Spend less time with compliance monitoring and get automated pre-activity checks with 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.
Most firms recognize that the COVID-19 pandemic has accelerated the pace of change for compliance. The majority of firms (57%) report “facing increasing compliance risk” due to the pandemic, while 38% identify “accelerating plans to implement technology solutions as another key impact on compliance.
As the digital transformation in banking evolves, the use of a compliance automation platform becomes the next strategic move toward a digital-centric compliance framework, to promote productivity and efficiency.
But before jumping right away into your IT team with a compliance automation requests, it’s important to understand which requirements to fulfill. For example:
There are different ways to automate regulatory compliance, depending on the scope. Digitising compliance rules, creating a rule-based engine, adopting compliance software or using Regulatory AI are some of the options. If we look at compliance automation trends in 2022, taxonomies and knowledge graphs together with embedded compliance are worth keeping an eye on.
When investing in compliance automation tools, major concerns arise like guaranteeing that it’s seamlessly integrated with the banking systems and that the rules digitised are always up-to-date.
Flaws in the articulation in both of these streams can easily lead to difficult user adoption or result in a perceived feeling that the tool is not fully trustworthy.
Apiax’s embedded compliance removes this friction entirely. How? Verified compliance knowledge is supplied by the world’s most prominent advisory & law firms and made accessible as digital compliance rules directly into your existing banking tools and applications.
No additional hardware or intensive training is required.
By providing regulatory answers right when and where they users need them, embedded compliance:
Download the embedded compliance guide and find out how it fits into your business.
DOWNLOAD NOW >> The Guide to Embedded Compliance (2023 Edition)