The Role of Technology in Compliance Management
Every business needs to navigate through a multitude of legal, ethical, and moral boundaries set in place to safeguard relevant stakeholders and clients from any possible exposure or harm.
This can be an intricate and vastly detailed thing to manage with varying access and nuanced policies.
Technology and compliance are a perfect match for agencies that don't want to leave any stone unturned when it comes to compliance and the legal & reputational ramifications of non-adherence.
Technology's resounding impact on Compliance management
Artificial intelligence, Machine Learning, Big data, and other automation & analytical technologies have made a big entry in compliance management, forcing legacy systems to evolve.
Compliance technology has the potential to predict, identify & report a potential breach, giving more control over data privacy and safeguarding all stakeholders.
Compliance technology is increasingly attracting businesses due to its proactive approach in bridging the gaps in transparency, security, and control.
Compliance technology and its winning features
Following are some defining benefits and features of an effective technology-powered compliance management system:
Privacy & managed control
The risk management process identifies vulnerabilities and compliance management takes these findings into consideration when setting appropriate policies in place to manage potentially hazardous situations.
Compliance management technology encrypts and records these policies, giving companies more control over implementation ensuring both data privacy & adherence.
The automation function
Pre-defining policy & metrics to analyze compliance can streamline the whole function.
Automating compliance technology saves countless hours spent on administrative tasks that are focused on documenting, scheduling, monitoring, reviewing & even rudimentary analysis.
Due to the distinct variation in compliance according to the hierarchy & access of an individual, keeping regular tabs can become a very time-intensive task. The time that could be spent on more innovative tasks that require a personal touch.
Data backup & encrypted security
Accessing compliance adherence means storing and tracking sensitive information over a designated period of time.
Compliance technology can use secure cloud computing to encrypt & store this information so that it may be accessed from anywhere by someone with the right approval.
Crystal clear transparency & trust
Enabling technology to document, track, and police all parties creates an impartial system that is pre-programmed to be just and fair.
As this data is recorded, it can be accessed by the responsible party whenever required. This transparency and trust is an extremely important aspect of a sustainable system.
Structured process & workflows
Creating, managing, and interacting with workflows becomes simple & time efficient with a digital compliance management system. Cloud computing adds to the convenience with remote & easy access.
A capable, automated, and customizable compliance management system can save you manpower, money, and even a potential lawsuit.
Technology frontrunners in compliance & risk management
The rise of modern technologies has equipped digital compliance management with limitless potential and the ability to adapt as per the change in compliance policies and industry trends.
Leading technologies and their contribution to compliance management:
Artificial Intelligence does most of the work for you
AI has the ability to review and consolidate updated compliance requirements.
Easy & real-time compliance review.
It can help determine the level of risk based on the predetermined compliance risk.
Full system analysis and weekly/monthly/quarterly compliance report.
Powered by Machine Learning
ML has proven to be remarkable in predictive analysis of compliance risk.
The self-learning aspect of compliance management systems points to common patterns in non-compliance that can lead to improvements in the system or even re-visiting the policy and its efficacy.
Big data for Big solutions
There is an enormous and overwhelming amount of data that is produced in tracking and recording each movement under the umbrella of compliance.
Big data coupled with Artificial intelligence provides invaluable insights on compliance, security, and the overall performance of the Compliance management system. As this insight is based on actual data, it's relevance & potency can't be overlooked.
Compliance Management technology ~ A structured & efficient approach to policy adherence
Following legal policies and complying with protocol doesn’t just safeguard the company from harm, it also relays the company’s commitment to safeguarding the interest of the customer, partners, and all other relevant parties. This builds sustainable credibility and trust, the two pillars of long term success.
A sound compliance management system effectively integrated into the company’s system can oversee administrative and product/service functions to streamline compliance with ease and efficiency.
A successful compliance management system rewards the company with more time to focus on core operations without worrying about tripping on any alarms or compromising on the protocol.