Strategies to Transform Your Compliance Program with Technology - #3: Data

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 #3 - Get your (data) house in order

RegTech is about more than just fancy software – it’s also about data structure and integrity. Specifically, consider how you’re storing data and whether you can quickly and easily pull it all together when your colleagues, or the regulators, ask for it. Here are a couple of characteristics of a good data structure.

Consolidated

Your compliance activities, alerts, etc. are available in one platform. Your systems are integrated to provide a single source of truth (data).

Up to date

Your data is current and flows where it needs to. Your data is consistent across initiatives/departments.

Portable

Your data is mapped so you can take it from one place to another if needed.

Aggregated

Your data is aggregated in a way that provides meaningful results and can be easily reviewed and analyzed.

Documented

Your system records all activities, specifically any remedial action taken in response to surveillance or internal review results.

Accessible

You can quickly and easily access the data when you need it.

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.

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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. 

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