Agility can be defined as the “ability to move quickly and easily”. In a business sense, this is a fantastic attribute. One can only move quickly and easily if there is nothing disrupting the motion. A small stone inside a shoe can interrupt a person’s mobility. Similarly, an unknown threat such as an uneven surface (risk) which you are unaware of, or that you have not assessed properly can cause a chain of events, with many unintended consequences. Unless the person stops and removes the stone or takes note of the uneven surface, thereby being in control of and aware of their environment, abilities, risks and exposures, he/she will never be fully agile.
The same applies to FSPs, once they are issued with an operating license by the regulator, it comes with a responsibility to protect it and ensure its agility at all given times. This brings us to the big question, how to ensure agility in my FSP? The answer is through risk-based compliance! You need to strive for continuous review, improvement and enhancement of compliance in your FSP.
Yes, it may sound like a simple and straight forward answer, yet crucial and serious as a heart-attack. Risk-based compliance will not only protect your license against sanctions, suspensions, irregularities, or withdrawals but will also provide you with an in-depth view of the strengths, risks and exposures of your business when making business decisions. Importantly, risk-based compliance will also help you to focus your attention on those areas of the business that requires more attention. Risk-based compliance is therefore a critical tool to realize agility in your FSP.
Agility is an element of the VUCA business principle and forms part of the way that Masthead delivers our risk-based compliance.
V – Vision
U – Understanding
C – Clarity
A – Agility
Masthead will assist you to become a vision orientated FSP. What does your business plan say? What is the purpose of your organisation and how can your compliance programme help you to achieve those goals? Which other new ideas can you implement to grow your business?
Where you experience uncertainties such as new business operations, Masthead helps you with the interpretation and application, using our experience and understanding of your FSP to translate that information in learnings and tools, that can usher you to understanding.
When you encounter complex situations, such as new regulatory requirements and a changing business landscape, the Masthead team will engage and apply their expertise and guide you towards clarity.
Where you experience any form of ambiguity, Masthead will support you in unpacking the ambiguousness of the situation, providing you with information, tools and specialist input to guide you to agility.
Most people perceive compliance as an expensive and compulsory route to take. Others perceive compliance as policing, whereas in actual fact, we are partners to help you navigate the financial industry landscape and to ensure or realise the agility of your FSPs. In Isizulu, “vuka” or “sukuma” can be interpreted as “wake up” or “arise”.
With the COFI Act looming, Masthead is focused on risk-based compliance, providing you with the support and tools that you need to ensure the compliance, future health, success and agility of your FSP.
Therefore, it can be concluded that as your world is changing, so is ours and Masthead is uniquely positioned to be your agile VUCA compliance partner.