Typically, companies ask many questions about how to use artificial intelligence (AI) to help businesses with increased automation. This is an important discussion with many ramifications for businesses with large enterprise systems. From business process outsourcing to big data analytics, we’ve got the solutions that companies can use for better decision-making. In this piece, we look at the new compliance issues that are facing companies using business process automation. kickstartmycoffee.com
We saw a recent piece on Forbes.com in which contributor Steve Culp explained the risks coming up on the horizon that large organizations must address. His focus is on how financial institutions cannot seem to acquire the compliance talent fast enough to help their organizations maintain compliance in the face of automation. He estimated that the number of financial organizations spending “more than 5% of their net income on compliance jumped from 16% in December 2015 to 23% in December 2016, despite compliance headcount numbers largely remaining flat.” We wonder why the banks can’t hire enough talent, but we also look at what companies can do in the meantime.
Culp explains: “Some steps can be taken quickly; for example, deployment of robotic process automation (RPA) in production environments can be completed over relatively short cycles and helps to free up necessary capacity. Dedicated efforts to equip compliance officers and teams with the skills needed to leverage these technologies should be an essential component of the strategic plan.”
He recommends that companies have to look at their objectives in the area of organizational compliance and to have a plan for getting results in the short term, the medium term, and the long term. This could occur in a context where they still have a shortage of compliance officers, but their employees are doing what it takes to move the organization forward while managing the risks.
Trusting a Partner Company for Business Process Automation
What we love about our jobs is that we specialize in the use of robotic process automation, and we know how to help a client organization move towards this environment in that short time referenced by Culp. You have to imagine a business that will update its computer systems and software applications to turn over increasing amounts of data faster, to summarize the data based on millions of financial transactions on a dashboard that compliance officers can understand, and to back up all that data in case of a data breach or system failure. This requires a partner for business process automation that builds applications to the government’s current standards for data security.
We’ve Got You Covered
We know that you want to upgrade your organization’s capacity for processing big data through business process automation. It’s not going to make sense to scrap your entire system and to adopt a new one just so you can take advantage of the latest updates in robotic process automation. It makes more sense to analyze the capabilities of your current enterprise business solutions and decide how to add more functionalities while getting these solutions to run at a more optimum rate. While we build your systems to run faster and offer more data that your decision-makers can use, your organization cannot afford to take inaction in regards to compliance. Your company must build a model for how data will be collected, stored, processed, and protected from external and internal threats. This includes knowing which employees are accountable for each compliance function and developing an organizational timeline for updating compliance tools and technologies. All of your resources should support the current strategic objectives of your organization.