106 - How To Select Compliance Tools And Why Not Pricing?

<p><span style="font-weight: 400;">Yana is recording from one of her favorite cities, Dusseldorf. She’s talking all about compliance tools, compliance tool selection, and why you shouldn’t select your tools based on pricing alone. </span></p> <p><span style="font-weight: 400;">We go through a list of questions to ask about the tool to really understand the metrics and amount of false positive checks created. Choosing the lowest price per check can cost you more if the tool creates excessive false positives. You could end up wasting a lot of time and money. </span></p> <p><span style="font-weight: 400;">If you found value in this episode, I would really appreciate it if you could leave a review! </span></p> <p><span style="font-weight: 400;">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;"> </span></p> <p><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;">[02:11] The purpose of adding any compliance tools to your compliance toolkit should be to improve the experience of internal and external users.</span></p> <p><span style="font-weight: 400;">[03:43] How many false positives does this tool generate? Ask how many false positives versus true hits I can expect.</span></p> <p><span style="font-weight: 400;">[04:43] What can the tool do automatically to help reduce the number of false positives? What will make the settings more accurate and improve the number?</span></p> <p><span style="font-weight: 400;">[06:41] Ask if there is machine learning in place that can help adapt the performanc