Managing evolving risks and escalating regulatory compliance obligations is a challenge that many organizations face. With new laws being introduced and amended regularly, there’s more pressure than ever to monitor multiple regulatory and standard-setting bodies; and ensure that new compliance requirements are being integrated into every relevant business process.
How to reduce risk at a process level
Every department needs to regularly evaluate key business processes to identify any gaps or inconsistencies that could expose the organization – and its employees, customers, and assets – to risk. Armed with these insights, teams can redesign processes to clarify rules, and define roles and responsibilities. When every stakeholder knows what is expected of them, this helps to ensure that every process is carried out accurately and consistently, in line with company policies and regulatory obligations.
With processes clearly mapped out, it is also easier to enforce supervisory controls and rapidly identify errors or delays, before these snowball into serious risk factors. However, this can be onerous when teams rely on manual, paper-based working methods. When process information is buried in stacks of documents and long email threads, it’s difficult to maintain the visibility and data accessibility that’s required for efficient risk and compliance management.
A smarter way to work
A low-code application development platform provides organizations in any industry with the tools to automate manual tasks, build digital forms, and design workflows to streamline processes – without the need to write code. This type of system can also act as a modern business process management (BPM) engine, providing supervisors with one central location from which to monitor and continually optimize enterprise-wide processes.
For companies that wish to make their process automation solutions even smarter, leading low-code platforms allows for effortless integration with a range of third-party technologies, such as artificial intelligence (AI) and robotic process automation (RPA). When these capabilities are combined, the value of each technology is amplified to create a powerful intelligent automation platform.
In this environment, it is possible to leverage several risk and compliance management benefits.
Next-generation risk and compliance management
Using intelligent approaches to business process automation, enterprises can:
- Improve oversight capabilities
One central process management environment provides greater visibility into processes. It’s possible to track the status of any task, at any given time, no matter whether it’s being managed by a software robot, a human, or another tool. Process metrics help to identify potential problem areas and reduce risk.
- Enhance auditability
Every process application action is logged to provide a clear and comprehensive audit trail. Teams can quickly prove – to internal or external auditors, or even regulatory authorities – that processes are being conducted in line with regulatory requirements.
- Make reporting effortless
On a low-code development platform like Nintex K2, users can easily build custom reporting tools that combine process metrics and line of business data into a single dashboard. This makes it easier to monitor and report on user behavior, timelines, escalations, and more.
- Reduce human error
Rule-based tasks can be routed to an RPA platform to eliminate the risk of human error. Software robots can be configured to automate the repeatable tasks that human workers usually carry out, using the same application and system user interfaces, with minimal disruption to the IT architecture. With RPA handling these tasks, managers can be sure that every task will be carried out accurately, quickly, and consistently.
- Manage risks more intelligently
In the intelligent automation environment, a range of AI capabilities can be pulled in to enhance risk management processes. For example, banks and retail companies can use machine learning to augment the abilities of their automated credit card fraud detection processes – by identifying anomalies in transaction data. Alternatively, optical character recognition could be used to help verify signatures on contracts or ensure that scanned and emailed documents are not intercepted and tampered with before they reach their destination.
- Ensure data integrity
One of the major benefits of managing multiple processes on one platform is the ability to govern data more effectively. When data is collected and managed digitally, it’s easier for the compliance team to ensure that data is processed in line with regulatory requirements around data privacy and provenance.
- Increase agility
Given the rapid pace of regulatory change, processes need to be responsive to changing risk and compliance conditions. With a low-code application development platform in place, teams have the tools they need to rapidly scale and adapt their processes and technologies as required.