Compliance automation is the process of leveraging technology, especially artificial intelligence (AI), to streamline, optimize, and enhance compliance processes, making them more efficient, effective, and error-free.
Navigating the labyrinth of rules and guidelines can, of course, be daunting. Not only for you but for your employees, too. Automation has the potential to streamline compliance.
And to answer the much-asked question ‘Will compliance be automated?’, the answer, in short, as with most professions, is to some degree.
It will replace some compliance tasks. It will reduce manual processes. But that doesn’t mean human oversight will disappear.
On the contrary. Compliance managers will be more efficient, more clear-headed, and lose less sleep at night worrying about employees complying with HIPAA, GDPR, and AML policies.
The rest of this guide will walk you through how compliance automation works, why it matters and discuss some interesting use cases that are applicable now.
How does compliance automation work?
In today’s corporate sphere, where the spotlight of strict regulations and laws unforgivingly shines, compliance becomes not just an act of legal necessity but something that distinguishes the seamless flow of business operations from the discordant stumble into the costly arms of litigation.
Compliance automation tools today can come in many forms. From tools that analyze structured and unstructured data in risk assessments to real-time automated alerts to new regulations, laws, and obligations, automating parts of compliance can enhance the way we operate.
The most exciting development in compliance automation, however, comes in the form of policy management tools. Using generative AI, they allow you to save time answering employee policy questions, continuously monitor and improve compliance gaps, and show regulators that your processes work. And you can use them right now.
How? By providing a domain where you upload your company policies, and through a chatbot interface, get accurate responses to any question you ask, in plain English, in seconds.
This ultimately empowers compliance professionals to identify policy gaps, and employees to get instant answers to compliance questions, anywhere, anytime, and on any device.
Previously, interpreting text-based directives required extensive expertise, often leading to high costs and a confined understanding. AI, with its capabilities in textual content, changes this narrative.
Use cases for compliance automation
Compliance is not just about ticking boxes; it’s about ensuring that organizations operate within the confines of regulatory requirements, thus mitigating risks. Compliance automation, in this regard, is paramount for several reasons:
- Demystifying Regulations: AI is like the modern Rosetta Stone for regulations, offering swift translations of dense legal text into understandable answers.
- Streamlining Questionnaires: Those dreary forms for procurement or due diligence? AI can tackle those without breaking a sweat.
- Auditing with Precision: AI’s ability to cross-reference documents brings a level of thoroughness to internal audits that would make even the most meticulous investigator blush.
- Automating Email Responses: AI can draft correspondences with an intelligence that can make the compliance process better for you and your employees.
- Nurturing Conversational Compliance: Multilingual compliance chatbots equipped with AI can be sage counselors on all matters of compliance.
Benefits of compliance automation
Compliance automation has several benefits, including:
Enhanced Productivity: With repetitive tasks automated, compliance professionals can focus on strategic initiatives. Employees can get answers to their compliance questions without the need to respond to every single request that comes in.
Mitigated Risk: Compliance teams can use an automated compliance chatbot to test their policies against regulations, and fine-tune processes. This ensures that policies are up to scratch and, consequently, that risk is reduced across the organization.
Fostering Greater Employee Compliance: Enabling your employees with an automated compliance chatbot to ask their compliance questions makes it an easier, less stressful experience for them to get the answers they need. The result? They’re more likely to stay compliant.
Conclusion: The imperative of embracing compliance automation
Compliance automation, especially that underpinned by artificial intelligence, is reshaping the way organizations approach and manage their compliance programs.
By streamlining compliance processes, reducing errors, and making it easier for employees to find the answers they need to their compliance questions, it offers a compelling proposition.
In an ever-evolving regulatory landscape, adopting compliance automation is not just a trend but a strategic necessity. Indeed, 84% of “very mature” compliance professionals say that machine learning and AI are important to their compliance strategy.
Organizations keen on staying ahead and minimizing risks would do well to embrace this paradigm shift, harnessing the power of technology to make compliance more efficient, and more effective.
Delve into the world of compliance with BRYTER’s PolicyAI platform
In the realm of compliance automation BRYTER’s PolicyAI platform stands out.
It transforms static policies into a dynamic, interactive tool. By uploading the compliance policy, the tool deciphers its rules and definitions. Depending on the context, it can aid the compliance team like a virtual assistant, draft email replies based on queries from directly within Microsoft Outlook or serve as a chat system for employees to find answers in real-time.
With compliance automation software like BRYTER’s PolicyAI platform, policies become on-demand digital consultants, ensuring that compliance becomes more accessible and efficient for all.
So, what are you waiting for?