Compliance departments are usually the first to face cost reduction, and yet the first to be blamed for to be targeted in case of an enterprise risk. They suffer from overwork, which ultimately leads to employee attrition. There is an urgent need for regulatory remediation and compliance challenges 2020 so that new technologies like natural language processing (NLP) and artificial intelligence (AI) can be used to improve productivity.
Tackling Compliance Challenges 2020 with Automation and AI
For proactive enterprise risk and compliance insights it is important to have a team that is fluent and well-versed in delivering smart analytics.
Why is an automated Compliance Management System better?
An automated compliance management system does the job in a quicker, more efficient way. It can assist the compliance process by creating scoreboards, visualisations, SARs, and predictive models adding ease and clarity to the process. Automated regulatory compliance softwares can radically change compliance as they offer a risk-based compliance monitoring plan and allow companies to re-imagine and re-assess the way they have been handling their compliance challenges 2020.
Apart from the speed and accuracy of the compliance software tools, there are also qualitative benefits to using a compliance automation software. With traditional compliance processes compliance and manpower costs may get higher as the requirements increase, but detecting and reporting money laundering, fraud financing and sanctions violations gets done efficiently without the need for traditional and manual flagging, or waiting for a Suspicious Activity Report to bring risks to notice.
By using NLP and AI algorithms institutions can get better benefits with fewer analysts and reduced costs, freeing time and resources that can be focused on trade surveillance, transaction supervision, and privacy violations. Compliance automation software structure and analyse data, and summarises the findings into coherent reports so that the executives can plan and develop future strategies for the company. It should not be assumed however, that an automated compliance management software can produce fully-formed coherent reports without supervision. The softwares may be good for fact-based reports, like EDGAR filings and SAR but still need compliance analysts for a wider utilization.
Compliance concerns and departments have been neglected until a few years ago, but companies are beginning to relearn the necessity of investing in it. With the skyrocketing amount of financial and cyber risks increasing, it is imperative for companies to adopt a proactive risk-based compliance monitoring plan and cash in on the advantages of an automated compliance management software. Contact us to learn more about our compliance monitoring software that practices enhanced due diligence.