
StarCompliance doesn’t just help firms reduce risk by giving employees and compliance officers a means to complete essential tasks on the go. Our mobile compliance app also makes it as easy as possible, which helps improve employee engagement. We’ve even heard that once employees start using the mobile compliance app, many will choose it over the desktop alternative even when they’re sitting at their desks. It’s that easy to use.
Importantly, we configured the mobile app to be a familiar experience for STAR Platform web app users. Employees can submit trade and gifts and entertainment requests and view a complete list of existing transactions on STAR Mobile the same way they do on their desktops.
STAR Mobile also supports single sign-on, so users can log in quickly without having to remember additional usernames and passwords. If employees or compliance officers are authenticated on the STAR Platform web app, they can access the mobile app with the same credentials.
What’s more, StarCompliance supports mobile device management solutions during configuration, so that clients can push the app to their employees in a preconfigured state: enhancing corporate data security.
As consumer technology preferences continue to advance toward mobile devices, corporate compliance tools must evolve similarly. STAR Mobile gives compliance officers a way to increase engagement and visibility while simultaneously improving the user experience so employees can work more efficiently. It’s a win-win.