The COVID-19 pandemic has significantly changed how businesses operate, with remote work becoming the new norm. This shift has highlighted the crucial role of data and data analytics in compliance across various industries. Regulators now emphasize not only the need for access to data but also its utilization in a way that promotes continuous improvement. One of the key challenges compliance teams face in this new era is the vast amount of data generated by remote work. Communication channels like email and text messages and collaboration platforms like Slack and Zoom have become essential for remote collaboration. However, this explosion of data presents compliance officers with the task of proactively monitoring and understanding unstructured data to uncover hidden risks.
AI-powered data cleansing capabilities have been developed to address this challenge. These capabilities sift through content and focus on relevant and risky information while minimizing false positives. Compliance teams can efficiently concentrate on potentially dangerous content by removing duplicative content, obvious junk, and non-human-generated text. This targeted approach significantly reduces false-positives in the alerts generated by the system.
COVID-19 brought about changes that are still felt today in the business world. Some changes were temporary, but some have become permanent, and remote work is one of them. It is here to stay. The change has underscored the importance of AI and data in compliance across various industries. The shift to remote work has resulted in increased data that compliance teams must proactively monitor. AI-powered data cleansing capabilities help sift through content and focus on relevant and risky information, while AI algorithms and machine learning models aid in risk detection. By leveraging AI and data, compliance teams can enhance their prevention, detection, and remediation efforts, ultimately promoting a culture of ethical behavior and ensuring compliance with data protection laws.
Three key takeaways:
- The pandemic changed the corporate world in many ways. One of the permanent ones was moving to remote work.
- Remote work generates much more data because messaging apps and online communication tools require new and innovative compliance solutions.
- AI and data-driven compliance around data generated from remote work can move a company from detection to prevention.
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