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
Most organisations view compliance procedures as a ‘necessary evil’, something that they do just to stay in business. Their approach is usually reactive, rather than proactive. Bigger organisations, ones that use a lot of data understand the importance of compliance audits and learn how to gain competitive advantage and mitigate
In the current industry climate, the growing compliance costs are steadily becoming unsustainable. Companies that focus on the digital transformation of their compliance assessment features can realize its benefits almost instantaneously. With the advancements in modern technological approaches, it is important to let go of old traditional ways if they
The corona virus pandemic has led to a general chaos in 2020 and has exposed companies to many unprecedented compliance challenges across every sector and industry. Keeping up with the digital way of working, trying to keep their employees and assets safe, and ensuring that access to capital remains uninterrupted,
An organization’s values and beliefs on industry ethics, values and beliefs are reflected in their way of handling their business processes. A company that values the importance of enhanced due diligence and the role it plays in managing regulatory compliance can reach greater success in the market than its counterparts,
The basic goal of automation has always been about making tedious and laborious tasks easier with the help of technology. It takes away the cons of manual labor and thus finds its home in almost all scopes of a business venture. One such scope in business processes is regulatory compliance
Transaction monitoring system is a vital part of anti-money laundering (AML) processes, especially with the rise of technological advancements and the resultant increase in cybercrimes. All banking institutions such as banks have some sort of transaction monitoring and AML systems in place to keep an eye on suspicious activities and
Since regulatory compliance is such an important part of a company and its repute, finding the right compliance management software to manage the needs and requirements of the institution can seem like a very daunting task to take up for the executives. For the efficient functioning of any organization it
Governance Risk and Compliance Solutions (GRC) is an important of business strategizing and needs careful consideration. All industries, big or small, face issues of enterprise risk management (ERM), regulatory compliance and corporate governance. Why Pay Attention to Governance Risk and Compliance Solutions The ethical management of the company, assuring that
Customer Due Diligence (CDD) is the process through which information about a customer that an organization assesses to figure out the range of risk the customer can expose the institution to. These risks could include things like money laundering, fraud, or terror financing. There are thus a lot of reasons