Here’s one thing I know for sure: compliance is a complex, ever-changing field.
It’s also the kind of thing that is easy for subject matter experts, like compliance officers, to understand, but hard for the C-suite and others in the organization to get comfortable with.
Part of this is because compliance is not exactly sexy. It isn’t often viewed as revenue-generating. And it isn’t really something that executives really want to have to think about too much.
I understand that, I really do.
But here’s something else I know for sure: the world is changing. It can sometimes take a bit to recognize when exactly the ground begins to crumble beneath our feet, but once we do we often need help from others to fully understand what’s going on and plan for what’s next. We need social proof to see this — again because we are people — meaning that we need to see others doing the same before we believe that the solution is good.
Technology has eroded the ground underneath compliance’s feet, and the industry needs help. Not tomorrow. Not yesterday. But today.
This week on Honcho Talks I sat down with Brendan Cohen of Annex Ventures. You might know him and Annex from their involvement with World-Check, which took shape shape after 9/11 and the Patriot Act and provided a database against which companies could check their counterparty list to see if they were known terrorists or any risks in their counterparties.
In addition to being an investor, Brendan is a great salesman and went out to sell what was essentially a pretty novel product at the time. We talk about what it's like to bring a product like that to an industry where folks aren't fully ready. (Spoiler: I can relate.)
As a CEO, it’s interesting for to hear from somebody who has gone and done that. That has taken a product that was novel, that no one was using before, and talk about what's involved in helping a company understand how this is relevant and/or what a forward thinking or a technology aggressive compliance person goes through in order to get their company on board.
In addition to being interesting for me, I thought it would be interesting for our audience as well, because I know it's what some of you all have to go through too. I've spoken with numerous folks who've said, "Really interesting what you're doing, but we're not ready for that. You guys are selling cars, and we're still riding horses," which we understand.
That said, we're here to make that job easier, and we thought that some of this experience could be relevant, so enjoy.