5 Views From Risk and Compliance Professionals About the Value of Intelligent Automation
SS&C Blue Prism
Making work smarter and more productive, so your people are free to do great things.
At SS&C Blue Prism, we’re always keen to find out what business professionals think about intelligent automation, where it helps them perform better and what’s stopping their organizations from investing in new technology.
In a recent initiative[1], we partnered with the International Compliance Association (ICA) to shine a light on the views of risk and compliance teams in financial services institutions. We’ve published the findings, along with six use cases, in an eBook called Managing Risk More Effectively Through Intelligent Automation: Aligning Operations to Risk and Compliance Strategy.
Here’s a sneak peek into the five key points that emerged from the research below.
1. Workloads for risk and compliance teams are growing in volume and complexity.
The research found that the vast majority (86%) of teams say they need to deal with bigger workloads than they did even two years ago. They have to process fast-changing regulatory requirements caused by socio-political factors, identifying sanctioned businesses and individuals swiftly and effectively. But the sheer volume of ‘day-to-day’ compliance work is also on the rise, including the need for accurate audits.
2. Risk and compliance teams understand the value intelligent automation could bring.
Banks are already using intelligent automation to improve the speed and accuracy of processes such as know your customer (KYC) and anti-money laundering (AML) checks. Automated processes can run 24/7, do not make rekeying errors, and make light work of tasks that not only take much longer when managed by people, but also free up risk and compliance professionals’ time for higher value contributions to the business.
3. There’s a disconnect between risk and compliance teams and senior decision makers.
When asked how their organizations had responded to higher resource requirements, a third (33%) of risk and compliance professionals said they had hired more people while almost the same proportion (29%) had increased individual workloads, undoubtably placing more stress on existing teams. This approach is unsustainable in an era of what has been called “The Great Resignation”, and when there are growing skills shortages.
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4. Banks invest in more resources and rely on higher workloads, rather than adopting technology.
Only 21% of those reporting higher resource requirements have addressed the challenge through increased investment in technology. Where organisations are increasing headcount alone, this suggests that they are simply continuing to apply existing systems and controls, albeit in greater volume.
5. Without technology to help, financial institutions are in a weaker position when trying to remain compliant with ever-changing regulations.
Failure to invest in technology means banks run the risk of falling behind when changing and adapting to new market conditions, but also makes it more difficult to attract risk and compliance professionals who want to work with modern toolsets and technologies.
Investment in automation at the front line means banks free up budget and people’s time to focus on what really matters – better risk management. With space and time, risk and compliance teams can develop more effective ways of meeting regulatory requirements.
To learn more about what risk and compliance professionals think about intelligent automation, explore the co-authored report by SS&C Blue Prism and the ICA.
[1] 1 Online research with 254 professionals across the world undertaken by the International Compliance
Association in March/April 2022.
Karllestone Capital/Business Model & Design Thinking /Strategy/Fintech/Growth/SPC Business Agility Coach/Change&Transformation/Adjunct Prof.Keio Univ. Entrepreneurship & Startup/ New York Univ. Marketing & New Ventures
2yAdoption of agile ways of working as party of transformation with incremental technology improvements add greater value.
Architect RPA
2yThe scope of automation in compliance and risk will always surprise with precise solutions and this text confirms it
Agent de banque privée chez ecobank
2yThe limits of this smart automation process:Despite the fact that the sectors using this process are benefiting from substantial and not insignificant progress, limits remain.Despite the benefits of delegating tasks to machines, it also involves downsizing.Because indeed employers deem "useless" the presence of employees initially in charge of these missions.Not everything is always automatable. A human is sociable, flexible, can adapt to certain complex situations and has the ability to solve problems.Although this process can perform the tasks intended for humans, robots or machines do not have the ability to think like them.Missions that do not require strict specific instructions will therefore be more difficult to carry out by a machine or a robot: jobs involving management are therefore less inclined to take advantage of the advantages of automation.Automation is a technology that has a major role in transforming the way companies operate to improve and facilitate the daily life of employees. However, humans will always have a role to play in this transformation process. Indeed, if the use of machines makes it possible to obtain quick results, this leads to the development of new tasks, which can therefore be carried out by humans to balance the scales.
Next Trend Realty LLC./wwwHar.com/Chester-Swanson/agent_cbswan
2yThanks for Sharing.
Adviser to the President of I-Teco
2yThe risk and compliance team is working more with the growth of staff and the complexity of automation processes. I propose to make the work much more efficient and minimize unnecessary costs. A member of the compliance team must build a risk management model together with the business owner and become a member of the board. When the team's business motivation coincides with the team's compliance goals, then the employees themselves actually become security officers. This is a fundamentally new approach.