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Beating Burnout – Arise the transformational IT leader

Jen Brown, Senior Director, EMEA at GoTo

Burnout and stress continue to be prevalent in the workplace, yet few industries are feeling the burn quite as intensely as IT. You just have to look at the figures to prove that new pressures and pain points just keep adding to the workloads of IT leaders. New global 2023 research targeting Chief Information Security Officers (CISOs) found burnout and stress to be the most significant personal risk CISOs face in their role today, for the second consecutive year. Not only that, but the number reporting burnout and stress jumped up notably year on year. A recent GoTo study found that 65% of businesses say their IT team workloads have increased over the last year, with 92% reporting that reducing this burden is a critical consideration when choosing their IT software. 

What’s behind the burnout? 

Recent years have meant that IT Professionals have had to make hard work and agility their mission critical. As the need for tech in business keeps ramping up, IT teams have doubled down like never before to lay all the right foundations for business success and survival. The old protocols are out while ushered in are hybrid and work from anywhere teams and rapid digital transformation with more devices and infinite data to secure far beyond the secure perimeters of the office.  

The new working world has arrived with a bang and IT Professionals have never been as critical to or as synonymous with its success. But with that shift comes the white-hot heat of demanding hours and smaller teams as businesses do battle against cost of living and talent shortage challenges. IT pros have been working at pace to protect their teams at all costs but with sky high reports of elevated burnout, it’s clear these levels of stress are unworkable in the long term. The only end result will be driving good talent out of the industry completely. 

A new style of leadership  

Today, we need a total rethink and reset on how we turn the tide on the worrying burnout trend. Business demands are evolving and so too must the role of IT leaders. Once upon a time IT leaders were a siloed part of most businesses, beavering away without complaint in the background. Today they are an indispensable bridge between the C-suite and an entire organisation’s security posture, working to drive value and buy-in to IT management and security in ways that resonate with everyone at every level across a workforce. 

As the world becomes increasingly built on software, today the transformational IT leader must map out a future where consolidation and smarter more streamlined ways of working are all the name of the game. This approach must bring together the very best in both technology and people strategies. It’s essential groundwork but consolidating tech, automating workflows and embedding streamlining into the approach are all essential parts of the process. This will allow IT leaders to make smart choices that empowers teams. Today the transformational IT leader is more than ever a people manager who is charged primarily with helping workforces change their behaviours to support the working world of today. Here’s what a transformational IT leader needs to have in their roadmap right now:  

Success through streamlining  

Consolidation among SMBs has become increasingly popular as decision makers start to acknowledge its many benefits. The main advantages being increased productivity, lower costs, and ease of management.  

The recent report on IT Priorities sees 83% of businesses considering consolidation of communication and IT management and support tools an important initiative for 2023. Crucially, this consolidation helps to alleviate the burden on IT, a key goal for 92% of the report’s respondents. It can do this by providing greater oversight and control for less money whilst increasing employee productivity – a golden triangle of outcomes amid the current economic headwinds.  

Consolidation of tools is even more valuable when IT teams are provided with a comprehensive view of operations. Unifying status updates, performance insights, and more information in a single dashboard to control and monitor processes, through a remote monitoring tool, can dramatically improve workflows and enable quick resolutions without overburdening IT teams.  

Automation: paving the way for increased efficiency 

For businesses that do not have dedicated support staff to handle administrative, customer service, or other time-consuming tasks, IT automation tools can be the difference between growth or stagnation. Automating tedious tasks frees up time for teams to focus on projects that require detailed human attention and move the business forward, allowing companies to allocate resources more effectively. It can also serve as a morale boosting tactic, helping employees to tick more off their never-ending to-do list by giving them valuable time back to focus on more fulfilling tasks.  

Furthermore, automating certain business practices helps to alleviate the stress put on individuals and avoid bottlenecks at the same time. Simplifying tasks and responsibilities means that teams aren’t left in limbo if colleagues are out sick or away from their desk – knowledge and workloads can easily be shared and managed without direct management.  

For all these reasons, built-in automation features are considered absolutely critical when choosing new business solutions. Moreover, integrations with new generative AI technologies like ChatGPT are introducing even more valuable automation capabilities across applications like customer engagement, generating and running programming scripts, and more. AI chatbots can also aid in IT ticket deflection and resolution which would otherwise need to be opened and worked on by support staff. All of this means that AI tools are increasingly handling even complex tasks with minimal time and resources required from human team members.  

