Automation is the Key for Compliance Solutions in 2020
Adoption of automation technology has become more prevalent as more businesses realize the importance of investments in automation in a fast-paced business environment. The basics of automation in compliance is the use of artificial intelligence to reduce human intervention as much as possible in compliance workflows.
Hence, potential human error can be mitigated, which would result in enhanced cost and resource efficiency. Aside from efficiency, the technology provides benefits in a risk management in a way that allows your companies to monitor any vulnerable activities on an ongoing basis, as well as provides data when it comes to audits. For companies that need to comply with ISO and other legal standards, automation is undoubtedly beneficial.
However, integrating automation into your compliance program does not mean that human interaction is no longer needed throughout the compliance workflow. As the technology is intended for menial and repetitive tasks. For example, in employment background screenings or due diligence on third parties, automation can be applied for PEP screenings and media adverse reports. Another example is an automated function in the whistleblowing system reporting method, which allows the reports to be categorized based on risk levels and routed automatically to the right person for handling. In those ways, human interaction can be allocated in more complex stages wherein human judgment is required before making certain decisions.
Although adopting automation into your compliance program is not a piece of cake in the beginning, it will come to fruitful in long term if you do it right. As Bill Gates once said, “Automation is good, so long as you know exactly where to put the machine,” the first simple step you can take is by looking at paper-based processes, such as manual filling records, as they tend to have a high degree of repetitions.
Companies must avoid making any mistakes in compliance. As mistakes do not only result in costly financial loss but could also greatly impact your companies’ reputation and more.
Integrity has many years of experience in providing compliance solutions – employment background screening, due diligence, whistleblowing system, business investigations, and more – for many businesses from various industries. Should you need further information about compliance solutions, do not hesitate to contact us today.