{"id":14688,"date":"2020-03-27T12:37:22","date_gmt":"2020-03-27T12:37:22","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=14688"},"modified":"2020-03-27T12:37:22","modified_gmt":"2020-03-27T12:37:22","slug":"7-key-digital-trends-driving-compliance-and-risk-management","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/7-key-digital-trends-driving-compliance-and-risk-management\/","title":{"rendered":"7 key digital trends driving compliance and risk management"},"content":{"rendered":"

Financial institutions, under increasing regulatory pressure, are tapping into a wide range of digital technologies to drive compliance innovation. Here are 7 key ones making an impact in the world today:<\/span><\/p>\n

    \n
  1. Robotic process automation<\/b> streamlines compliance processes and provides for the rapid integration of front- and back-end systems that track and monitor compliance-evidencing and audit trails. This ensures set rules are adhered to without the need for human intervention.<\/span><\/li>\n
  2. Natural language processing <\/b>compares compliance requirements against internal policy requirements. It can also help financial institutions monitor and analyze consumer behaviors, setting off red flags in cases of observed deviations.<\/span><\/li>\n
  3. Artificial intelligence (AI) and machine learning compliance and transaction monitoring <\/b>help financial institutions monitor and flag transactions. Specifically, they can pinpoint out-of-norm activities and are capable of adapting to new contexts quickly.<\/span><\/li>\n
  4. Augmented and virtual reality solutions<\/b> offer financial institutions the opportunity to provide staff with enhanced training, thereby giving their employees the skills they need to do their jobs in the modern world.<\/span><\/li>\n
  5. Voice and facial recognition software<\/b> can be used for trade surveillance and compliance monitoring to reduce fraud, insider trading and money laundering.<\/span><\/li>\n
  6. Big data and machine learning<\/b> can help financial institutions make more informed decisions related to credit monitoring, guideline monitoring and breach remediations. This is especially important in a world that is producing more and more data every second.<\/span><\/li>\n
  7. Advanced risk reporting capabilities in management information systems<\/b> improve data quality, risk aggregation and risk-reporting timeliness. Real-time risk reporting analyzes granular behavioral patterns of customers to identify deviations and anomalies sooner and more accurately.<\/span><\/li>\n<\/ol>\n
    \n\n