Sustainable Regulatory Compliance 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. The current developments in the regulatory compliance system are making it adaptive to the fast-changing regulations. This slowly transforming AML compliance technology is headed towards achieving the goal of managing compliance risks. Deploying disruptive technologies like AI, Blockchain, and Big Data; organizations are easily able to implement KYC compliance technology. This, in turn, assists in managing various financial, governance, and compliance risks.
The Global Risk Community is bringing forward a podcast that answers all the questions related to compliance management solution for banks. Covering the role of technology in AML regulatory compliance, the podcast discusses its importance for the financial industry.
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 BSA AML compliance. He walks us through all the positives and negative impacts of deploying software for compliance risk in this industry.
Lawsuits for compliance failure is a very common sight these days as many institutions are not able to successfully implement AML compliance technology. With a good number of very well known companies falling victim to it, the world is now facing a hard time in managing compliance risks. The ever-changing set of regulations adds up to the existing problems driving the need to avail regulatory auditing services. It also requires up-to-date automated GRC frameworks in place. The KYC compliance technology not just follow the compliance changes but to also automatically updates them. 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/internet banking and digital onboarding, the number of frauds increased drastically and hence GRC compliance solution gained traction. For an organization to keep track of the changing regulations and digital transfer, it was becoming mandatory to have robust regulatory compliance system.
Are the statistics predicted to improve towards the Anti Money Laundering compliance by abolishing manual compliance? Will money and people be safer if organizations establish a secured compliance risk management solution? Follow the podcast to know if GRC system for financial institutions are really helpful.