By JOLT Experts on Jan 4, 2021 10:24:40 PM
Organizations of different sizes worldwide must ensure that employee, customer, and operational data remains safe from any threat. Therefore, companies must comply with multiple regulations that warrant data protection, legitimate market competition, and ensure every transaction's proper documentation across the enterprise.
While the exact rules for compliance may vary depending on an organization's location, size, industry, and revenue, all businesses are subject to legal oversight from regulations.
The volume of regulations that organizations must face today has brought RPA to the forefront of compliance management. Automation enables organizations to ease compliance concerns across the enterprise, from the warehouse to the front office to the back office. RPA helps companies make compliance part of their day to day operations by using robots to ensure compliance across multiple regulatory regimes and jurisdictions.
The Advantages of optimizing Compliance with RPA
Establishing and maintaining efficient and effective compliance can yield advantages for the organization. Here are three of the main benefits of using RPA for compliance:
- By automating compliance, organizations can reduce legal issues. Effective compliance helps companies avoid monetary fines, lawsuits, and even business closures.
- Accurate and fast compliance brings better business operations. While legal obligations can be a burden on the company, they help introduce internal safeguards and guidelines and make day-to-day operations stronger.
- RPA in compliance helps organizations improve customer and employee retention. Automation enables companies to foster a safe and professional business environment.
Robots boost compliance and build audit trails
Deploying RPA can empower organizations to build robust, top-tier compliance programs. Automation delivers a new level of oversight, allowing companies to control their internal business processes log every action they do. These logs can be reviewed and monitored at any time enabling organizations to deal with any compliance issues with ease when they arise.
Robots log every single action performed by them and the humans they work with, allowing organizations to have a 100% accurate audit trail that auditors can access at any time in the case that a compliance audit takes place. Each log writes down which processes were executed and how. Additionally, auditors can see where and when robots generated exceptions and how humans handled those exceptions.
Automation empowers organizations across industries to achieve world-class level compliance. Once a robot learns a business process, it will do it over and over in the same way, every time, while being 100% accurate, allowing organizations to maintain high levels of compliance across the enterprise.
Reducing bias and identifying non-compliant processes
When organizations automate compliance, they can reduce sampling bias and missed variances. The core problem with audits has been that they rely on a statistically valid sample of the total population. Without RPA, there were not enough resources to audit every action taken on every business process performed by humans.
With RPA logging every action the robots and humans take, the need for sampling is reduced to zero. As a result, the audit process can shine a light on non-compliant processes that auditors could have missed if they had only taken a limited sample into account for review.
RPA is the future of compliance
Today, there is a new normal for organizations worldwide. Companies must consider multiple new regulatory documents each week, encouraging organizations to seek technological solutions to bring compliance under control across the enterprise.
By leveraging automation, organizations can limit their risk exposure today and in the future, while robots help streamline and optimize compliance management to give organizations a competitive advantage.
RPA is the perfect match for the evolving regulations of today and tomorrow. The processes to maintain compliance standards are usually rule-based, require structured data inputs, and are manual and repetitive; the perfect scenario where RPA can be successful.
When RPA augments humans, organizations can improve legal outcomes, enhance regulatory compliance, and deliver a new level of operational results that companies need to succeed.
Some best practices to keep in mind
Today, organizations are putting a critical focus on compliance to avoid the financial and operational downturns of not complying with regulations. It is essential to keep in mind some best practices to achieve the best ROI from the first RPA implementation and avoid start, stop, stalling on an organization's compliance RPA initiative.
- Select the right processes for automation. When organizations decide which compliance processes robots should automate first, it is essential with a simple rule-based, repetitive, but high-value compliance process that can provide fast ROI.
- Integrate the right systems. Compliance teams need to select processes that can be done through APIs. The more the teams can avoid custom development, the more cost-effective their automations will be.
- Design thinking is your friend. Compliance teams can leverage Design Thinking to avoid siloed departmental objectives that have no alignment or balance. With Design Thinking, compliance teams can set cross-department business objectives with a data-driven, integrated automation strategy.
Download our white paper and learn about how RPA can help innovate the way organizations worldwide comply with regulations by assisting with data reconciliation, audit report generation, export controls, and much more. Additionally, take a deep-dive into the most common use cases for automation for compliance and look at real case studies of leading companies automating compliance.