Strategies to Transform Your Compliance Program with Technology - #1: Champion(s)
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 #1 - Choose your champion(s)
Technology benefits the entire firm, but sometimes it can be difficult to get “buy in” from the right people. Having a knowledgeable, engaged business partner behind you will help ensure that technology is implemented effectively and adopted successfully.
- Consider selecting someone from each relevant department who can act as a RegTech champion.
- Arm them with the information they need to advocate and be successful on your behalf.
- Show them what the technology is, how it works, and how it helps the firm so they can communicate this to key stakeholders.
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.
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.