What are the benefits of compliance automation?
RPA offers unique opportunities and insights for the entire governance structure of a company. For example, compliance automation simplifies processes to give meaningful feedback based on the RPA reporting. As a result, management can make informed decisions, make effective changes for more secure governance and compliance solutions, and implement more innovative tasks. Let’s discuss these specific benefits further:
Efficiency
RPA can aggregate data from multiple sources and provide an audit trail via a bot’s activity log. This helps achieve efficiency, enhances regulatory reporting, eliminates compliance risks, allows compliance management to receive real-time quality data and reports, and identifies vulnerabilities faster.
Opportunity
With the extra time saved from automating manual processes, the compliance team and management can review the compliance program to make it more efficient, and employees work on compliance activities that are more valuable to the company's growth.
Streamline
RPA creates one simplified way to monitor regulatory compliance and policy status. For example, RPA can track and report the completion of activities per service level agreements (SLAs) and for regulatory requirements. In addition, you can streamline any repetitive process to make the compliance program work effectively.
Cost-Effective
RPA eliminates the potential for compliance risk and compliance-related penalties due to human error inaccuracy or time management. It also eliminates the need for manual labor for these repetitive processes. Thus, RPA helps to solve compliance risks without changing the budget.
Security
Cybersecurity is paramount for any company to avoid breaches and maintain a secure data center. RPA mitigates risk by automating Governance, Risk, and Compliance (GRC) systems to strengthen security. In addition, automating these processes can assist with early detection and risk resolution.
Accuracy
Eliminate potential human error where it’s needed most by collecting, analyzing, and reporting data to meet regulatory compliance. Additionally, it would save the time necessary to resolve human errors by minimizing error potential throughout compliance procedures.
Who benefits from automated compliance processes?
RPA configurations can assist in incorporating compliance processes throughout DevSecOps. Depending on the target department's needs, these automated processes can be “attended”, requiring some human interaction, or “unattended,” without intervention.
Large commercial insurance company reduces audits by 80%
The once lengthy and very manual worker’s compensation claims process is now done by bots in half the time.EXL
60%
Decrease in processing time
80%
Reduction in audits
100%
Accuracy
How RPA can assist compliance and your entire business
Any company can use Robotic Process Automation throughout any department to gather, aggregate, and report information and test results. This process automation allows IT employees the extra time needed to perform trend analysis and provide qualitative commentary on previously manual processes. Below is valuable information on several RPA capabilities:
Project Management
- ROI through better time and resource management
- Document and prioritize strategies through automation
- Monitoring performance in real-time analytics
- Process clarification through the excellence of review analysis
Security Operations
- Cloud-based security infrastructure
- Quick bot deployment without interferences when problems arise
- Machine Learning and Artificial Intelligence technology for early risk notification
- Manages workforce access to sensitive information
Empowered Workforce
- A streamlined review process of documents for pertinent information
- Insightful incorporation of KPIs to assist decision making
- Increased workforce engagement and motivation
- Ease onboarding with simplified compliance processes
Intuitive Communication Process
- Information anywhere through mobile review
- A centralized process through web-based automation
- Guides information and resource procurement for projects
- Easy collaboration when fixing compliance and non-compliance issues
What to look for when incorporating compliance automation
When compliance automation software is incorporated correctly, RPA can help with monitoring and testing, risk assessment, complaints and regulatory management, and more. In addition, there are numerous use cases where RPA can assist in pulling information from multiple sources, organizing and analyzing it, and condensing and summarizing the data to meet compliance requirements reviews. Before using RPA, however, let's discuss the essential factors to assess to prepare your compliance team with RPA incorporation.
It’s essential to evaluate the quality of your data before incorporating RPA in the compliance process. In addition to data quality, companies must assess their current processes, policies, procedures, and systems within the governess structure to integrate RPA successfully. Enterprise systems also need to be compatible with RPA since it’ll draw information from there. If those systems need to be fixed, this must be accomplished before implementation.
How to get started with compliance automation
If you’re ready for this digital transformation, utilize Automation Anywhere’s free trial to see how all the RPA capabilities can meet your needs. Incorporating RPA in the compliance program lifecycle can be the best compliance solution to meet regulatory requirements.
Additionally, Automation Anywhere has resources to expand your knowledge and bolster your decision to utilize RPA. Or speak with a professional to answer any questions. We’ll help you assess the best way to utilize RPA to meet your needs and compliance regulations.
