The BOTS community speaking: Alexia
BOTS sees compliance (complying with regulations) as a strategic spearhead. The further integration of compliance in the boardroom is a big step towards the BOTS dream: making algorithmic investing available to everyone in the world. Today, Alexia, our quality manager, tells us how we are going to achieve this goal.
In order to work professionally, BOTS has to follow certain rules. This is called compliance. It concerns crucial matters such as laws and regulations on the prevention of money laundering, safe management of personal data and safe and accurate financial management.
How can a young fintech, such as BOTS, comply with all these thousands of rules that the government imposes on the company? Privacy, and personnel laws, anti-money laundering regulations, security and anti-hack measures, the list seems endless.
Where banks and insurers have hundreds of people working in the compliance departments, the challenge for BOTS was to design the same processes with higher quality, but with less than 1% of the banks' budget. We solved that, even if we say so ourselves.
First of all, we opted for a solid quality management structure. ISO 27001 turned out to be the most suitable after research. ISO 27001 is an ISO standard for information security and therefore fitted best with BOTS. Then specialists were appointed within the company such as lawyers, compliance officers, privacy officers and a quality manager. Finally, we worked on a design for the IT and organization based on 'compliance by design'.
The intended result is a proactive organization that has compliance and safety of data in its DNA. Of course, BOTS was also very lucky: Because the organisation is young, the security structure could be built from scratch. An enormous advantage over existing companies.
Today we let Alexia speak. Alexia has been given the task within BOTS to achieve ISO certification in the field of information security.
BOTS & ISO
"A well-functioning management system is actually a must for every organization." Says Alexia. "So is BOTS and that's why we chose ISO."
Alexia has been working on the upcoming ISO certification since last April. "And there's a lot more to it than you might think at first." Last week, the entire BOTS team was updated on the current state of affairs and the established procedures and processes were discussed. All BOTS team members are responsible for complying with these procedures and processes. "That's why we have everyone sign for them.
BOTS works on different levels with personal data. "From the BOTS app we are dealing with the data of the users, of course we have the data of all BOTS team members and we have the data of our other stakeholders. And we have to handle it carefully and according to the rules". According to Alexia.
For example, there are procedures for working from home, a code of conduct and an incident procedure. "But of course, that's not all."
In order to become certified, various control measures are required, such as policies, processes, work instructions and technical design. "You need to control and manage your data (and all other quality) properly," says Alexia, "this creates structure and makes it clear to everyone what is expected and how we at BOTS deal with data.
BOTS hopes to get the ISO certification in early 2021. "This will then be valid for three years. Then there will be another audit to check whether we still meet all the requirements. But within those four years we will also carry out our own internal audits.
So within BOTS there will be a control cycle in which we take the ISO control measures as a starting point. In this way, we will ensure that compliance and information security is widely supported throughout our entire organization. This will make BOTS future-proof and enable us to take the next step in making algorithmic investing available to everyone in the world.
Investing is for everyone
Everyone should be able to invest. And now they can. With BOTS. Together we are going to make the world of investment fairer and more transparent. Are you interested, but your question hasn't been answered yet? Take a look at the FAQs on our site. Or contact us, we will be happy to explain it to you in person.
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There is no such thing as risk-free trading. It is possible to lose (part of) your stake.