Innovating compliance through automation
Technological innovation and generational shifts in behavior are putting pressure on organizations to become more nimble in order to avoid business disruption or demise. Compliance leaders often speak of the need to “do more with less.” Never has that been more true than today.
While there are certain challenges and limitations in automating, many organizations are already on their way. Industry leaders are identifying targeted compliance activities and obligations to prioritize while establishing the specific return on investment (ROI) they expect. The most effective model for building out a compliance automation approach—and harvesting the benefits—can be summarized in three key phases:
- Strategize: Key stakeholders within the organization collaborate to identify compliance automation opportunities and engineer solutions to deploy when those challenges arise.
- Prioritize: Opportunities for automation are identified and prioritized based upon an assessment of risks and obligations.
- Realize: A framework for gathering and monitoring automation performance metrics is established, which helps ensure the organization is reaping the entire benefit of its new automation investment.
For each organization, the path to compliance automation contains unique challenges based on a variety of factors. However, the potential rewards are compelling. The enhanced efficiency and agility that compliance automation brings are critical to maintaining a competitive advantage in today’s market.
About the report:
KPMG’s Compliance Automation Survey captured insights from key stakeholders about their organization’s compliance efforts, with a focus on current and future interest in automating compliance activities. Results are based on responses provided by 206 senior executives from leading U.S.-based companies, across several industries. Feedback was gathered from an equal proportion of CIOs (Chief Information Officers) and CCOs (Chief Compliance Officers).