One of the other benefits of digital transformation involves digitising compliance tasks. This process can make meeting regulatory challenges easier while freeing up more time for the compliance team to think about strategic solutions to broader business problems.
For example, digitising the compliance process could refer to:
- Using AI to automate real-time KYC due diligence customer monitoring and transaction screening.
- Adopting machine learning techniques to manage risk assessment involves creating control measures and proposing remedial actions.
- Tracking, documenting, and managing regulatory changes and their impact on a business
- Managing staff compliance training processes, including delivering, testing, and maintaining assessment records
- Maintaining a thorough audit trail of policies and procedures, ensuring they are kept current and any changes communicated to staff
- Creating and automating forms for processes related to the accurate and consistent recording of gifts and hospitality, conflicts of interest, and personal account dealing