Dublin, Ireland, May 29, 2020 --(PR.com
)-- A recent study at compliance oversight factors demonstrate that small financial institutions are outperforming their larger peers across the Asia-Pacific region and Europe.
Contrary to popular belief, smaller financial institutions are actually more transparent in their compliance demands than many larger firms, according to Fergal O’Connor, the founder and CEO of Xiir, an Enterprise Ireland-backed next-generation software platform.
In an interview with the Irish Business Plus magazine, O’Connor – a serial technology entrepreneur – said that he believes that supporting technology for compliance oversight is not widespread and certainly lacking.
“With the way that it happens now, and effectively has for the past 100 years, is still done often by manual processes,” he said. “Automation is badly needed to ensure factors like governance, compliance and risks are secure and easily maintained.”
O’Connor added, “We found when we looked at governance, controls and the people running a company are as important, or more important, than the financial ability of an entity to repay.”
“People now focus more about reputation, and they more care about the effectiveness of oversight that is in place to protect this,” he added.
Xiir recently surveyed a wide range of financial institutions on how effective their oversight processes were performing and found that smaller sized companies presented as more effective.
By examining across all business risk and compliance areas, Xiir found that small and medium sized companies in particular routinely outperform larger sized companies in having effective oversight of compliance and risk.
Specifically, the most effective sized companies, according to Xiir, reside within companies that have a workforce between 100 and 500.
“When you look at why smaller companies outperform larger ones,” O’Connor said. “It may boil-down to the facts that these companies are nimbler and the owners have more interest to care about ensuring good performance and compliance outcomes.”
Xiir delivers One-Click-Oversight to simplify compliance and risk governance ensuring better business decisions and outcomes for all company sizes.
Xiir is a new easy-to-use technology platform for senior managers and the front-line management teams to simplify, automate and improve the effectiveness of oversight. Xiir helps to overcome the challenges of governing business compliance, risk and control processes. Based in Dublin, Ireland, Xiir provides oversight technology to a growing number of financial institutions and also other industries. For more information about Xiir, its technology, team or services please visit www.seniormanagers.com.
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