Technology has given the compliance world access to tools that couldn’t have been imagined in 1977 when Jimmy Carter signed the FCPA into law.
Cloud computing and real time analytics have changed the way businesses are run. While the most common uses for these tools are sales and marketing, these concepts can also come together to create the best of today’s compliance programs.
The immediacy of the Internet is well known. Twitter has contributed to a number of public uprisings, and Google presents a constant dilemma to foreign governments because of the speed information can be distributed.
But compliance is still, for the most part, a paper-based activity. The downside is obvious. Paper is administratively time consuming to handle, organize, and review, and when the results come in they are often severely delayed, error ridden, and impossible to sort and analyze in great detail.
But that’s all changing. As cloud-based software solutions are paired with compliance functions, the cost and time associated with building and maintaining a comprehensive compliance program are falling, and the effectiveness is increasing exponentially.
Access to real time data has a much deeper impact than just distribution. It also means users have access to real time reports, instant benchmarking, scalability, and immediate risk management and alerting tools, among other benefits.
In this series, we’ll explore the latest technology, how it’s changing every aspect of compliance, and how users can harness these powerful tools.
Harry Cassin is in charge of product development for ethiXbase Pte Ltd. He can be contacted here.
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