Automate Regulatory Change to Improve Business Continuity

With the loss of Chinese number one Ke Jie at the hands of AlphaGo (A Google Algorithm), the world has seen another conquest of Artificial Intelligence over the human mind. The matchup that we are talking about took place in an eagerly watched ancient Chinese board game of Go. The conclusive victory of AlphaGo has proved that AI as a technology will soon be the flag bearer in the next stage of software evolution. This success of AI has proven its worth to the critics, and organizations are increasingly using AI tools for accomplishing complex tasks like regulatory change management. The AI powered Regulatory Change Management Software is one out of the long line of amazing tools, which are designed and developed for the benefit of the BFSI industry.

Evolution of AI Confirms its Stronghold in IT Industry

Results like the one mentioned above, keep us reminding how far we have come in the development of AI since its inception a few decades ago. Chinese game Go was considered to be too complex and challenging for a computer to crack, which is the reason why AI’s success means such a big deal. This resounding victory of computer powered intelligence has brought to the forefront, the many advantages AI has over the rudimentary software and human methods. This is why it is used for managing regulations and accomplishing many other important tasks.

Regulations and Effect on Business Continuity

All businesses have certain risks, which can creep into the system if regulations are not followed properly. In the modern-day world, due to heavy scrutiny of applications and services of corporations and enterprise, a major chunk of the available resources need to be dedicated for carrying out regulatory management specific tasks. Due to indulgence in regulatory tasks, sometimes the workflow of business entities can get hindered.

Some regulatory compliance laws and regulations in USA, which are crucial to be followed during the day to day operations of banking and financial organizations are listed below:

1. BSA/AML Regulations
2. Payment Card Industry Data Security Standard (PCI DSS)
3. Federal Information Security Management Act (FISMA)
4. Dodd-Frank Act

The aforementioned regulations are devised primarily for the Banking, Financial Services, and Insurance (BFSI) industry and are very important for the concerned organizations to follow. Any type of rule breaking can result in legal punishment. The penalties can come in the form of federal fines, which are financially debilitating as well as quite defaming in terms of impacting a company’s image. If an organization is not serious about its Regulatory Change Management System, it is very much possible for it to flout the rules due to the negligence of its employees. There is an urgent need for Regulatory Change Management Software that not only prevents an organization from risks but also ensures that the work is done continuously and consistently.

How Automation and AI can Improve Business Continuity?

Due to the frequent update of regulations by regulatory bodies, it is tougher than ever to learn, understand and impose the frequently changing policies. As we have discussed before, the lack of continuity in business can be a major stumbling block for its development, and a Regulatory Change Management Software seems like the best solution for companies in the BFSI realm. The RCM is powered by Artificial Intelligence and uses “Big Data” for analyzing trends in a particular organization. It decodes patterns and makes all types of decisions for your business with the intent of streamlining the operation and offering it long-term continuity.

The major advantages of RCM that enhance continuity of business are;

1. Allows for better collaboration by triggering alerts and automating impact assessments
2. Disseminating Information to Different Departments with Automatic Notifications for distributing information to different departments
3. Analyzes trends and patterns, which help your organization make better decisions

How to Procure Regulatory Change Management Software?

Predict360’s Regulatory Change Management Software is licensable as a standalone web-based application and can also be procured as part of an integrated regulatory change management and learning management solution. With the power of artificial intelligence (AI) built-into its core, it centralizes regulatory library with consistent taxonomy. By automating the translation of regulations and creating an applicability of regulations process, the use of this software helps an organization to map and apply regulations to branch and assets at any particular location.

For more information about Regulatory Change Management Software and how it can be further enhanced as part of an integrated risk and compliance management suite, visit 360factors.

About the company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

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