With regulations being constantly amended and updated, companies face tons of challenges in maintaining compliance. Some incur financial penalties for failing to implement regulations ― or worse, they even face criminal litigation.
Here's the good news: Learning how to use big data and AI technology effectively can help you overcome the difficulties of staying compliant.
When small institutions think of compliance programs, the first thing that comes to mind is huge technology investments. Compared to larger corporations, small companies may not be able to budget as much for new technologies, hence the hesitation to implement them in compliance efforts due to expenditures that accompany these changes.
Across industries today, different government regulations help ensure that businesses operate legally and ethically to protect employees and consumers. To adhere to these government and legal standards, companies work tirelessly to establish policies and procedures (P&P).
But carefully outlining P&Ps is only one side of the coin. Someone has to steward team members in following P&Ps and guarantee that the business is always compliant. In most companies, this responsibility lies mainly in the Compliance Manager.