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Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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What is a Compliance Platform?

 

Compliance industry leaders have been working for a long time to leverage automated software systems that let organizations efficiently and quickly make data-driven risk decisions. They support having a central hub that will turn all compliance needs into functional and accessible data with tools that allow senior management and compliance teams to manage, monitor, intervene, and remediate. Finally, the concept turned into compliance platforms.


Advantages of compliance technology

It is recognized that technology has a significant impact on the way organizations conduct business. As a result, technology help compliance professionals achieve their goals. So now, compliance authorities expect companies to integrate modern technologies into their compliance programs. Developers of compliance software are working towards automation, which will increase some more in the future, based on the prevalent technology.

Compliance moves faster today. New data is generated constantly across various platforms, networks, and sites. Every piece of information can impact an organization's bottom line, reputation, and risks. The automated compliance platforms help turn these disjointed data into comprehensive and applicable reports.


What is a compliance platform?

Generally, a compliance platform is created to scan the risk horizon to find trends concerning a business and gain significant insights into the various compliance metrics of the organization. It helps compliance professionals to visualize essential data showing how the company achieves its objectives effectively. The platform works exceptionally well in grouping and summarizing meaningful compliance data. It also allows users to use several methods to view and navigate through tons of information.

Further, the software integrates various compliance tasks that used to be maintained individually. This process leads to better analysis and interpretation of the purpose of the compliance program. Compliance software developers are integrating artificial intelligence with the need for better performance. Thus, compliance programs such as the anecdotes ai compliance platform include such functionality that allows the program to scrutinize and determine the usefulness of each piece of information.

A compliance platform compiles and displays various compliance subject areas, such as:

  • Culture monitoring
  • Employee training
  • Employee conduct and management of various incidents
  • Policy management
  • Conflicts of interest
  • Regulatory probes
  • Program assessments, reviews, and audits
  • Third-party risk management


Utilizing data across the company

To make data more useful and understandable it is vital to use delivery techniques and enhanced data visualizations that will convey the same message to every stakeholder, even if they have disparate needs and differences in their degrees of access to data for compliance. Leading vendors of compliance platforms include customized data viewpoints to allow specific users to access relevant information for their department. With the help of artificial intelligence, processing various forms of data is more streamlined, with AI helping the enterprise gather more meaningful data

Advanced functionality 

More compliance platforms today have interactive dashboards that not only provide performance summaries. With new technologies, modern platforms can likewise monitor non-compliant and compliant processes, identify possible problem areas, intervene when needed from a single portal. Allowing user remediation is an essential function. 

If you are looking for a compliance platform, ensure that it is easy to use and manage. It should have powerful monitoring capabilities and data analytics and integrate machine learning, and artificial intelligence. Further, it must be automated. 

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