COMPLIANCE – THE UNWRITTEN FUTURE

Consulting companies predict that up to 30 percent of today’s human workforce will be replaced by artificial intelligence (AI) and robotics by the mid-2030s. Such a development will not evenly affect all job positions, of course, but no industry will remain unaffected. The compliance profession, for example, includes repeated and standardised tasks which can be automated, but also requires individuals to undertake highly individual and creative tasks. Accordingly, a completely automated compliance system is highly unlikely.

The IT department must be a key partner for compliance. Emerging technologies, such as robotic process automation (RPA), can be used for regular reporting on and monitoring the implementation of real-time control over vendors and other external stakeholders. Various providers offer sophisticated AI-powered applications, but depending on the company’s individual risk-profile, free solutions may also satisfy the company’s compliance needs. Software solutions can include an internal chat-bot, Excel-based tools, mobile-apps or a comprehensive intranet or Wiki.

While the implementation of new processes and technologies will temporarily bind compliance resources, later it will liberate the compliance officer, freeing him or her from repeating Big Data-based tasks and allowing the officer to focus on other tasks. The standard approach of automation in industry 4.0 is to have intelligent algorithms as first level support, while the human employee ensures there is adequate level two support. In other words, the human employee can concentrate on ‘human topics’, including having more ‘face time’ with other employees.

Apr-Jun 2020 Issue

Patrick Henz