Is Technology Evolving Company Compliance Processes?
Compliance technology is the newest trend, whether you want to implement artificial intelligence (AI), big data, or machine learning to streamline your security monitoring efforts. Today, compliance professionals can make critical decisions using real-time insights and establish robust cybersecurity risk and governance programs. In this article at The Compliance and Ethics Blog, Susan Craig explains how technology can impact the future of company compliance.
Tech-Enabled Company Compliance Functions
The potential benefits of emerging technologies for compliance professionals are remarkable. For example, an AI-driven system can monitor the entire lifecycle of an account and successfully capture more than a thousand key risk indicators (KRIs) per account. Here are some benefits of tech-enabled compliance functions:
Leaders can draw clear linkages between requirements, policies, procedures, and related risks and controls.Organizations can track end-to-end audit lifecycle management, report on impacted controls, and initiate remediation activities.The technology produces assurance reports to management, ensuring compliance is adequately designed and operating well to address risks in a dynamic business environment.Enterprises can capture events and track them through to closure.Technology enables leaders to automate the risk assessment process that human data scientists often oversee.Management can also obtain real-time interactive reporting on the compliance environment.
Experts believe that technology can improve company compliance by enhancing the efficiency of different departments. “However, managers should always be on their guard because the market is developing at a fast pace, and sometimes, it is simply impossible to keep track of all changes in legislation,” says Craig.
The Future of Compliance
Intuitive interfaces allow you to easily upload frameworks, controls, and objectives. Furthermore, platforms offer task prioritization to let you track compliance activities. Technology can reduce vulnerabilities by scheduling reviews and monitoring their completion dates. As regulatory landscapes continue to evolve, leaders must stay on top of changes and enable their organizations to boost efficiency while protecting customer privacy.
To read the original article, click on https://www.complianceandethics.org/how-technology-can-impact-the-future-of-compliance/.
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