Challenges for Compliance Management in Today’s World

Banking, Financial Services, and Insurance (BFSI) is a heavily regulated industry with a large number of compliance related activities, which need to be followed effectively for proper and risk-free operations. With an increase in interconnected operations between different organizations, it has become extremely difficult to thrive in the industry by utilizing rudimentary methods for compliance management.

How to Manage Ever Increasing Number of Regulatory Compliances?

In the past, when the number of compliance activities were not considerable, it was easy to use multiple solutions to manage them. However, the increase in cross-functional operations has led to a rise in the number of applicable regulations, which has made it very difficult to shuffle between too many solutions. This rapid increase in regulations demands for a single solution that can streamline the operations of the whole organization. A single solution will blanket the whole organization and will also help in managing compliance related activities in a much better way.

The major challenges that make the process of compliance management difficult are listed below:

1. The use of different tools across multiple departments increases cost, and creates mistrust in data which prohibits risk and compliance executives to make timely decisions.
2. Risk and compliance tools devised for addressing rudimentary compliance workflows just don’t cut it in today’s world.
3. GRC (Governance, Risk and Compliance) needs have made it stringent to achieve operational excellence using manual methods. This is not cost-effective at all and hence, a major challenge.
4. With increase in the number of compliance management activities, it is hard to gain a holistic view of the company to create relevant actions, both in terms of driving business strategies and in understanding anomalies associated with their critical assets.

Artificial Intelligence: The Perfect Solution for Compliance Management

Artificial Intelligence (AI) comes across as the ultimate solution for compliance management. It helps in automating the enterprise risk and compliance management process and allows an enterprise to gain optimal visibility into all risk and compliance related aspects of the organization.

Benefits of an automated Compliance Management Solution

Automated software such as, Predict360’s Compliance Management Software removes any need for manual intervention and addresses all the issues by making use of its internal logic for decision-making. It can address all the compliance related problems singlehandedly by blanketing the whole organization. Some of the many benefits are listed below:

1. It is able to map emerging requirements to the existing policies and hence, helps in aggregation of similar policies and grouping them together in a single location, making the process of compliance management easy.
2. It allows you to allocate resources to address issues when you have access to solid information about prevalent risks. It also keeps track of the risks and all the important information which is vital for the organization.
3. Captures data and ideas as they are formulated and relays them across the whole organization. It ensures that everyone is connected with each other and has the latest information. It also allows everyone to analyze ongoing business issues and reflect on all the available solutions to the problem(s).
4. Compliance Management Software maps policies to control and provides better visibility when the policies are implemented. It ensures transparent and effective management of compliances.
5. Aligns appetite and strategy, and enhances the whole process of compliance management.

The AI powered software learns and enhances itself with regular use in a particular environment. At its peak, the AI will always be a much better solution for managing compliance than any other manually created compliance management method.

As Predict360’s Compliance Management Software is powered by AI, it can easily address all the compliance-related issues by making use of automation. The software looks at all the patterns, analyzes data, and learns from the system in which it is employed. The use of Predict360’s software is great at reducing risk and ensuring compliance and hence, making the whole process of managing compliances cost-effective in the longer run.

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 online training and qualifications, in a single cloud-based platform based on artificial intelligence.

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