How do Regulatory Compliance Services harness technology?
Regulatory compliance services assists in AML transaction monitoring. Regtech firms transaction monitoring solution for risk compliance management to financial institutions offering digital onboarding services. The compliance management services are now developed on AI-powered GRC systems.
When coupled with AML screening software, GRC security solution automates every step in transaction monitoring. Any financial institution should afford fintech solutions to their customers to ease all the processes to provide seamless services and solutions to their customers in order to boost their business. This has become even more vital and essential since the COVID19 pandemic had hit the world where there are a lot of restrictions for people to move around. They are also reluctant to move around due to fear of inclusion by COVID19 and not due to FOMO towards COVID19.
Listen to an informative and interesting podcast, Serious Privacy, from TrustArc hosted by Paul Breitbarth and K Royal. In the discussion with Shub Nandi, CEO & Co-Founder of PiChain, they unfold the role of compliance management services. It highlights how firms harnessing technology can develop Sustainable solution for risk compliance management.
The podcast by the trio is fact and fun filled as they converse and analyse about the challenges faced in risk and compliance solution. Financial institutions across the world need to maintain data privacy of their customers, curbing money laundering and implementing regulatory guidelines according to the geography of business operations. The discussion also covers various processes in GRC product such as electronic signatures, digital onboarding services (customers and businesses), e-contracts and more.
Risk and compliance officers are assigned significant roles and responsibilities in implementing transaction monitoring solution. They are trained in implementing governance risk & compliance software in effective and efficient ways. They also learn how technology can augment cognitive risk and compliance management services. This helps them to make their work effortless and also improve their decision making ability.
The GRC systems provided by Regtech industry to financial institutions that provides fintech solutions help them in attaining sustainable compliance by increasing their compliance confidence score, using the regulatory capital efficiently and reducing the cost of compliance. To crack any organised crime involving financial industry, we need to connect all the data points involving all the transactional and behavioural data. This involves a great deal of effort in combining data science, big data, blockchain and AI together to develop a software for compliance management. This helps in accurate prediction of risks and stringent compliance to regulatory processes.
Have you implemented effective and efficient risk and compliance solution in your organisation from an Regtech industry expert? Do you want to know more about an AI-powered compliance management software that can help you in implementing and complying with the regulatory processes?
Listen to the podcast to know more details on organized crimes involved in money laundering, the importance of compliance to regulatory processes, the reasons for compliance still being a challenge and the advantages of involving a Regtech industry expert in implementing compliance and regulatory processes in your organisation. It also provides an overview about the commitment of GRC platform providers in handling real-time data of customers while developing an AI-powered sustainable compliance management system.