Compliance Management Is No More a Headache: Adopt Agile Technology

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The Role of Technology in Compliance Management

Whatever the size of your business is, the increasing rate of cybercrime has become a threat to all businesses. Well, are you also thinking of strengthening your business cybersecurity? Or planning to put in place if you already don't have. Then, artificial intelligence, machine learning, or big data is striking in your mind. But.... have you ever thought of Compliance technology, more clearly compliance management?? 

Yes, this is the latest trend and if you do a thorough analysis then seems to be a cost-effective one as well. 

What does compliance mean in business? 

It is the process that makes sure both the company and employees are acting as per the laws, standards, and ethical practices, applicable to the organization and the operational country. 

What is Compliance Management? 

Compliance management is the combination of activities leading to the managing, planning, organizing, and controlling of processes related to ensuring compliance. 

Why business avoids making any changed to their compliance management process? 

Manual ‘compliance management’ equals to 'an impossible task.' So it takes years and years to set up an effective compliance management process. So hiring a compliance manager needs a greater amount of investment of a business. 

But gone are those days. Now, compliance management is all about technology. It requires a minimal amount of manual effort. Compliance technology provides the most reliable and efficient outcomes. 

What is compliance technology? 

Better, consider the term 'Compliance technology' as a phrase. It's the combination of various technology-based services. Such services keep the business process up-to-date with all regulatory and standard compliance requirements. 

What the role of technology in compliance management? 

The key role includes mitigating risks associated with compliance. Compliance technology is capable of 

• Managing the investigations 
• Learning and training management 
• Policy and procedure management 
• Issue reporting and hotlines 
• Survey and assessment and so on. 

The technologies associated with compliance technology are: 

Automation 

Automated compliance is almost free of any manual handling. The dedicated software and hardware do all the sequential tasks on their own. The manual efforts only include defining the actions and sequence of the tasks. 

So automation removes all kinds of time-consuming administrative tasks. Makes the compliance management richer in fruitful outcomes and less manpower bound. 

There are ranges of the automated compliance process. Such as: 

Third-party onboarding 

The onboarding process includes repetitive and tedious tasks. Using automation, these repetitive tasks become agile and more accurate. In the case of companies associated with third parties, It becomes very difficult to onboard each party, manually. A small mistake in this process may cause a serious security threat. Automated compliance technology is capable of screening and cross-checking the databases with greater accuracy. Under automated onboarding, each party has to enter as a new vendor and generate a risk score for each. The settlement of payments and vouchers, generation of invoice depends on these security scores. 

Analysis of Complaints 

Large companies, even small companies own interline reporting hotlines. Tracking of complaints and providing on-time solutions becomes super easy with automation technology. You can define a specific problem catalog on which the compliance management system can provide automated solutions instantly. In the same way, the controlling, testing, and monitoring of the operational measures also become headache-free. 

Big Data 

As the name indicates, ‘Big Data’ technology deals with an overwhelming amount of information across the company and the internet as well. You can review small to small security concerns storming across your organization with greater ease. 

With digitization, the gathering of real market insight has become the most critical task. No matter, to which domain the process belongs to. It might be marketing or finance or human resource. Big data technology is the goldmine for processing the number of giant numbers of data. 

Spreadsheet-based data processing needs more expense in manpower and also the least effective in case of accuracy. 

Let's have a look at an example for a better understanding of big data's importance to compliance management. Consider the vulnerabilities of 'Zero-day-attacks.' 

This attack can play a trick to your security-first approach. It can destroy your confidential business operations before your realization. Implementation of big data alerts you as soon as such an attack enters your security process. Besides, it takes pre-defined controlling and blocking action so that you get adequate time to deal with the matter. 

Most of the threatening security attack comes from third-party business partners. So, alternatively way you can say, big data works as a relationship reviewer between you and your third-party partners. It protects your data within your business environment. 

Artificial Intelligence (AI)

Image by Gerd Altmann from Pixabay

Compliance management needs continuous observation, plans, and objectives formulation, reasoning tasks. AI-based compliance technology can do these intelligent tasks on their own. An AI-enabled compliance management system can search and apply for all required solutions or a word through the internet to make an outdated regulation up-to-date. It can provide a thorough gap analysis between similar compliance frameworks used by your business. 

Machine Learning 

This is the latest technology that makes the integration of AI and big data more advanced. Better to say it helps the computers to learn how to accept and analyze data for better predictions. 

Even it can automate the handling process of ransomware. 

So these all have been brief about the roles of technology in compliance management. 

Now you can understand how a proper combination of these technologies can lower your expense for compliance management. It lessens the man force need and maintenance cost as well. 

Yet, I know the question in your mind. Do you need all these technologies? In that case, it might not be a cost-effective solution for you. 

Here, you have to choose what best suits you. Focus on, 

• The size of your organization. 
• The number of critical systems and networks you have. 
• The number of people and third-party businesses associated with your organization. 
• The number of people associated with your company compliance process. 

And yes, lastly, what is your plan for the next five years. Critical analysis of these aspects will direct you toward the best fit technology-based compliance management infrastructure for your business.