Sustainable Compliance Management System
Can compliance be made sustainable? This question has been going around for a long time. Compliance management systems, being an unprecedented part of every organization, have undergone several technological revisions to adapt to the fast-changing regulations. This slowly transforming AML compliance system is headed towards achieving the sustainable goal of compliance risk management. Deploying disruptive technologies like Artificial Intelligence, Blockchain, and Big Data, organizations are easily managing various financial, governance, and compliance risks.
Covering the role of technology in the financial industry, the Global Risk Community is bringing forward a podcast that answers all the questions related to managing compliance risk.
Hosted by Boris Agranovich, this show addresses all trending issues and is one of the most sought after fintech blogs. In this podcast, Boris interacts with Shub Nandi, CEO and Co-Founder of PiChain to know his take on the revolutionary compliance management system and technology. Having a good amount of experience in this field, Shub guides the listeners to the current statute of the banking industry and Regtech solutions bringing about the desired change. He walks us through all the positives and negative impacts of having technology back up this industry.
Lawsuits for compliance failure is a very common sight these days as many institutions are not able to complement proper AML compliance system. With a good number of very well known companies falling victim to it, the world is now facing a hard time in compliance risk management. The ever-changing set of compliance regulations adds up to the existing problems driving the need to have up-to-date automated compliance software. It requires a good amount of work to not just follow the compliance but to also stay up to date with the latest changes. This is where the idea of automation took birth and thus sustainable compliance came into existence.
The finance industry is the backbone of the economy. Being so, it was necessary for it to be up and running even in the dire times of the COVID-19 pandemic. This pandemic sped up the digital evolution that the industry has been slowly undergoing. With customers moving to mobile and internet banking and onboarding digitally, the number of frauds increased drastically. For an organization to keep track of all these and the even more changing of regulations and digital transfer, it was becoming mandatory to have robust compliance management software.
Are the statistics predicted to improve towards the AML compliance system with the abolishment of manual compliance? Will money and people be safer if organizations establish a secured compliance risk management system? Follow the podcast to know the answers and gain incomparable knowledge on this subject.