If your business or industry has anything to do with regulations, then compliance is an ongoing maintenance issue that you have to pay attention to. Unfortunately, most areas of compliance are oftentimes buried with encyclopedias of rules, subrules, sections, and subsection of criteria, detail, and requirements. If they apply, the business is responsible to stay within the criteria, no matter how convoluted, but many companies are just unable to keep up manually. So, mistakes are made and that ends up turning into compliance violations, which can be costly when found.
Digital Controls Make a Difference
The last thing anyone wants is to be repeatedly in trouble. Electronic compliance with today’s technology can make a huge difference. Compliance can be built into information creation, transaction processing, and system checks. And that cuts down tremendously on review time and increases accuracy exponentially. It also helps cut down on the related labor costs and overtime expenses companies often end up paying for human review, which also has its own mistakes when the work is mundane and monotonous.
However, when a company brings in a digital approach to compliance it can take advantage of a number of features not possible with manual compliance review. First, artificial intelligence can be leveraged both to confirm existing violations or errors are blocked in transactions and files as well as to learn as a company progresses on how to change and adapt to new compliance challenges. Digital tools can also be custom-tailored to different industries and specific business requirements quickly. With human review, people have to be retrained which can take months to see results. Digital tooling also provides the ability to see comprehensive dashboard reports which allow fast decision-making. Human reporting is often a process of compilation and consolidation of different singular reports, which also takes time to build and create. By the time the reports are available, they are often outdated.
A Simple Solution is Available Now
Regtech Software provides companies unique and direct access to compliance success that is otherwise frequently elusive when attempted manually. Instead, with Regtech, a company can institute both hard controls as well as soft controls that adjust over time with AI, both asserting compliance channels for existing transactions and adjusting over time to new changes as they develop. Because of this flexibility, Regtech Software provides business a viable, practical solution to today’s bureaucracy of compliance, making it once again simple and easy to stay on the right side of operations.