Collaboration and pooling resources for greater impact 

The final piece of the puzzle is complete when companies can make the most of the resources already available to them. By eliminating the limitations of a traditional in-office mindset, businesses can combine resources by region and empower transformational IT teams to offer support from anywhere, anytime.  

A company with multiple offices around the country can still effectively operate with one shared IT team to look after different regions. Additionally, implementing unified problem management processes across teams and employee locations can ensure faster resolution times when incidents do occur, and significantly reduce the potential for subsequent disruptions. Sharing resources and practices in this way can save significant costs, reduce downtimes, and improve efficiency. And with 50% of businesses still using hybrid workplace models, IT management needs to reflect this flexibility. 

This is why features such as unattended access and multi-session handling are now considered essential. A remote access tool can not only minimise operational downtime and ensure continuity, but also save on travel expenses and office costs – allowing IT teams to support customers and colleagues from anywhere in the world. Additionally, when companies no longer need to worry about providing support in close physical proximity to their employees, this also means that companies can recruit and source the top talent for the job they need, regardless of their location. 

The road ahead 

In times of uncertainty, budgets are squeezed, and workloads are stretched to capacity. Ultimately, the keys to success during such times are streamlining technology and prioritising the people that make up a workforce. By looking for ways to consolidate their technology stack, automating menial tasks where possible, and pooling resources, companies can reinvest money into employees and customers instead. Let’s lean into these approaches so we beat burnout and help put people first in today’s workplace.  

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Business

Building Compliance into Business Culture is Essential in Fintech

Source: Finance Derivative

Tetyana Golovata, Head of Regulatory Compliance at IFX Payments

Regulation plays a critical role in shaping the fintech landscape. From Consumer Duty and FCA annual risk reporting to APP fraud, the tectonic plates of the sector are shifting and whether you consider these regulations as benefiting or hindering the industry, businesses are struggling to keep up. 

According to research by fraud prevention fintech Alloy, 93% of respondents said they found it challenging to meet compliance requirements, while in a new study by Davies a third of financial leaders (36%) said their firms had been penalised for compliance breaches in the year to June. With the FCA bringing in its operational resilience rules next March, it is more important than ever to ensure your company makes the grade on compliance. 

Lessons from history

Traditionally, FX has struggled with the challenge of reporting in an ever-developing sector. As regulatory bodies catch up and raise the bar on compliance, responsible providers must help the industry navigate the changes and upcoming deadlines.

Fintechs and payments companies are entering uncharted waters – facing pressure to beat rivals by offering more innovative products. When regulators have struggled to keep up in the past, gaps in legislation haveallowed some opportunists to slip between the net, as seen in the collapse of FTX. Because of this, implementation and standardisation of the rules is necessary to ensure that innovation remains seen as a force for good, and to help identify and stamp out illegal activity.

Culture vs business

Culture has become a prominent factor in regulatory news, with cases of large fines and public censure relating to cultural issues. As the FCA’s COO Emily Shepperd, shrewdly observed in a speech to the finance industry, “Culture is what you do when no one is looking”.

Top-level commitment is crucial when it comes to organisational culture. Conduct and culture are closely intertwined, and culture is not merely a tick-box exercise. It is not defined by perks like snack bars or Friday pizzas; rather, it should be demonstrated in every aspect of the organisation, including processes, people, counterparties, and third parties.

In recent years, regulatory focus has shifted from ethics to culture, recognising its crucial role in building market reputation, ensuring compliance with rules and regulations, boosting client confidence, and retaining employees. The evolving regulatory landscape has significantly impacted e-money and payments firms, with regulations strengthening each year. Each regulation carries elements of culture, as seen in:

  • Consumer duty: How do we treat our customers?
  • Operational resilience: How can we recover and prevent disruptions to our customers?
  • APP fraud: How do we protect our customers?

Key drivers of culture include implementing policies on remuneration, conflicts of interest, and whistleblowing, but for it to become embedded it must touch employees at every level.

This is showcased by senior stakeholders and heads of departments facilitating close relationships with colleagues across a company’s Sales, Operations, Tech and Product teams to build a collaborative environment. 

Finance firms must recognise the trust bestowed on them by their customers and ensure the protection of their investments and data is paramount. Consumer Duty may have been a wake-up call for some companies, but progressive regulation must always be embraced and their requirements seen as a baseline rather than a hurdle.

Similarly, the strengthening of operational resilience rules and the upcoming APP fraud regulation in October are to be welcomed, increasing transparency for customers. 

Compliance vs business 

Following regulatory laws is often viewed as a financial and resource drain, but without proper compliance, companies are vulnerable to situations where vast amounts of money can be lost quickly.

