The gambling industry is heavily regulated, with strict compliance requirements in place to ensure that operators meet their obligations to protect players, prevent problem gambling, and comply with anti-money laundering laws.
Many companies rely on manual compliance management utilising spreadsheets, and paper-based documentation. While manual compliance management may seem like a cost-effective solution, it can have costs that can impact the bottom line.
- Increased risk of human error
Manual compliance management requires operators to rely on their employees to manually input data, cross-check documentation, and review transactions, leaving room for errors. Human errors can lead to non-compliance, regulatory fines, and reputational damage.
- Increased workload
Manual compliance management can be time-consuming, with employees spending hours inputting data, cross-checking documentation, and reviewing transactions. This can lead to burnout, turnover, and the need to hire additional staff, which can impact an operator’s bottom line.
- Difficult for operators to scale their operations
As operators grow, they need to manage an increasing number of compliance tasks, making it challenging to keep up with the workload using manual processes. This can lead to compliance gaps, regulatory fines, and reputational damage.
Automating compliance management can help operators mitigate these costs. By using compliance management software – Compliance-as-a-Service (CaaS) – operators can reduce the risk of human error, streamline compliance processes, and scale their operations, ultimately leading to a more profitable business. CaaS can also help operators save time and resources, which can be reinvested in other areas of the business.
Contact us now to see how our innovative gambling compliance system rMony can help your business.