One thing is certain going into 2020 and beyond is that technology that will improve the efficiency of compliance and will assist in the operationalization of compliance into fabric of every business which embraces it. I would posit that the compliance professional who incorporates the techniques they advocate into their organization’s compliance program will not only move their compliance program forward but also make their company run more efficiently and, at the end of the day, more profitably.
AI is a step which weds the human interaction and experiences with the data which is available to every company – its own internal information which is most generally sitting in siloed verticals and not being used. This data can provide the foundation for business research and risk-forecasting models and AI. When you couple this data with the insights into what humans do well or poorly; you can pair the best of these two seemingly disparate incongruities. Moreover, when a compliance function embraces the use of AI and embraces this human and technological approach for forecasting and risk assessments and then keeps improving their risk management techniques, it will create a sustainable strategic business, compliance and intelligence advantage over its competition.
Three Key Takeaways:
- Use the big data in your own organization.
- Break down silos to get the data.
- Using the data in your own organization will drive greater business efficiency and greater profitability.