We live in times of change. Advancements in technology and a need for better and faster ways to deal with regulatory requirements have resulted in new developments in compliance management. The systems which we have now are better and faster than ever before, and they are enabling organizations to meet regulatory requirements and compliance challenges in a better way.
How technology is empowering compliance management systems
As information technology gets better, it can tackle more complex problems. In the beginning, computers were used to solve problems that dealt with numbers. This is one of the major reasons that the financial sector became a pioneer in information technology. A significant portion of finance-related work is purely based on numbers. Computers were better at both calculations and information storage than manual labor, which is why financial firms were some of the first workplaces where computers became a common sight.
As technology became more advanced, it slowly started transforming communication, and as it got more advanced it could finally tackle bigger problems. Artificial intelligence, which is still in its nascent stages, allows us to tackle complex problems like compliance management because computers can now understand and contextualize information better than ever before.
Artificial intelligence isn't just the future of compliance management; it is the present as well. Some of the most innovative compliance related GR solutions available in the market right now are powered by artificial intelligence. Compliance Management System (CMS) employ artificial intelligence to automatically categorize information, detect important information, and to notify stakeholders about issues that concern them.
Augmenting Compliance Professionals
Artificial intelligence powered systems help compliance officers and managers deliver a level of compliance that simply was not possible before. Compliance managers get better insights and control over the overall compliance infrastructure of the organization. Compliance officers get to focus on improving the compliance level of the organization, as the menial and tedious administrative work they used to spend time on has now become automated.
The easiest way to compare the difference between manual compliance management and automated artificial intelligence powered compliance management is the availability of tools. Imagine two construction sites. One has labor doing all the work manually. The other one has labor equipped with jackhammers, drills, and other machinery. Which one of them will be able to do a better job, keeping all other things constant? It is obvious that the team with actual construction tools will work faster and do a better job. The same is true for compliance. Compliance professionals that have compliance tools will do a better and faster job than compliance professionals handling things manually.
Where do we go from here?
The current technology available for compliance management is transformative and has elevated compliance to levels that weren't possible before. However, it is important to remember that this is just the beginning. The world of compliance will continue to transform, and automation will be able to handle more complicated problems.
Natural language processing (LP) is the current next step for artificial intelligence in compliance. Natural language processing means the ability for computers to be able to understand human speech. LP is not exactly artificial intelligence – it simply means that the computer is able to convert human speech into data that it can understand and thus process. Natural language processing is already very well developed and has been in use for years, but it still Hasn't been perfected. Once LP gets more advanced, it will be able to completely parse compliance documents and processes, and automatically embed them within the compliance system of the organization. It will also do wonders for regulatory compliance.
Much progress has been made when it comes to the building blocks of artificial intelligence. Natural language processing is one of these building blocks. Neural networks and neural computing are also the predecessors of artificial intelligence. Using artificial intelligence is a game changer, not just for compliance, but for the world overall. Companies who are actively engaged in developing technology around artificial intelligence will continue to be ahead of the curve as it relates to compliance management.