Compliance in the Age of Automation: Why Human Expertise is Still Essential
In today’s fast-paced business world, companies are required to navigate a complex web of regulations and standards to ensure they are operating in compliance with the law. Compliance processes can be challenging and time-consuming, and often require a high level of expertise to ensure all requirements are met. While technology and automation have made compliance processes more efficient, it is important to recognize the critical role human expertise plays in managing compliance.
Human expertise is vital in managing compliance processes because regulations are constantly changing, and new requirements are added regularly. Experts experienced in the compliance field can navigate these changes and ensure their organisations remain compliant with all applicable regulations. They can interpret new regulations and standards, develop policies and procedures that comply with these regulations and provide guidance and training to other employees on compliance-related issues.
In addition, human expertise is essential in managing compliance processes because compliance is not just about following rules; it is about developing a culture of compliance within an organisation. Compliance experts can help create a culture where compliance is a top priority, and ensure employees understand the importance of compliance. They can also help identify areas where compliance may be at risk and develop strategies to mitigate these risks.
Human expertise is critical in managing compliance processes also because compliance issues can have significant legal and financial consequences for organisations. A compliance expert can help organisations identify potential compliance issues before they become problems and provide guidance on how to mitigate these risks. In the event a compliance issue does arise, having an expert on hand can help organisations respond effectively and minimise the legal and financial impact.
Finally, human expertise is valuable in managing compliance processes because compliance is not just a matter of checking boxes. Compliance experts understand that compliance is a continuous process that requires ongoing monitoring and improvement. They can develop metrics to measure the effectiveness of compliance efforts and identify areas where improvements can be made.
In conclusion, human expertise is crucial in managing compliance processes. While technology and automation can certainly help make compliance processes more efficient, they cannot replace the knowledge and experience of a compliance expert. Organisations that recognise the importance of human expertise in managing compliance are more likely to avoid compliance issues, maintain a culture of compliance and operate in a manner that is both legally and ethically sound.
At Acuity Knowledge Partners, we understand the critical role that human expertise plays in ensuring compliance and mitigating risks. Our team of experienced compliance professionals can provide the necessary insights and guidance to help financial organizations stay compliant with evolving regulations, while also achieving their business objectives. We recognize that each organization has unique compliance challenges, which is why we tailor our services to meet our clients’ specific needs. With our suite of compliance services, including investment compliance,e-communications surveillance, regulatory reporting, and KYC/AML, we can help financial organizations navigate the rapidly changing regulatory landscape and ensure long-term success. By combining automation with human expertise, we can help our clients enhance their compliance programs and stay ahead of the curve
About the Author
Suresh Chavali has over 8 years of experience in compliance, having worked for various firms including Barclays and Deutsche Bank. His expertise spans across the risk and compliance sector, focusing on know your customer (KYC) and risk management. At Acuity Knowledge Partners he is responsible for Pre-sales and Product Management support to Compliance Services. Suresh has done his engineering from JNTU Hyderabad.
Originally published at https://www.acuitykp.com