156 - Why Compliance Should Be Managed as a Revenue Center

<p dir="ltr">“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.” </p> <p dir="ltr">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. </p> <p dir="ltr">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 <a href= "https://podcasts.apple.com/ch/podcast/compliance-that-makes-sense/id1535160531">click here to review</a>, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. </p> <p><strong> </strong></p> <p dir="ltr"><strong>Today's episode:</strong></p> <p dir="ltr">[00:40] An overview of today’s topic. </p> <p dir="ltr">[01:32] Some of the most common workplace challenges experienced by compliance officers. </p> <p dir="ltr">[03:08] The defining characteristics of a cost center.</p> <p dir="ltr">[04:04] How compliance costs are usually categorized. </p> <p dir="ltr">[04:30] The primary goals of revenue centers and the activities that they focus on. </p> <p dir="ltr">[05:00] How the success of a revenue center is measured.  </p> <p dir="ltr">[05:49] The problem with treating compliance as a cost center. </p> <p dir="ltr">[06:37] Some of the biggest costs of customer acquisition and activation. </p> <p dir="ltr">[08:13] How compliance impacts the cost and speed of customer acquisitions. </p> <p dir="ltr">[08:50] Examples of issues that are likely to arise when compliance is viewed as a cost center.</p> <p dir="ltr">[11:23] Benefits of treating compliance as a revenue center. </p> <p dir="ltr">[12:29] How to sign up for the FinTech Compliance Pro Certi