A Millennial’s vision for managing gaming compliance programs
What is it like to be working in an industry that is always under a microscope 24/7, 365 days a year? The casino gaming industry is highly regulated and has always been under a lot of scrutiny from both gaming and state regulators—and for those with shares publicly traded on a recognized stock exchange, there is an added layer of compliance requirements.
With all of this red tape, what are the most efficient ways to demonstrate compliance to get a passing grade? Maybe it’s time to start thinking like a Millennial and apply some awesome technology.
Here are 3 areas where technology can take the edge off of compliance demands:
Conform to regulatory requirements with a structured approach
Applying a governance, risk and compliance (GRC) solution, such as the ACL technology platform, allows organizations to benchmark and identify gaps in their existing compliance programs. Internal regulatory oversight and enforcement is aided by applying a pre-built structure to provide an added layer of consistency that other manual tools such as an Excel spreadsheet cannot provide. This helps any organization, including highly regulated gaming companies, to identify and fix gaps more efficiently, as well as document and design the right number of controls with the right level of precision to address the compliance concerns.
Deliver push-down framework methodology
Many compliance and internal audit departments plan projects top-down using a risk-based approach. What that means is that there is a waterfall effect—and that, generally, head office leads and influences the design of compliance controls for other business units or locations.
A shared GRC platform can help drive these processes and lead to more efficiencies for compliance and regulatory matters. Within the platform, frameworks can be created and shaped to meet even the most stringent of requirements and then later applied with the same level of consistency and rigor to the other in-scope areas. Executives and GRC players can sleep easier at night knowing that all the heavy lifting involved with the initial benchmarking against gaming and state regulations are applied seamlessly across the organization in a consistent manner.
Be nimble…by being “conventional”
In the GRC space, you often hear people wonder, “To customize or not to customize, that is the question…” The answer depends on a number of factors, but the tone at the top and the visionary leader at the helm can definitely influence the chosen direction.
ACL’s approach is convention over customization.
Applying a conventional approach in the gaming industry allows GRC stakeholders to conduct and execute on a number of different compliance project types. For example, the ACL platform can help gaming companies manage fraud, especially around the misappropriation of funds in various parts of casino operations including the casino cash cage area (chips and cash), as well as food and beverage areas that handle cash transactions with patrons. Without needing to worry about customization, casinos can apply GRC workflow technology to set up projects and conduct compliance reviews for organizational and regulatory cash handling procedures in other areas of the operation that strictly handle cash and chips.
In an industry where cash is king, casinos need the flexibility to document procedures and controls specific to meet their business needs. A customized solution will not allow for this, as a programmer would be required every time a new project is initiated (or all possibilities would have had to be predicted and planned for during implementation). Taking a customized approach consumes additional time and extra costs that a conventional approach does not require. On the other hand, taking a conventional approach enables you to be nimble—whatever regulatory change or challenge comes along.