A case in point is the proposed reimbursal requirement for APP fraud, which will mean payment firms could face having to pay compensation of up to £415,000 per case.

Complying not only safeguards the client and their money, but also the business itself. About nine in ten (88%) financial services firms have reported an increased compliance cost over the past five years, according to research from SteelEye.  Embedding compliance earlier in business cultures can be beneficial in the long run, cutting the time and money needed to adapt to new regulations and preventing the stress of having to make wholesale changes rapidly. 

Building a cross-business compliance culture 

Compliance is a key principle at IFX, and we strive to be a champion in this area. In response to these challenges, the business restructured, establishing dedicated risk and regulatory departments, along with an internal audit function. 

Regulatory compliance aims to support innovation by developing and using new tools, standards, and approaches to foster innovation and ensure product safety, efficacy, and quality. It has helped the firm to navigate the regulatory landscape while driving growth and maintaining high standards.

This organisational shift allowed each business line to own its own risk, with department partaking in tailored workshops designed to identify existing, new, and potential risk exposure. Shared responsibility for compliance is the only way to create a culture which values it. We see this as a great way for organisations to drive innovation while sticking to the rules. 

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Business

How AI virtual assistants are transforming education and training

By Gregor Hofer, CEO and Co-founder at Rapport

What separates good doctors from excellent doctors, the type that might get five-star reviews if, like an Uber driver, their services were supported by a smartphone app?

Medical knowledge, expertise, and better outcomes are, of course, the most important factors. But – particularly when dealing with patients’ relatives, discussing risk assessment and imparting bad news – we shouldn’t underestimate the importance of bedside manner.

This might come naturally to some doctors but there are none for whom training isn’t useful, whether at medical school or on the job.

There will always be a place for real human interaction in this training, the type that involves role-play, with actors or colleagues playing out different scenarios that explore the most effective ways to handle difficult situations.

But what if this could be supplemented by more readily available and less resource-intensive experiences that simulate these training environments? And what if it could be applied across numerous sectors, industries and professions, of which there are a great many that could benefit from such an opportunity?

What might that mean for those instigating tricky conversations and, perhaps more importantly, those at the receiving end of them?

Advances in generative artificial intelligence – or GenAI – mean that these are no longer hypothetical questions.

There’s no limit to the type of person this technology could help, but we’ll review three – doctors, those working in corporate HR, and online students – to give a flavour of the benefits it brings.

Before we do, a quick word on how such applications work.

An overview of the technology

It all starts with data. With access to enough content, the type that you store and curate on your internal systems, large language models (LLMs) can be trained to find the most appropriate response to whatever user input they’re exposed to, whether in writing or spoken, and then you as a user can respond to that response, and so the cycle continues.

You’ll have experienced something similar using the likes of CharGPT, but because this is based on your own content, you’re more in control. (For simpler and more prescriptive scenarios, though, I’d add that with the best solutions, you can alternatively import predefined branching dialogue to keep your conversations on track.)

It doesn’t stop there, though; by tapping into a solution that’s supported by experts in linguistics and computer-aided animation, your colleagues can interact in real-time with avatars equipped with believable facial expressions, accurate lip-synching capabilities, natural gestures and the ability to detect emotions.

All of this adds to the user’s willing suspension of disbelief that they’re interacting with a real person, or AI avatar, thereby enhancing the effectiveness of their learning.

These innovations are reshaping how we approach learning and skill development in so many critical fields. We said we’d look at three. We’ll start by returning to medicine.

Medical training

AI assistants can supplement the way doctors are taught to break bad news to patients, one of the hardest things they’ll face in practice and, given its subjectivity, something that can’t easily be looked up in a textbook on anatomy or physiology.

As we said from the outset, this is easier for some doctors than others, but given the literal life-and-death nature of such conversations and the shattering impact that the death of a loved one can have on a relative, there’s always room to improve medics’ empathy and communication skills – which is exactly what this technology delivers.

By utilizing experiential AI tools, clinicians can better use their time, alleviate pressure, fatigue and burnout symptoms, and ultimately allow them to better serve their patients.

Corporate HR

In corporate HR, virtual assistants can significantly streamline and enhance the hiring and firing process, as well as any difficult conversation; whether it’s a tough review, a disciplinary hearing, letting down an employee about a promotion they’d applied for or any other scenario that might bring a bead of sweat to your forehead, it’s all about providing safe and cost-effective practice before doing it for real.

