The market offers a wealth of technologies for compliance requirements. Legal and compliance departments are responsible for the procurement of these technologies. IT managers can, however, participate in the selection and use of optimal solutions.
Use a first IT compliance consultation.
Essential areas of technology
The essential three technology areas in which compliance managers should invest are:
1. Basic Systems of Record
A System of Record (SOR) is an Information Storage and Retrieval System (ISRS), more precisely an information storage system that is the source of a certain data element in a system. The system contains several sources of the same element. The integrity of the data will only be secured if there is only one collection system for a specific information.
The aim of investments in this compliance system is to reduce ad hoc data collection and aggregate data sets. The handling of data is required for reporting. Basic SORs can determine the performance of analytics and artificial intelligence for compliance.
2. Digitalised workflows
Legal and compliance departments are forced to do more work than before. The aim of digitized workflows is to digitize the extensive workflows and optimise the workflow plan in a company using the technology.
3. Digital risk management
The ability of companies to effectively manage risks with traditional, analogue means is burdened by the following obstacles:
- Volatility of regulations
- digital transformation of companies
- Increasing IT security risks
- Range of information raises monitored risk and safety activities
Rationalize risk management
Compliance managers should rationalise risk management and compliance activities. This can be achieved by raising awareness of risks by improving system integration with data sources at the operational level. It should also improve its sensitivity to risks through system integration with data sources at operational level.
Choose the correct sequence of technology introductions
A technology introduction for a normal compliance department slows down many other corporate functions. That's why the right order can be important.
As a basis, the Compliance Department should first set up recording systems. They can then invest in tools to facilitate important workflows. Only then should they identify more complex possibilities such as digital risk management.
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Death sin 7: rejecting key technologies
The market offers a wealth of technologies for compliance requirements. Legal and compliance departments are responsible for the procurement of these technologies. IT managers can, however, participate in the selection and use of optimal solutions. Use a first IT compliance consultation. Essential Technology Areas The essential three technology areas in which compliance managers should invest are: 1. Basic Systems of Record...