If human history is taken as a reference point and compared with the current state of affairs (in all walks of life), we would find a clear pattern emerging between demand and supply. As far back as in 6000 BC, humans developed the barter system. With passing time, rules were created to accommodate complex transactions. As rudimentary as those regulations were in those times, their pace of development remained steady and was in direct correlation with ever-developing human acuity and urgency of demand.
Now, in the year 2018, the organization heads in different industries of the world find themselves at a juncture, where the future looks so complex that they are struggling to cope up with it. But just like in the past, when demand for a solution challenged the human brain, the mind triumphed again in the form of the Compliance Management Solution. This amazing software solution is powered by a transformative technology that is ready to shape up the world of tomorrow.
Future of Compliance Management
A survey of 150 leading compliance officers conducted by Accenture in 2017 revealed that compliance functions have matured, but steps needed to be taken to enhance their capabilities to increase efficiency and effectiveness. It is expected that investment in capabilities would increase for 89% of institutions (surveyed in Compliance Risk Study) over the next two years, as organizations gear up to meet the demands of the future. The survey also points towards a rise in cyber risk, which is expected to be one of the top three most challenging risks to manage in the coming years. Through this survey, we also understand that there is a need for continued innovation for countering threats posed by regulatory risks.
Managing Risks in BFSI industry with Artificial Intelligence
The banking, financial services, and insurance industry has been the worst affected by the rising number of regulatory compliances. As highly qualified managers, CEOs, and decision makers struggle to solve the puzzle of compliances laid down by regulatory bodies, the world awaits a helping hand from the genius minds in the IT world. After years of research and struggle, the help seems to have arrived in the form of machine learning and NLP backed software solutions that are becoming efficient by the day. Machine Learning and NLP are subsets of AI, which has been used by many organizations for minimizing compliance related risks. AI has the power to evolve and when it is integrated into a Compliance Management System, it is able to learn from the system by deciphering trends and patterns. Through constant learning, it can offer solutions to the toughest of problems that a human mind simply cannot understand.
When it comes to employing an AI based solution, it becomes important to do a thorough research of the many features that it offers. A comprehensive Compliance Management Solution should ideally cover the following aspects of an organization’s business:
- Regulatory Change Management
- Risk Management
- Policy and Procedure Management
- Compliance Management
- Audit Management
- Qualification Management
- Learning Management
- Performance Management
Although organizations tend to opt for a point-solution (one solution for a specific area) just to address the issue at hand and neglect the other areas where compliance overlaps and creates operational hazards. Due to the unpredictability of future, it is not advised that you leave the fate of your organization in the hands of a software solution that covers only a few aspects and leaves other important areas unattended which could hinder to the overall compliance objectives of the organization.
Harnessing the Power of AI with Predict360’s Software
There are many software solutions available that are specifically designed for eliminating compliance related errors and thwarting risks. Before procuring a Compliance Management Solution, you need to ensure that it meets your requirements and covers the operations of all the departments in your enterprise. As regulatory compliances are predicted to be even more complicated than they are right now, you should look to employ a compliance-intensive solution from a company that has a vision for the future.
Predict360™ Compliance Management Solution is endorsed by the American Bankers Association and comes with seamlessly integrated modules that can work in tandem and solve all compliance related problems. Besides standard modules for compliance management, it also offers Third Party Management to streamline complex vendor management issues.
For more information about Compliance Management Solution and how it can be further enhanced as part of an integrated risk and compliance management suite, visit http://www.360factors.com/aba.
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