How Technology Can Impact the Future of Compliance

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Post By: Susan Craig

New technologies significantly affect the life of a modern person. To a greater extent, this concerns precisely the sphere of compliance. According to Corporate Compliance Insights, the average compliance cost for organizations across all industries worldwide is $5.47 million.

It is difficult to believe in it, but earlier the analysis of all transactions and operations took place in manual mode. Fortunately, two new areas in technologies have now appeared that will help to significantly facilitate the work of workers – artificial intelligence and machine learning.

Business Benefits

Not all companies are eager to introduce new technologies, but the benefits of such an improvement would be significant. For example, the use of artificial intelligence can help identify patterns and trends in a company, which, accordingly, leads to a more competent risk assessment.

It should be understood that new technologies cannot and should not completely displace living specialists from this industry. They are just tools enabling more efficient data analysis.

New Tools in the Work of a Compliance Specialist

Modern compliance professionals have access to a wide range of automated solutions:

  • Onboarding platforms
  • Software for checking the reliability of counterparties.
  • Software for checking payments when they are sent
  • Solutions for identifying and reporting suspicious transactions

This is definitely not the whole list of data analytics tools that can be accessed using artificial intelligence and machine learning.

Cooperation Between Technology and Humans

Continuing the thought, it should be noted that the work of new technologies in the compliance industry is possible only with the availability of competent specialists. The whole problem is that a computer was created in order to analyze unstructured information and draw conclusions from it. However, only a person can understand what to do with these conclusions.

Therefore, it should always be understood that artificial intelligence cannot replace a person, however, it can make his work much more efficient, and the benefits from the introduction of such technologies can spread throughout the company and lead to an increase in the quality of services.

Conclusion

Emerging technologies are causing huge changes in the financial and accounting sectors. They improve compliance by improving the efficiency of different departments across companies. 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. But this must be done to maintain efficiency as well as customer privacy and transparency.

About the Author: Susan Craig is a freelance writer and blogger. She also writes frequently about compliance, content development, social media, and brand awareness. Susan likes to read about everything related to compliance and ethics development on the Internet in her free time. Please free to reach out to me here if you have any concerns or suggestions: GuestPostingNinja@gmail.com.