Tech research consulting firm Gartner recently found that more than three-quarters (76%) of HR leaders believe that if their organisation doesn’t adopt and implement AI solutions, such as generative AI, in the next 12 to 24 months, they’ll lag in organizational success compared to those that do, while 34% of HR leaders participating in their January benchmarking session said they were exploring potential use cases and opportunities when it came to generative AI.

If they do manage to adopt the right technology, the impact will be massive among those who deploy it wisely. After all, which company wouldn’t want to upskill its HR professionals in tangible soft skills such as empathy, communication, problem-solving, and conflict resolution in a controlled setting?

Online education

AI-powered tools can hugely boost student engagement in remote learning environments, and the research suggests that it comes close to rivalling in-person experiences. When you consider the staff-to-student ratios common in most educational settings, this should be no surprise – think how many students can fit into a lecture hall (even if they don’t always turn up!).

But we’re not necessarily talking about formal education; this applies equally to any informal setting in which someone needs to improve their education in some way.

With this technology, you can invent new ways to educate your students – or staff – by transforming lessons into experiences, using interactive characters reflective of the subject. This means you can increase user satisfaction and performance without compromising on content.

Whatever the scenario and whatever the use case, the chances are that if you have the right content in sufficient quantities, you can tap it for interactions that would otherwise be lacking in uniqueness or prohibitively expensive.

With AI virtual assistants, everyone’s a winner.

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Business

How GenAI is Shaping the Future of Compliance

Gabe Hopkins, Chief Product Officer, Ripjar

Generative AI or GenAI uses complex algorithms to create content, including imagery, music, text, and video with amazing results. Less well known are some of the ways in which it can transform data processing and task performance. This groundbreaking technology not only saves time, effort, and money, but has become a game-changer in enhancing operational efficiency and fostering innovation across various sectors.

However, some industries like anti-financial crime compliance – have been slow to adopt new innovations like GenAI, predominantly due to concerns over potential risks. In fact, they can even see it as a risk in itself. Legal, Compliance and Privacy leaders rank rapid GenAI adoption as their top issue in the next two years, all while other, less risk-averse organisations enjoy the upside of implementing GenAI in their systems.

This delay means many compliance teams are not taking advantage of AI tools that could revolutionise their processes and help them save up to 200 hours annually per user.

Entering the New Era of GenAI in Compliance

Teams in largely regulated sectors like banking and fintech face enormous pressures. Their responsibilities include identifying risks, such as sanctioned individuals and entities, updating policies to keep up with ever-evolving regulations, and handling expansive datasets. The high volume of this data makes manual reviews exhausting and susceptible to errors, which can lead to financial and reputational damage.

One way to overcome these challenges is by leveraging GenAI. For example, false positives – where a risk is raised incorrectly or false negatives, where a real risk is not flagged, are common issues caused by trying to deal with very high volumes of alerts and risk matches. Implementing GenAI can reduce these inaccuracies, significantly enhancing the efficiency and effectiveness of customer and counter-party screenings.

In practical terms, GenAI can reinvent how compliance tasks are performed. For instance, in drafting Suspicious Activity Report (SAR) narratives, where analysts need to justify suspicions in transactions, GenAI can help automate this writing process, combining human oversight with artificial efficiency. Platforms using GenAI excel in summarising vast amounts of data— crucial for tasks like screening adverse media, where they assist in identifying potential risks linked to negative information about clients.

 Understanding the Opportunities of GenAI and Overcoming Fears

For the compliance sector, it’s a crucial time to explore how to incorporate GenAI effectively and securely without undue risks. Dispelling fears about data misuse, the high costs of initial model setups, and the ‘black box’ nature of AI models are central to this transition. Teams are particularly cautious about sharing sensitive data and the hidden biases that AI might carry.

Yet, some strategies can counter these challenges. By choosing suitable models that ensure robust security and privacy and adjusting these models within a solid statistical framework, biases can be mitigated. However, organisations will need to turn to external expertise – whether data scientists or qualified vendors – to support them in training and correctly deploying AI tools.

The latest advancements in GenAI suggest that virtual analysts powered by this technology are achieving, and sometimes surpassing, human-level accuracy. Despite ongoing concerns, which may slow adoption rates, the evident potential benefits suggest a bright future for compliance teams using GenAI. These technological innovations promise not only to improve speed and efficiency but also to enhance the capability of teams to respond and adapt swiftly.

Embracing GenAI will not only significantly elevate the effectiveness of compliance operations but also safeguard organisations against potential pitfalls while maintaining trust and integrity in their industry practices.

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