Why Consider Regulatory Risk and Compliance Automation

With the growing number of regulations in any given industry, the complexity for the enterprise to reduce its regulatory risk is going to require compliance process innovation.

The ability for banking and financial institutions to meet regulatory compliance obligations can become cumbersome through manual processes. In fact some of the antiquated banking compliance tools are ineffective in today’s sea of regulations since they were only architected for rudimentary compliance workflows. Therefore, banks, insurance and other financial institutions have to innovate and upgrade their systems to increase efficiency. Without properly managing regulations, innovation and advancement in the industry can be futile. Automation to manage regulations has yielded significant positive impacts. Recent innovations and results in the oil and gas industry depict the use of compliance automation as an effective strategy to adapt to the overwhelming amount of regulations. Asset Integrity Management automation in the oil and gas sector provides automatic solutions resulting in faster, error- free, and accurate process completion. Supply chain Compliance and Oil and Gas Terminal Compliance are other growing areas of compliance.

Compliance Automation has different meaning to different people – ‘Automation’ is defined as the use of information technology and control systems (computers),  by replacing the human operator with these systems, in order to control and regulate the processes and instruments. As the regulations and complexity continue to increase, successful organizations should invest ahead of the curve to avoid increased headcount which still does not guarantee quality in compliance, but definitely guarantees increase in cost and reduction in margins.