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Earlier this month was our first webinar with The Association of Governance, Risk & Compliance (AGRC). The transformation of risk & compliance with the introduction of next-generation tools was discussed, alongside the challenges currently being faced.
1. The biggest change to the landscape is in how we communicate
The world is speeding up; we are in constant communication with one another and information sharing is happening at exponential rates in this digital age. Everything we do is documented- from start to finish our communications leave a paper trail.
This means that the Risk & Compliance landscape needs to both evolve to keep up but also emphasise the importance of taking added care at every stage to ensure communications are compliant.
2. Compliance is a team sport
Companies’ heavy reliance on hybrid working has resulted in a more detached work environment and culture, with less chance for general ‘check-in’ conversations throughout the day making it harder for individuals to have a constant involvement across the board where they otherwise would have. This disconnect makes room for a wealth of additional risks that weren’t present before since its harder to track how people are remaining compliant and whether they’re engaging with their training. These realities make clear that compliance is only possible when everybody in an organisation subscribes to it, and that it only takes one person to fall victim to a risk to put a company at jeopardy.
3. Familiarity breeds complacency
Whilst the importance of compliance needs to be stressed so much more, the way in which companies approach training needs to change with the times – it can no longer be a box-ticking exercise that so many treat it as. Maybe it should be shorter and more frequent, as opposed to annual in order to cater to the digital world and make the overall process more engaging. But more importantly, this is where technology needs to step up and step in. There is enough evidence to suggest that technology, even if its reinforcing traditional methods, is the real way to deliver meaningful training. It isn’t there to act as a replacement for what we know and are used to but it can be used to enhance it.
4. Artificial Intelligence (AI) can help untangle the complexity of modern issues
AI can be implemented every day to prevent risks, educate users and give insight into what risks they’re being exposed to. Whilst current (traditional) methods lack the ability to give visibility of your risk, meaning you often don’t know something has gone wrong until you are faced with the consequences, AI can quickly and easily give such insight whilst also helping to prevent materialisation of the repercussion. This means companies can see trends in their risk exposure, allowing them to make proactive changes as opposed to flying blind. The view needs to shift from AI costing the company to AI being an investment in the company. Next generation compliance tools such as Lexverify offer this real-time visibility into the compliance posture of your organisation.
5.The future is proactive, and AI augmented
The Risk & Compliance space will only become more busy, diverse and complicated as rules and regulations continue to change constantly and new regulations are imposed. Nuances from country to country need to be taken into consideration.
For compliance training and awareness to keep up with the constantly evolving landscape, utilising new tools will be paramount as their rejection will only lead to the damaged progression of Risk & Compliance. As training norms become more tailored and individual, the wedge driven between Compliance teams and the wider employees due to remote work will be forced to close, resulting in a more collaborative and in-touch workforce. Overall, the future of Risk & Compliance is proactive, since the reactive approach continues to fall short, and AI will no doubt be a key player at every stage.
As regulations get tighter, electronic communications grow and the risks get harder to avoid, Risk & Compliance teams will have to join forces with next-generation technological advancements to prioritise proactivity and keep their organisation safe.
Next generation tools such as Lexverify helps prevent legal, compliance, and cyber risks on electronic communications in real-time. By leveraging advanced AI technology, Lexverify makes risk prevention as easy as spellchecking, providing real-time training, insights, and visibility for organisations navigating the complexities of regulatory requirements.
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