Dublin, Ireland, May 29, 2020 –(PR.com)– New look at oversight compliance factors shows 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 oversight 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.
“The way that it happens now, and effectively has for 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, “What we’re finding when we look at the data is that those sorts of issues, around governance, controls and the people running a company are as important, or more important, than the financial ability of an entity to repay.”
“More and more people care about reputation, and more and more they care about the effectiveness of having strong oversight in place to protect this,” he added.
To examine perceptions of risk, Xiir surveyed all sized financial institutions about how effective their oversight processes were performing. According to the findings, smaller sized companies generally were considered as less risky than larger companies.
By examining across all business risk and compliance areas, Xiir found that small and medium sized companies in particularly 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 fact 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 risks ensuring better business decisions and outcomes for all sized company sizes.
Xiir is a new easy-to-use technology platform for senior managers, the board and the executive or front-line management teams to simplify, automate and improve the effectiveness of oversight. Xiir overcomes 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 across other industries. For more information about Xiir, its technology, team or services please visit www.seniormanagers.com.
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