Innovation ushers in the modern era of compliance has been added to Bookmarks.
Innovation ushers in the modern era of compliance
How natural language generation is changing the game
The stakes have never been higher for those charged with overseeing compliance, anti-fraud, and anti-money laundering efforts, as demanding regulations and subsequent enforcement actions are on the rise. In 2014, the SEC increased anti-fraud enforcement actions by approximately 50 percent and new investigations by 30 percent.*
The era of modern compliance is here
This whitepaper, co-authored by Deloitte and Narrative Science, will discuss how the world of compliance is rapidly changing. Leading organizations are realizing that operating cost centers with a “check-the-box” compliance approach is a thing of the past. Instead of playing catch-up with increasing regulatory requirements and unrelenting fraud, corruption, and abuse, these firms are staying ahead of the curve by implementing innovative technologies that expedite and improve processes around data validation, fraud detection, investigation, and reporting.
Download this whitepaper to learn more about how natural language generation is changing the game, including four steps to consider to enable modern compliance.
* “Accounting irregularities have moved to the front burner at the SEC again—can you feel the heat?” Deloitte, 2015. http://www2.deloitte.com/us/en/pages/advisory/articles/accounting-irregularities-fraud-is-your-company-vulnerable.html
Four steps to enable modern compliance
Modern compliance will require a mental shift, an embrace of automation, a commitment to demystify the black box, and a repeatable methodology to report with full transparency. Here are four steps that can help enable modern compliance:
- Provide relevant, compliant reporting. Ensure all stakeholders, from internal audit and legal teams, to regulatory bodies, to chief executives, know what happened in a way they easily understand: natural language.
- Automate. Automate. Automate. For many firms, collecting, validating, and reporting information has been a manual exercise, at least during the first two years following the implementation of new rules. Such processes are susceptible to errors and inconsistencies. Automating data gathering, validation, and reporting processes can help to reduce risk and improve accuracy from a regulatory perspective, and also frees employees to spend more time on high-value tasks.
- Avoid black boxes. Answers alone from your analytic and case management systems should not be taken at face value. In addition to subject matter experts and trained professionals, technology that can explain the analytics performed “under the hood” and provide traceability back to the system of record will become the compliance officer’s trusted ally as regulations and technological sophistication continue to increase.
- Shift the cost-center mentality. By reducing manual reporting processes, Advanced NLG has enabled organizations to devote their employees to high value activities, making them more efficient and directly impacting the bottom line.