Amanda Cohen is Director of Product at Resolver. Despite her work at a technology company, or maybe because of it, she has a very humble idea about the power of tech. As she explains in this podcast people tend to enter the technology buying process thinking that software can solve all their problems.
The reality is software doesn’t mean that automatically people will be behind compliance or that having a piece of software can make you compliant. You still need executive endorsement, leaders demonstrating that compliance matters and a compliance mindset in the organization.
She also cautions that just because there is a software solution in place doesn’t mean that there aren’t gaps in your program.
So what can good software do? It will help you, for example, track your regulatory requirements and provide a flow of usable information to you. And when it comes to regulations, it shouldn’t be a data dump, but instead extract the regulatory changes so you know what is happening and when changes go into effect.
Technology also can help you with the time-consuming task of creating reports by consolidating the information and generating data for you.
Other advice she provides:
- Calibrate the software to your organization
- Engage with other stakeholders
- Be sure to pick technology that can grow with you and scale up
- Look to use technology in areas that are repetitive
- If pursuing AI, have a clear sense of what the objective is, and if it will bring in additional insights
Listen in to learn more about the limits and opportunities in compliance tech.