Scott Tominaga Provides an Introduction to Compliance Automation
Regulatory compliance can be a huge burden for discerning complex or highly regulated businesses. Embracing compliance automation is among the best ways to alleviate this burden. As Scott Tominaga says, compliance automation helps revolutionize the manner in which companies tend to fulfil their regulatory requirements, and leverages technologies to streamline tasks that were previously carried out manually.
Scott Tominaga briefly sheds light on compliance automation
Automation provides assurance of timely adherence to regulations and simplifies complex compliance workflows, including risk assessments and corrective actions. By incorporating the specific security and compliance protocols of a company into advanced software, it efficiently identifies and resolves non-compliance issues, thereby enhancing overall business operations and regulatory compliance.
Compliance implies that a company adheres to distinctive applicable laws and rules. These laws can be country-specific requirements from regulatory authorities, as well as internal company directives. In the current business landscape, compliance is no longer simply an option for business. Rather, it has become an important necessity for operating an enterprise. In the event of violations, business owners might be threatened with prosecution and hefty fines. While compliance may seem like an extensive job, but it can be simplified to a great extent with the right compliance automation tools.
Compliance automation is basically the process of using a variety of technologies, artificial intelligence (AI) in particular, to continually check systems for compliance. Automated compliance systems can replace a variety of manual processes and track all the procedures in one location. As organizations automate compliance, they would be in a better position to manage compliance requirements that scale up as the business expands. Compliance automation goes a long way in making sure that compliance activities happen when appropriate, as and when regulatory requirements come along.
The reasons to automate compliance in a company are many, including:
- Continuous compliance: Maintaining compliance is a continuous endeavour. Compliance becomes all the more complex, as the number of cloud and people resources grows in the company. Several tasks associated with compliance can be controlled easily with automation.
- Better compliance with less effort: Compliance is a labour and data intensive process. Traditional, manual compliance solutions are often not robust enough for scaling compliance requirements. Compliance automation tools can help a company to become compliant in a shorter time frame.
- Reduced time for tracking down information: Having a centralized platform that helps in managing compliance documents and tasks from a single place is important for effective compliance. This would make sure that less time is spent on searching for information across disparate systems, particularly when preparing for an audit or implementing a new compliance framework.
- Minimized duplicative effort as compliance requirements scale up: As discerning business operations scale up; their compliance requirements scale up proportionally. Increasing compliance requirements increases tends to burden on the compliance team, and hence the incidence of duplicative effort is higher. This issue can be resolved by leveraging automation.
Scott Tominaga mentions that compliance automation empowers distinctive companies to streamline compliance-related workflows, like risk assessments, control evaluations, testing, and corrective action planning. Compliance regulations are typically related to the security frameworks and compliance requirements of a company.