Will compliance be automated?

The question of whether technology and automation will replace people in the workplace is not new. Today we’re talking about artificial intelligence (AI) and robots. In the course of automation of compliance, the capabilities and capabilities of compliance experts will develop further. Tech and data skills are becoming increasingly important to ensure that the company gets the most out of newly automated solutions, as well as knowledge of innovative products and services such as crypto assets and new forms of algorithmic trading.

Compliance is ready for automation because it is both rule-based and data-intensive. The more rules you have to follow, the more employee behavior needs to be monitored, the more customer and employee transactions are generated, the more automated software you need to monitor compliance. Congress or the European Union can make whatever regulations they want in banks and other industries, but politicians and bureaucrats are no match for today’s cognitive technologies. It’s hard to imagine all compliance regulations in some industries being met without automated help.

According to Mark Brotherton from Lloyds Bank, compliance experts can free up new technologies and industry networks for more rewarding activities. Compliance automation delivers significant business benefits and has the potential to do so much more. All of these functions enable the adherence to measures for continuous improvement of processes. With great tools, compliance can rethink processes and react quickly to emerging problems when needed.

The ability to spend less time on manual and repetitive tasks makes compliance a more agile department and encourages employees to work together to ensure compliance. You rely on technology and data, whereby robotics and artificial intelligence open up the possibility to automate activities of compliance specialists. Robotic process automation (RPA) is the automation of all standard business processes, so automating compliance processes is an example of RPA, but many other examples have little to do with compliance. The rise of automation and AI also plays an important role in simplifying and reducing the small tasks that have traditionally been part of the compliance function.

As automation speeds up the day-to-day processes of executing a compliance program and generates better data about the program’s performance, the compliance officer has more time to examine the organization’s ethics and compliance performance. Compliance software is a solution that automates processes to increase compliance efficiency and improve monitoring according to regulatory requirements. There are also questions about post-Brexit regulation, the possibility that the UK may continue to move towards an results-based approach, and what that means would mean automating compliance functions. Automated compliance processes could address these issues, for example, by pulling relevant data from multiple systems, rather than having employees manually track and log it.

Then compliance technology would automatically compare that party against different review databases and fill the results into a form that generates a risk assessment based on the answers. A complete automation of compliance tasks at banks with the help of machine learning is currently not carried out. Employment growth in the compliance category has far surpassed most areas in the last decade — but virtually all of the recording and communication cries out for automation. Automation would enable compliance officers to study the volume of complaints at scale, so you can quickly identify new trends in complaints and decide how to respond to them.

Fully automating compliance tasks is still a distant dream as machine learning solutions are not yet mature A fully automated compliance model may not be in sight anytime soon, but the compliance function of the future certainly looks different, and now is the time for companies to make sure they can adapt.