Cameron Conn, Founder and CEO of compliance and licensing management platform OneComply, pointed out the importance of centralizing licensing and compliance data for both gaming regulators and license holders, citing the US market as an example.
In a recent podcast for SBC Americas, Conn explained that OneComply allowed companies to centralize 200,000 data points to cut down on the work required to apply for and renew licenses.
Rather than having to compile information from paper documents, PDFs, and emails every time an operator wants to enter a new market or renew a license, the OneComply platform means all the relevant data can be found in one place. This capability helped a number of companies with the application process for Ohio’s soon-to-open market.
Conn added that centralizing data can be beneficial for regulators as well for reducing bureaucracy and increasing the accuracy of the submissions they receive.
“When I talked about the centralization of all of this data and these documents, we now have nine regulatory boards that are actually coming into OneComply to access information.
“So traditionally, we have one state that accepts initial submissions. Operators sign their documents, they have fingerprint cards, and they’ve centralized everything in OneComply and allowed those regulators to access those documents on initial submission. Another eight jurisdictions that are accessing through OneComply all of those follow-up documents that happen to post that submission.”
A number of US states now allow digital submissions of information for parts of the license application process, but recently regulators have become more familiar with the idea that doing things digitally can reduce time and costs.
Storing and updating license and compliance data within a secure online portal also has huge benefits for an operator’s management team. The centralized data source can provide them with the big picture on all the issues that directly influence ongoing compliance and their company’s potential to secure license renewals.
“I think we’ve always looked at compliance in the gaming industry as being bifurcated, as having silos. So AML sits in one bucket, and then you have legal, finance, HR, and dedicated licensing teams. They really should all be one from an optical standpoint because they all have the same impact on your license.
“Every single one of your employees has an impact on compliance, which means you should have visibility on every single employee in regards to their impact on your licensing.”
Companies also have to be so mindful of what comes from being non-compliant, specifically with fines. Conn mentioned that quite often executive teams get letters from the regulator and find out they have specific problems.
This is due to the fact that companies don’t have optics, there’s no filtering of information that allows executive or management teams to know what is coming down the line or know where there is a potential risk. OneComply also is responsible for providing customers with all the necessary information.
“Our clients are opening up OneComply and say: “show me everything that’s outstanding, show me everything that’s coming up in the next six months and who’s assigned to it.” And knowing that you’re going to get this email every single week with all the information of what’s going on.”
Summing up the conversation and the importance of OneComply for companies, Jessica Wellman, the host of the podcast once more noted that “making sure that you’re staying ahead of things makes your life so much easier as companies are growing and scaling.”
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