Banking, Financial Institutions, and Insurance (BFSI) is a highly regulated business with many compliance-related tasks that must be carried out correctly for appropriate and risk-free activities. With the growth in linked activities across different firms, it has become increasingly challenging to succeed in the market using simple compliance management solutions.
How Should You Handle an Ever-Increasing Number of Regulatory Compliances?
When the frequency of compliance activities was minor, it was simple to handle them using numerous solutions. Nevertheless, the development of cross-functional activities has resulted in a rise in the number of critical rules, making it impossible to juggle too several solutions. Because of the fast growth in requirements, a single system that can simplify the entire organization's activities is required. An answer will cover the whole business and will significantly improve the management of compliance-related operations.
The following are the primary problems that make compliance management difficult:
- Using many technologies across several departments raises costs and fosters data distrust, making it difficult for risk and compliance leaders to make timely choices.
- Risk and compliance systems designed to solve basic compliance procedures do not cut it in today's reality.
- GRC (Governance, Risk, and Compliance) requirements have made manual ways of achieving operational excellence difficult. This is not cost-effective and poses a significant difficulty.
- With a growth in the number of compliance management activities, it is challenging to acquire a comprehensive perspective of the organization to generate appropriate actions in terms of driving business plans and recognizing anomalies related to vital assets.
Artificial Intelligence: The Ideal Compliance Management Tool
Artificial intelligence (AI) appears to be the perfect answer for compliance management. It aids in automating the corporate risk and compliance management process and provides a company with maximum insight into all risk and compliance-related areas of the firm.
Advantages of an Automated Compliance Management System
Predict360's Compliance Management Software, for example, eliminates the need for manual intervention and tackles all difficulties by applying its internal logic for decision-making.
- Executive dashboards that provide real-time compliance information and data to facilitate effective compliance management
- A centralized platform for all compliance-related data, information, conversation, and documentation.
- Incorporates with other Predict360 technologies to provide comprehensive GRC management through a single system.
- Compliance management processes for various compliance-related tasks and users have been streamlined.
- Reduces compliance expenses by fully automating compliance monitoring, lowering effort, and enhancing the efficiency of detecting infractions.
- A cloud-based compliance management system that is simple to install
- A configurable compliance executive dashboard and an integrated compliance monitoring calendar
About 360factors Inc.
360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.