Published: 2018-03-09   Views: 81
Author: fahadmateen
Published in: Software
The Future Of Compliance Management

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.

 

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:

  1. Regulatory Change Management
  2. Risk Management
  3. Policy and Procedure Management
  4. Compliance Management
  5. Audit Management
  6. Qualification Management
  7. Learning Management
  8. 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.

Author Bio

Fahad Mateen is a Digital Marketing professional overseeing 360factors Inc is a cloud-based Enterprise Risk and Compliance Management automation technology and services company. We help companies improve business performance by reducing risk and ensuring compliance.

Article Comments

0 comments.

There are zero comments yet, why not be the first?

You must be logged in to post a comment.

Please log in or register to comment or reply to a comment.

Similar Articles

Tips To Get Software Testing Jobs For Freshers LAWS GOVERNING THE PRIVACY OF E-PRESCRIPTION Modern Ship Maintenance System Faster Ship Maintenance Software Planned Maintenance System For Ships Ship Planned Maintenance System Software Maintenance Planning Software For Various Applications BLOG FOR GENERIC E-PRESCRIPTION Get Online Bookings With Your Practice Management Software Prescription Pad Writing Software: Safety Measures 7 Reasons Why Clinic Management Software Is Must For Clinics Prescription Pad - EMR And Clinic Management Software Shopware Experts Get The Best Job Scheduling Software To Manage Your Business Properly Functions Of Automotive ERP Software Scheduling Software Online Improves Productivity And Customer Management Easy Steps To Mobile App Development Services Of Your Dreams Health Tablet & HealthCare Software For Doctors Automatic Drug Safety Checks Prescription Pad: The Best Clinic Management Software In Terms Of Functionality And Value For Money Health Tablet Prescription Pad Writing Software PRESCRIPTION PAD TURNS MEDICAL PRESCRIBING TO ONLINE Software Companies In Guwahati Must Learn About InstaSnatcher The Latest Ecommerce Strategies Online Businesses Must Know Where Is Banking Software Being Developed? How Jewellery Software Are Helping Jewellery Businesses Optimise Productivity The Future Of Compliance Management Online Use Of Practice Management Software For Physiotherapists In Australia An Automated Prescription Writing Software That Promotes Generic Drug Use Why Professional Training In Cloud Computing Is Important For Enterprises And Individuals Delhi High Court Clarifies: No Lab Technician Can Verify Lab Reports Netspy Is Popular Worldwide Due To Following Reasons Paediatric Prescription Writing Is Clumsy, But Easy With Specialised Prescription Writing Software Record Keeping And Analysing Family Medical History Is Made Easy With Prescription Pad Prescription Pad Ensures Writing The Best Prescription In Case Of Disease In Combination International Parcel Shipping Channel- Affordable And Trustworthy Silver Spoon Is Bagged With A Great Responsibility Know About Ayman Hariri Despite Being Born In A Powerful Family, Ayman Is Renowned For His Zeal To Conquer The Pinnacle Himself

Articles Search

Articlesnow4u.com cannot show any publisher Adsense adverts at the moment, we have decided to create a clone site to give our publishers the opportunity to use Adsense with their articles to create further revenue.

The clone site is Articlesnow4u-Adsense.com your user details and articles have been copied from articlesnow4u.com as of Mon 28th May 16:00 GMT, please can all users check their login details and make slight changes to their articles please.

Featured Articles

Most Popular Articles

Latest Forum Threads

Views viewed 700 times
Views viewed 2218 times
Views viewed 1206 times
Views viewed 2322 times