Written by International Compliance Association on Monday September 14, 2020
Compliance teams find themselves between a rock and a hard place. On the one hand, the growing pace of regulatory change and the increasing level of enforcement activity are placing ever greater pressure on compliance systems to effectively quantify and manage regulatory risk within the organisation. On the other hand, resource constraints demand improvements in the efficiency of compliance, whether through a reduction in false positives or through a streamlining of compliance-related activities.
Technology offers one approach to meeting these twin challenges. Modern compliance software aims to provide a holistic solution that may eliminate the inefficiencies and duplication of work often associated with legacy systems and siloed processes, and which can be readily scaled-up, easily updated and regularly upgraded. Furthermore, such systems promise to deliver improvements in the management and reporting of risk through harnessing the power of data analytics.
This e-book summarises the potential benefits of establishing a technology-driven compliance management process and offers a roadmap of how to transform compliance management within your organisation. Moreover, it provides a checklist of key considerations for you to bear in mind both when evaluating your current system and when assessing new technological solutions.
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