The problem is that ensuring compliance is a difficult and complicated task. Businesses have no way to monitor the work of employees but are responsible for the actions of the employees. Many businesses are turning to technology for help in compliance and it is yielding great results. Here are some of the ways presented in this presentation that businesses are making compliance faster and better in 2020.

1. How Businesses
are Making Compliance Faster
and Better in 2020

2. Compliance management has long been known as a painful process for most businesses. Businesses in heavily regulated
industries must ensure that their operations comply with multiple sets of regulations. The problem is that being non-
compliant can carry heavy financial penalties and reputational losses. That is why businesses are so deeply invested in
ensuring compliance – it is important to the bottom line of the business.
The problem is that ensuring compliance is a difficult and complicated task. Businesses have no way to monitor the work of
employees but are responsible for the actions of the employees. Many businesses are turning to technology for help in
compliance and it is yielding great results. Here are some of the ways that businesses are making compliance faster and
better in 2020:

3. Automated monitoring
The most difficult part of compliance is monitoring actions. There is no non-invasive way to keep track of employee actions.
No employee or company wants to track each action of employees through cameras. The problem is that there is usually no
other way to track what actions an employee took. That is why compliance systems with automated
compliance monitoring built-in are becoming so important for businesses. These solutions keep an audit log of all actions
taken by the employees
More importantly, these systems can detect when an important compliance step was not completed and can immediately
notify the employee. So, if an employee fails to follow the right protocols, they will get a notification and they can
immediately rectify the problem. Compare this to what happened previously – the problem would only be caught in an
audit at the end of the month or quarter. Fixing a problem that has been in the system for weeks or months is
much harder than fixing a problem that just occurred.
Without any compliance technology, if an employee fails to get required information or documents from a customer, the
breach will be discovered later by the business themselves or the regulatory body. If the business catches the
problem themselves, they must then get in touch with the client, get the required documents, and then create an audit log
about the issue that was discovered. With automated monitoring in place, the employee will immediately get notified about
the missing documents and they can ask the client to provide the documentation. No compliance issue needs to be created
at all and the business does not have to worry about any penalties from regulatory bodies.

4. Better Compliance Visibility
There are compliance management solutions available now that provide an unprecedented amount of visibility
into compliance processes across the organization. This means that management no longer has to wait for reports to be able
to detect problems – instead they can detect problems as they occur and intervene immediately.
This completely changes the game when it comes to compliance management. It was basically impossible for businesses to
be proactive when it came to compliance because they had to wait for reports to discover problems. Management couldn’t
intervene because they didn’t know what was wrong – they would only find out when the compliance department sent
them the report. Now, management can see how each and every compliance process is going and be notified about any
issues that occur.

5. Better Trainings
Trainings are an integral part of compliance management. Employees will only follow the right procedures and ensure
compliance if they have been properly trained and qualified. Businesses are now using technology to track trainings and to
provide a better learning experience for employees. Businesses use learning management systems to disperse the
information that employees need to know. This means that new employees can log on to the learning platform and follow
the steps to learn information and then give quizzes and tests.
Management has full visibility into the training process and can track the progress of each employee. They can see how the
training is going, who is being trained, and how many of the employees have completed the training so far. This means that
they can quickly determine if they have a problem and ramp up trainings as needed. This dynamic nature
of learning management systems opens new possibilities for not just compliance but other teams as well.
To learn about compliance management, visit this link:
https://www.360factors.com/blog/rethinking-risk-and-compliance-for-the-future-of-banking/