How technology is helping drive maturity in the compliance space
Technology drives effective compliance and business resiliency across organisations by embedding automation and consistent processes to help improve collaboration and visibility across the organisation.
Most organisations rely heavily on technology these days, with varying degrees of sophistication. From reliance on communications, databases for capturing key information, to mobile phones and websites for interfacing externally with customers. Unfortunately, it seems much of the time the critical internal processes of keeping the business running and operational do not have the same technology focus.
Many organisations are still running Governance, Risk and Compliance frameworks manually (such as maintaining documents and spreadsheets) which on the surface provide a workable solution. The reality however is that it can also foster some bigger problems for organisations including inefficiency, confusion in ownership, poor communications and limited visibility. Of which, these can severely restrict a business’s ability to adapt, mature and keep pace with the organisation’s strategic vision, mission, goals and objectives.
To help address this the first step is for organisations to have a greater awareness of what technology can offer and understand how technology helps businesses move away from being reactive and help them become visionaries.
Technology is helping to drive maturity in the compliance space, by providing:
- Accountability: By engaging technology, ownership and responsibilities for compliance are made clear across the organisation, driving improvement ‘compliance culture’ across the business.
- Standardisation: By moving to a technology platform, organisations are empowered to remove their reliance on individuals who manually update their own spreadsheets and reports. Technology can help leverage a standardised interface to allow everyone to complete their responsibilities in a standardised manner and helps break information silos by allowing information to be shared across business areas.
- Automation: By utilising technology and removing manual processes, regular business activities can be processed in a timely and cost-effective manner. This enables the business to focus on areas that require attention, rather than managing manual logistics.
- Communication: Modern technology provides multiple communication options from emails to dashboard reporting and SMS. With worldwide 24/7 access enabled on any device, businesses are aligned, updated and aware in real time.
- Aggregation: Technology brings people and data together from a variety of sources. Organisations can reliably manage the entire business and aggregate the information to provide visibility on all facets of the organisation’s resilience
Forward thinking organisations adopt technology in the compliance space to help drive maturity and provide greater accountability, visibility and collaboration across the business through automation, reporting and standardisation.
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