Aug 04, 2020

Digital Transformation of Compliance: Trends for 2021

Compliance teams face challenging times ahead with increasing regulation, the new normal and an expectation that they will prevent crime without inhibiting the customer experience. The pace of change continues unabated, and 2021 looks like being no exception. For most organizations, throwing more people at the compliance challenges is not an option, so we should expect to continue to see significant increase in digital transformation in terms of AI, automation and simplification of compliance-related processes.
RPA tools compliance

Every year, new directives and regulations are adding complexity to compliance operations across all industries. Navigating the rapidly evolving regulatory landscape is rather challenging for contemporary business owners, which is why advanced alternative approaches to compliance management are becoming essential to retain a competitive advantage.

Modern organizations have to deal with a broad spectrum of issues that hamper the effectiveness of compliance practices. Some of the most pressing issues are – manual and time-consuming processes, inability to keep pace with regulatory changes, lack of valuable security insights, and siloed approaches to governance and risk management. Companies need to have a profound understanding of why it’s important to stay up to date on emerging compliance trends. Leveraging digital transformation initiatives into compliance management can resolve all of the issues mentioned above and help organizations manage and comply with continually shifting regulations proactively. Let’s review the most anticipated compliance trends for 2021.

Optimizing Compliance with AI-driven Chatbots

Automated interactions with customers and employees are among the significant digital transformation trends that continue to grow exponentially every year. AI and ML-based chatbots and personal assistants are steadily adopted into workplaces to augment human performance and eliminate time-consuming manual processes. Gartner predicts that 70% of organizations will integrate AI to assist employees’ productivity by 2021. 

The adoption of advanced AI-driven solutions is an ascending trend within the digital transformation of compliance. Chatbots offer compliance assistance that can enhance compliance managers’ productivity by providing real-time insights, generating reports, and automating a broad spectrum of other compliance-related activities.

Driving Efficiency & Compliance with RPA Tools

Robotic process automation (RPA) is another advanced technology that can streamline workflows and reduce manual effort. In contrast to live interaction of chatbots and personal assistants, RPA tools perform unattended execution of repetitive tasks. By leveraging the RPA tools list into compliance practices, organizations can benefit from the swift and error-free automation of various routine activities. Namely, RPA software tools help to automate report generation and delivery, e-mail circulation, status updates, notifications, change tracking, and different asset compliance processes.

Compliance trends 2021

Adoption of Holistic GRC Solutions

As cyber threats evolve and become more sophisticated, effective risk management processes become business-critical. To address this challenge, organizations are actively adopting innovative governance, risk, and compliance (GRC) tools. Such tools enhance operational efficiency, break down the silos in terms of risk management, and facilitate decision-making. Moreover, holistic GRC solutions enable fast 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 upcoming years.

Growing Demand for Remote Audits

Internal and external audits are essential to ensure full compliance with the changing regulatory landscape. However, usual audit execution with auditors’ on-site presence is currently impossible due to the safety constraints and travel restrictions proceeding from the COVID19 pandemic. However, advanced information and communication technologies (ICT) have made remote audits feasible and practical. In a post-pandemic environment, remote auditing will consolidate its position as a strong trend, as it is flexible, effective, and reduces the time and costs.

Conclusion

By leveraging digital transformation initiatives into compliance, business owners can keep pace and proactively manage and navigate the ever-changing regulatory landscape. The adoption of AI-based solutions, the best RPA tools, and advanced GRC software will remain ascending trends within compliance practices for 2021. This is due to the tangible business benefits they provide, including compliance automation, enhanced efficiency, and integrated approach to compliance management.

Infopulse has developed an innovative, all-encompassing GRC tool – Standard Compliance Manager (SCM) that features advanced automation capabilities. Besides effective risk management processes and a broad spectrum of other advanced features, SCM offers substantial personal assistance to businesses in transforming their compliance management.

Contact our experts today to learn more about how SCM can help you to establish effective compliance practices.

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