What is Compliance Automation?
Compliance automation is a software solution that uses regulatory intelligence to streamline the compliance management processes of an organization. It allows compliance teams to save time and reduce compliance risks by automating repetitive and administrative tasks since digital compliance rules are integrated into core processes.
Depending on the supplier of compliance management automation, these rules can be integrated into various existing banking systems or tools to ease user adoption and avoid logging in and out of multiple tools to access the desired information.
Compliance automation for financial services reduces significantly the effort spent in compliance monitoring, as it allows automated pre-activity checks instead of post-activity reach outs to detect eventual non-compliant situations.
Legal and compliance teams can then contribute to faster business growth by having a digital banking compliance approach. This means having an automated, reliable repository of rules per compliance topic, accessible to all relevant stakeholders and systems.