Why is Compliance Automation Important?

Automation reduces the need for many ad-hoc manual communications (e.g. email, telephone, face-to-face meetings) through automated workflow, decisioning and trigger-based notifications. By deploying automated compliance solutions, organisations now have the opportunity to increase efficiency and the quality of work; thereby increasing their competitive advantage in the market. This therefore in the era of growing financial and non financial regulations, is a fundamental ingredient for commercial and operational success allowing organisations to cater to more demanding customer expectations.

Use Cases for Compliance Automation

Even with a quality team of compliance experts operating at scale, the sheer volume to GRC work often means that the risk of non-compliance in meeting obligations is exacerbated. Checkbox empowers expert automation to ensure nothing is missed, incorrectly assessed, or lost in communication; and it enables this to be achieved at scale.

Compliance automation is best deployed to automate manual, repeatable processes and workflow. Often this is considered low value work, but not always. At scale, there is enormous value in creating no-touch and low-touch compliance activities in both low and high risk work. In both cases, automation gives time back to GRC teams, but also increases the quality and accuracy of outputs.

At Checkbox, we’ve come across a number of common categories of use-cases for compliance automation:

1. Information intake and triage
Create a services and processes that allow both self-service and a standardised, automated triage of data

2. Approval workflow
Digitise and facilitate approvals for process execution, review, workflow and approvals

3. Weighted risk assessments
Automate multi-factor risk assessments in areas like privacy, incident management, QA, risk and compliance audit

4. Self-serve FAQ advice
Enable self-service to common, low complexity compliance obligations and related company policies

5. Automated Outputs
Generate standard documents and data outputs for reporting purposes etc.

Benefits of Compliance Automation

With the deployment of automated compliance technology and solutions comes opportunities for organisation to
increase their competitive advantage. This is a fundamental ingredient for commercial and operational success in
the era of growing financial and non- financial regulations, as well as more demanding customer expectations.

Some benefits of legal automation include:

Consistency & Quality – Well-defined automated compliance and risk processes provide a new level of consistency and a reduction in errors. Expert automation empowers consultants to ensure nothing is missed, incorrectly assessed, or lost in communication.

Standardisation – The snowballing landscape of governance, risk and compliance requirements leaves most businesses working across multiple standards. Despite major overlap, current approaches are fragmented and inconsistent. Expert automation cuts out that duplication by design.

Efficiency – Compliance workers spend over 30% of their time on non-value adding activities; emails, spreadsheets, duplicating documentation, rework, fixes and internal discussions to make sense of it all.

Data capture & analysis – Automation technology allows access to data that is often not captured in existing manual methods of working such as email, spreads sheets and phone calls.