Compliance is a near-universal feature of the modern business environment.
Failure to meet regulations can lead to commercial and reputational damage or even criminal charges. The FCA, which regulates the UK financial services industry, dished out £905m worth of fines for compliance violations in 2015 alone. Enterprise compliance is big business and is expected to grow to c.$32bn by 2020.
Despite this, many companies are still using outdated and inefficient processes – unweidly spreadsheets and staff prone to human error – to manage this risk.
NowWeComply has developed a unique online technology platform that enables businesses to quickly and simply automate complex operational compliance processes, cutting costs and risk while guaranteeing compliance.
With NowWeComply, processes that might have once taken months to implement – often requiring expensive developers and technical resources – can be deployed by non-specialists in just a few hours. Its technology is so flexible it can be applied to almost any business process. The business already has significant traction, winning customers that include FTSE100-listed Capita PLC.
NowWeComply has generated more than £600k in revenues to date and has a recurring revenue stream of c.£330k. During 2015 customers used NowWeComply’s technology to implement processes that have handled more that ten million compliance process steps, and 500,000 documents on behalf of 50,000 individuals.
The platform is sold on a recurring licence fee model basis, with a typical annual client value of £35k to £100k or more.