Navigating the ever-changing landscape of financial regulations is challenging. Traditional methods of regulatory change management are often manual, slow, and resource-intensive, struggling to keep pace with the constant evolution of regulations.
According to a recent whitepaper by Ascent, the complexity of these processes, combined with fragmented manual operations, creates gaps and hidden risks that expand as policies and controls are updated.
Compliance automation, powered by AI, offers a robust solution. By adopting intelligent technology, compliance teams enhance their change management capabilities, eliminating manual tasks, boosting efficiency, and spotting rule changes in real time. This enables businesses to adapt quickly to the dynamic regulatory environment, ensuring they remain compliant.
In partnership with GRC 20/20 Research, Ascent has developed a practical guide titled “Delivering the AI Enabled Regulatory Change Lifecycle.” This guide is designed to assist firms in digitally transforming their change management operations and managing risk effectively by securing their obligations, policies, and controls in regulatory and corporate truth.
Before viewing the whitepaper, here are four ways compliance automation can revolutionise businesses, in the view of Ascent:
- Quickly identify and act on regulatory changes: Use Ascent’s AI-powered automation to monitor regulatory updates in real-time, pinpoint relevant rule changes, and notify stakeholders of impacts—eradicating manual review and diminishing risk.
- Mitigate obligation gap risk: Ascent’s patented AI dissects regulatory texts to map new obligations against your existing inventory, spotting potential gaps and reducing the likelihood of penalties.
- Focus on strategic initiatives: Automation liberates your team from time-consuming tasks, allowing them to focus on data-driven decisions, strategic alignment with regulatory requirements, and fortifying policies and controls.
- Scale compliance management across your enterprise: Transform workflows with automation, streamlining routine tasks like policy approval and audit scheduling. Our platform integrates seamlessly with leading GRC systems, ensuring end-to-end traceability and automatic updates when rules change.
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