156 - Why Compliance Should Be Managed as a Revenue Center

"Not treating compliance as a function responsible for revenues is not just a poor cost decision; it's simply ignoring the reality of the underlying processes."  In this episode, I explore the defining characteristics of cost and revenue centers and share my thoughts on the problems with looking at compliance as a cost and why it should be viewed as a revenue generation function instead.  If you found value in this episode, I would really appreciate it if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.    Today's episode: [00:40] An overview of today's topic.  [01:32] Some of the most common workplace challenges experienced by compliance officers.  [03:08] The defining characteristics of a cost center. [04:04] How compliance costs are usually categorized.  [04:30] The primary goals of revenue centers and the activities that they focus on.  [05:00] How the success of a revenue center is measured.   [05:49] The problem with treating compliance as a cost center.  [06:37] Some of the biggest costs of customer acquisition and activation.  [08:13] How compliance impacts the cost and speed of customer acquisitions.  [08:50] Examples of issues that are likely to arise when compliance is viewed as a cost center. [11:23] Benefits of treating compliance as a revenue center.  [12:29] How to sign up for the FinTech Compliance Pro Certification!    Show links: Register here for the FinTech Compliance Pro Certification. Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package! I would love to invite you to sign up for my newsletter. If you are interested, please click here.

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