Maintaining Regulatory Compliance is undoubtedly a priority and continuous concern for Organizations across all Industry Verticals. Looking at the recent news on non-compliance in Companies globally, the stakes involved and the magnitude of consequences,it becomes clear that it’s even more important and challenging to keep pace with the Compliance mandates. Organizations Operate under constant pressure from Regulators and are required to provide Regulatory Compliance updates at frequent intervals, which is no simple task.
For instance, the General Data Protection Regulation (GDPR) by the European Union that requires Businesses to protect the personal data and privacy of EU citizens will come into action from 25th May 2018. The Regulation will benefit the Companies and Industries that have operations across Europe. The General Data Protection Regulation (GDPR) introduces tougher fines for non-compliance and breaches. Companies will be fined up to 4% of their total worldwide annual turnover if they ignore their legal obligations.
To keep pace with these new and emerging mandates, Compliance teams often rely on data sources which include Business data from internal systems, reference data, news feeds, social media, legal documentation and many others. To process this data and remain compliant, Companies need Applications with features that can handle enormous data inflow and outflow from many disparate sources. Conventional methodologies of Compliance Management are no longer capable of handling the necessary requirements and are not Agile enough. Embracing Emerging Technologies, Artificial Intelligence and Automated tools can make information more useful and accessible in Real time at lower costs.
With platforms like ConfidentG Agile Compliance Management, Regulatory Reporting gets a lot easier with a Report & Dashboard Repository that stores generated Reports for back-referencing, while providing more Scalability & Mobility in a Centralized platform.Using this automated Compliance Management tool, Compliance teams can
- Ensure Compliance with Regulatory mandates
- Store, Monitor & Track numerous Data types from various sources
- Have access to Real time information on Any device, Any where and at Any time
- Empower Compliance teams to analyze billions of data through Artificial Intelligence
With years of making Governance, Risk, Audit & Compliance lifecycle Agile for our worldwide Customers and Partners, we at Confident Governance have known the differentiating factors of a Governance Process that makes it either a check-the-box activity or takes it to the next level of being a Competitive Advantage. Let’s Connect and Collaborate on making your Governance lifecycle Agile and Innovative.
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