Case Study: An International Energy Trading Firm Slashes Compliance Workload By 70%, Powered By Fairwords Guide
June 12, 2023
In a world where business is global and industries are increasingly subject to stringent regulations, keeping up with compliance requirements can be a daunting task. This is particularly true in the energy trading sector where the stakes are high and the volume of digital communications is immense. One of our own clients was facing this challenge and turned to us for help.
Challenge: How can our compliance team increase efficiency with communications review while maintaining a high-quality compliance program?
One of our clients, an international energy trading firm with operations spanning multiple countries, faced a similar predicament. Their compliance team was continually under pressure to review an escalating number of emails. With no automated support, the increasing volume of communications was threatening to overwhelm the team, potentially compromising the effectiveness of their compliance program.
Managing this growing workload became an escalating challenge for the compliance team, leading to the need for a solution that could cut down on risky communications without undermining the quality of their compliance.
Solution: Proactively train employees as they type to prevent damaging communications from being sent
Enter Fairwords Guide, an innovative software solution designed to streamline compliance processes. Positioned at the intersection of technology and compliance, Fairwords Guide sits on employee desktops and offers real-time support for those at risk of crafting non-compliant communications. The software scrutinizes each communication as it’s written and proactively alerts employees if their message seems non-compliant as per predetermined lexicons.
Fairwords Guide’s proactive approach not only reduced the number of non-compliant communications before they were sent but also significantly lessened the communications the compliance team had to review. This ensured that the client could limit risky communications while maintaining adherence to global regulations.
Results: 70% reduction in communications to review increased time available for other compliance activities
Our client achieved their objective of increasing efficiency by implementing Fairwords Guide. They saw:
A 70% reduction in communications requiring compliance review
A 72% reduction in hours of review time (From 45 hours per week to a mere 13)
By freeing up these invaluable hours, the compliance team can now focus on more critical tasks, such as developing new policies, training, and fostering robust relationships with business stakeholders. In essence, Fairwords Guide has allowed the compliance team to shift their focus from reactive firefighting to proactive value addition.