Compliance industry leaders have been working for a long time to leverage automated software systems that let organizations efficiently and quickly make data-driven risk decisions. They support having a central hub that will turn all compliance needs into functional and accessible data with tools that allow senior management and compliance teams to manage, monitor, intervene, and remediate. Finally, the concept turned into compliance platforms. Advantages of compliance technology It is recognized that technology has a significant impact on the way organizations conduct business. As a result, technology help compliance professionals achieve their goals. So now, compliance authorities expect companies to integrate modern technologies into their compliance programs. Developers of compliance software are working towards automation, which will increase some more in the future, based on the prevalent technology. Compliance moves faster today. New data is generated constantly across various platforms, networks, and sites. Every piece of information can impact an organization’s bottom line, reputation, and risks. The automated compliance platforms help turn these disjointed data into comprehensive and applicable reports. What is a compliance platform? Generally, a compliance platform is created to scan the risk horizon to find trends concerning a business and gain significant insights into the various compliance metrics of the organization. It helps compliance professionals to visualize essential data showing how the company achieves its objectives effectively. The platform works exceptionally well in grouping and summarizing meaningful compliance data. It also allows users to use several methods to view and navigate through tons of information. Further, the software integrates various compliance tasks that used to be maintained individually. This process leads to better analysis and interpretation of the purpose of the compliance program. Compliance software developers are integrating artificial intelligence with the need for better performance. Thus, compliance programs such as the anecdotes AI compliance platform include such functionality that allows the program to scrutinize and determine the usefulness of each piece of information. A compliance platform compiles and displays various compliance subject areas, such as: Culture monitoring Employee training Employee conduct and management of various incidents Policy management Conflicts of interest Regulatory probes Program assessments, reviews, and audits Third-party risk management Utilizing data across the company To make data more useful and understandable it is vital to use delivery techniques and enhanced data visualizations that will convey the same message to every stakeholder, even if they have disparate needs and differences in their degrees of access to data for compliance. Leading vendors of compliance platforms include customized data viewpoints to allow specific users to access relevant information for their department. With the help of artificial intelligence, processing various forms of data is more streamlined, with AI helping the enterprise gather more meaningful data. Advanced functionality More compliance platforms today have interactive dashboards that not only provide performance summaries. With new technologies, modern platforms can likewise monitor non-compliant and compliant processes, identify possible problem areas, intervene when needed from a single portal. Allowing user remediation is an essential function. What is a compliance department? With the requirements for compliance, an organization should create a compliance department that will ensure that a business strictly follows the internal controls and the external rules. For example, the compliance department in the financial services sector must work to meet the primary regularity objects to ensure the protection of investors. Moreover, the departments needs to ensure that the financial markets are transparent, efficient, and fair. Another objective is to reduce financial crimes and system risks. It is the responsibility of the compliance department to identify the risks that an organization is likely to face and give advice on how to address or avoid the problem. The objective of creating a compliance department or appointing a compliance officer is to support consumer confidence, particularly in the financial system. Other regulatory rules affecting financial services firms are those that govern client assets, customer dealings, conflicts of interest, communications, and customer understanding and suitability. Responsibilities of the compliance department/officer Establishing a compliance department is a requirement in most states. The department has several responsibilities: identification, prevention, monitoring and detection, resolution, and advisory. It is the department’s job to identify all the risks, implement controls for risk protection, monitor the organization’s compliance, provide reports on the effectiveness of the established controls, and resolve compliance issues. The compliance officers of a compliance department work with management and staff to identify and manage the identified regulatory risks. It is their duty to see to it that the organization has the required internal controls to sufficiently measure and manage the risks that the organization faces. They are the ones who provide an in-house service supporting the business areas to assure an organization’s compliance with all the internal procedures and relevant regulations and laws. On the other hand, industry regulators authorize and supervise the compliance rules by investigating, gathering, sharing information, and imposing applied penalties. They consider the risks an organization could face when determining the penalties, such as the size of the business and its operations, volume, scale, complexity, diversity, and nature of the compliance violation. If you are looking for a compliance platform for your department, ensure that it is easy to use and manage. It should have powerful monitoring capabilities and data analytics and integrate machine learning, and artificial intelligence. Further, it must be automated.