Reduce compliance breaches to 0% with compliance automation

Spend less time with compliance monitoring and get automated pre-activity checks with compliance automation. 

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 vendor, 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 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.

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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.

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Why do financial institutions need compliance automation?

Staying one step ahead of the competition doesn’t match with inefficient compliance processes or with a traditional approach to regulatory compliance, which translates into a slower business expansion and time to market.  

Financial institutions need regulatory compliance automation to have one single source of verified regulatory content, always up-to-date with the latest regulatory changes at the distance of a button. 

How to automate regulatory compliance

As the digital transformation in banking evolves, the use of automation for regulatory compliance becomes the next strategic move towards a digital-centric compliance framework, to promote productivity and efficiency. 

But before jumping right away into your IT team with a compliance automation request, it’s important to understand which requirements to fulfill. For example:

  • what are the exact use cases that a compliance automation tool will solve

 

  • which compliance processes will be streamlined or replaced

 

  • who will be the end-users and stakeholders involved

 

  • what type of compliance automation solution (app, platform, etc) will be the most suitable 

 

  • what kind of integrations will be needed with external software providers

 

  • how scalable the solution needs to be 

 

  • what’s the availability of know-how and resources to do it internally vs choose a compliance automation software company

There are different ways to automate regulatory compliance, depending on the scope. Digitising compliance rules, creating a rule-based engine, adopting a compliance software or using Regulatory AI are some of the options. If we look at trends for compliance automation in 2022, taxonomies and knowledge graphs together with embedded compliance, are worth keeping an eye on.

Embedded compliance: the future of compliance automation

When investing in compliance automation, 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. 

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By providing regulatory answers right when and where they users need them, embedded compliance:

  • Reduces dependencies on the legal & compliance teams
  • Minimises compliance risks
  • Contributes to a faster go-to-market.

Advantages of compliance automation

5x

better prospect retention

80%

time savings in compliance monitoring

8x

less compliance breaches

Be one step ahead of your competition with compliance automation.

Download the embedded compliance guide and find out how it fits into your business.

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