Strategies to Transform Your Compliance Program with Technology - #2: Work Smarter

Regulatory Technology (RegTech) has come a long way in recent years. Artificial intelligence (AI) technologies like machine learning, natural language processing (NLP), and robotic process automation (RPA) are being integrated into compliance technology at an increasing rate, enabling better data sharing and communication among different systems. RegTech platforms are also being consolidated and interconnected to provide a 360-degree view of potential risk and misconduct.

RegTech can give your employees, and yourself, tools and processes to be more efficient and effective at managing day-to-day compliance tasks and mitigating risk.

So, how do you do it? We've put together a series of strategies for implementing technology that will empower you and your team to build a better, more efficient compliance program.

Strategy #2 - Work smarter, not harder

This phrase may be an overused cliché, but it’s exactly what RegTech was designed to help you do.

Use the below questions to consider the ways you can optimize your compliance program through the thoughtful use of technology. Think about implementing a blend of technology for automation and managed services for outsourcing, with the goal of reducing the manual workload and guesswork for you and your team.

Processes

• Do you have the right processes and workflows in place to ensure you’re being as efficient as possible?
• What tasks can you either delegate internally or externally outsource?
  • Results analysis (such as for surveillance)
  • Compliance calendar management
  • Compliance manual management
  • Other

People

• Does your team have the right people in place for each role and responsibility?
• Do they understand how to effectively use the tech, analyze results, remediate issues, adjust the tech/processes accordingly, etc.? 

Integration

• Do your technology systems speak to each other in a way that provides a single source of truth and oversight?
• Are there any third-party integrations that could enhance what your system already provides?

Automation

• What areas of oversight and surveillance can you automate using technology?
  • Trade surveillance
  • eComms surveillance
  • KYC/CIP monitoring
  • Other  

Download our guide

What do you need to know as technology’s role in compliance management grows? This guide provides six strategies, insights, and resources about tech-enabling compliance, whether you’ve already started your digitization efforts or don’t know where to begin. Download our guide for our complete series of strategies.

Download

How we help 

Automate and streamline compliance and risk management tasks with ACA’s Regulatory Technology solutions. 

ACA’s ComplianceAlpha^® software platform helps you automate manual tasks, identify risk through enhanced surveillance capabilities, derive deeper insights through connected data, simplify the submission of requests and disclosures for employees, and free up valuable time for more strategic, higher-value tasks. Our award-winning regulatory technology platform transforms risk and compliance management for over 1,250 leading financial services firms worldwide. By bringing together risk and compliance activities, surveillance, testing, and analytics in one platform, ComplianceAlpha provides a unified view of risks and behavior across their firm. 

See our RegTech solutions in action

Click here to watch on demand demos that illustrate ComplianceAlpha's functionality and explains how it can elevate your firm's daily compliance functions.