082 - Are You Overpaying for Your Compliance Tools?

<p><span style="font-weight: 400;">Despite their appeal, when it comes to compliance tools, less is more! Tune in to today’s episode to hear why, and also to get some advice on the types of questions you should be asking any compliance vendor you are considering hiring. </span></p> <p><span style="font-weight: 400;">If you found value in this episode, I would really appreciate 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!</span> <span style= "font-weight: 400;">If you are on Apple, just </span><a href= "https://podcasts.apple.com/ch/podcast/compliance-that-makes-sense/id1535160531"><strong>click here to review</strong></a><span style="font-weight: 400;">, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. </span></p> <p> </p> <p><strong>Today's episode:</strong></p> <p><span style="font-weight: 400;">[02:06] Why compliance tools often produce inconsistent data.</span></p> <p><span style="font-weight: 400;">[03:40] Do less checks!</span></p> <p><span style="font-weight: 400;">[06:48] The mindset that you should adopt when you enter into negotiations with a compliance vendor.</span></p> <p><span style="font-weight: 400;">[07:18] Why you should find out how long a compliance vendor has been in business and who their customers are before you hire them.</span></p> <p><span style="font-weight: 400;">[08:21] Statistics that you should ask for when interviewing compliance vendors. </span></p> <p><span style="font-weight: 400;">[09:02] When you should negotiate a fixed fee arrangement with a compliance vendor.</span></p> <p><span style="font-weight: 400;">[09:49] The importance of understanding how a compliance vendor generates red flag signals. </span></p> <p><span style="font-weight: 400;">[10:39] Why you should always find out if a compliance vendor is utilizing their own technology or somebody else’s.</span></p> <p