Regulatory Compliance Monitoring
Overview
Regulatory compliance monitoring solutions use rules databases, algorithms, and multiple data sources to help ensure compliance with regulations at the corporate, local, regional, and national level. Compliance automation follows a four-step process. First, determine benchmarks in line with regulations and set KPIs. Second, track compliance metrics using sensors or data management systems. Third, conduct automated audits as required. And finally, report compliance issues, and make changes to processes in order to address root causes. Automating systems minimized the risk of human error or fraud, and improved transparency by providing data for inspection in a central log. Use of robotic process automation (RPA) also makes it much easier to track frequent changes in compliance regulations.
Business Viewpoint
Centralize intake and change management of regulations, policies and frameworks.
Automate compliance across business applications and IT systems.
Achieve end-to-end monitoring and regulatory compliance process auditability.
