Strategies to Transform Your Compliance Program with Technology - #4: Planning

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 #4 - Plan carefully and optimize what you already have

Plan your technology implementation thoughtfully, step by step. This starts at gathering technical and functional requirements from the right people, thereby driving adoption, and continues through to how you’re going to use the data and results the technology produces. You don’t want to end up with technology that’s never used or duplicating efforts due to a lack of effective planning.

RegTech Implementation Planning Steps

1. Review and optimize your current systems
   • Are you using these effectively and to their fullest capacity?
   • Can you augment their capabilities by integrating with other widely used tech platforms (e.g., employee expense tracking, new hire automation)?
2. Evaluate and choose new system
   • What new systems do you need to build out a comprehensive RegTech platform?
   • Do these systems speak to each other so your data stays clean, consistent, and organized?
3. Choose your technology champion
   • Who will help you advocate for technology adoption?
   • Do they have the information they need to effectively communicate how, where, and why technology will be used?
4. Develop processes for system outputs
   • How will the data/results produced by your technology be used?
   • Who will review and action the results?

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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