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Navigating the fast-changing regulatory environment is quite difficult for modern business owners, which is why innovative alternative solutions to compliance management have become vital to keeping a competitive advantage.
Fremont, CA: Modern organizations need to resolve a wide variety of problems that impede enforcement activities' efficacy. Some of the most pressing issues are manual and time-consuming procedures, failure to keep pace with regulatory changes, lack of useful safety insights, and siloed approaches to governance and risk management. Companies need to have a deep understanding of why it is essential to keep up to date on new developments in enforcement.
Let us look at four compliance trends:
Efficiency and Compliance with RPA Tools
Robotic Process Automation (RPA) is another advanced technology that can simplify workflows and eliminate manual effort. In comparison to live interactions between chatbots and personal assistants, RPA tools manage routine tasks unattended. By integrating the list of RPA resources into enforcement procedures, companies will benefit from the rapid and error-free automation of various everyday activities. Namely, RPA software tools help automate reporting generation and distribution, e-mail dissemination, status alerts, reminders, change monitoring, and different asset enforcement processes.
Adoption of Holistic GRC Solutions
When cyber threats grow and become more complex, efficient risk management processes become business-critical. To overcome this challenge, organizations are aggressively implementing creative tools for governance, risk, and compliance (GRC). Such tools improve operational effectiveness, break down risk management silos, and promote decision-making. Also, holistic GRC solutions allow rapid and accurate risk assessment, gap analysis, and incident response. GRC solutions are becoming indispensable for security compliance, and their adoption will remain a strong trend in the coming years.
Demand for Remote Audits
Internal and external audits are necessary to ensure full compliance with the changing regulatory environment. However, regular on-site auditing with auditors' help is currently unlikely due to safety limitations and travel restrictions arising from the COVID-19 pandemic. However, advanced information and communication technologies (ICTs) have made remote audits feasible and realistic. In a post-pandemic climate, remote auditing would improve its role as a strong trend, as it is versatile, efficient, and reduces time and costs.
Improve Compliance with AI-driven Chatbots
Automated experiences with consumers and employees are among the significant digital transformation trends that continue to expand exponentially every year. AI and ML-based chatbots and personal assistants are used continuously in workplaces to improve human efficiency and eliminate time-consuming manual processes.
Adopting innovative AI-driven technologies is an upward trend in the digital transformation of enforcement. Chatbots provide compliance assistance that can improve compliance managers' effectiveness by offering real-time insights, monitoring, and automating a wide variety of other compliance-related activities.