Once upon a time, compliance with industry and government rules and regulations hinged not on technology, but on finding the right in-person training programme for your employees. Today, that has changed. The digital age has ushered in new capabilities that have radically altered compliance training. And, like all other sectors in which technology plays a prominent role, change with compliance technology is common. Understanding and following emerging compliance technology trends help ensure that you have the right tools to avoid noncompliance and all its issues.
So, what trends should you be aware of? How is compliance technology changing? We will take a closer look at some of the most important changes below and how they affect your decision to choose one platform over another.
Automation is everywhere today, from the rise of smart home assistants like Alexa and Google Assistant to software that helps automate things like regulatory reporting and maintaining audit trails for businesses. Look for this trend to continue. As AI becomes more prominent and better developed, the speed of automation will continue to increase exponentially.
Traditionally, compliance training was done on a rather ad hoc basis. While it might have met the letter of the law, it did not meet the spirit of those requirements. Issues addressed in this way could have been causing problems within your business for months, or even years. One of the most important compliance technology trends is in continuous monitoring, allowing your organisation to take a proactive stance.
Big Data has been a thing for quite some time now, but its importance is only increasing, particularly when it comes to compliance technology trends. Look for compliance training programmes to begin focusing on advanced data analytics that can be used to not only detect but even predict non-compliance issues.
Once, owning software meant having to pay money for a number of licenses and installing that software manually on your workstations. Today, there is a seismic shift toward software-as-a-service, or SaaS. You can see this almost everywhere with software subscriptions slowly becoming the norm. Even Microsoft has gotten onboard by offering subscription access to many of the company’s solutions. Look for compliance training programmes to increasingly adopt this stance, as well. There will be fewer in-house platforms, and even fewer outright purchases. Instead, you’ll pay as you go with rented access to suites hosted in the cloud.
The Rise of AI
We mentioned AI previously, but it bears further scrutiny. Artificial intelligence is a blanket term that’s applied to many different compliance technology trends and capabilities. Not only does AI offer improved automation, but it can also help improve decision-making within your organisation based on accurate information and informed predictions. Look for AI to play an increasingly central role in areas such as know-your-customer, financial crimes, regulatory changes, and even anti-competitive activities.
Choosing the Compliance Training Platform for You
Now that we’ve looked at some of the most prominent compliance technology trends, we need to turn our eye to choosing the platform that is right for you. While there is no one-size-fits-all solution, a few tips can help get you on your way.
Make sure that you know your needs, as well as how they will change in the near future. Ensure that any compliance training platform you consider meets those needs. Ideally, modular training programmes allow you to build capabilities as your needs change over time.
Finally, ensure that you are able to complete a free trial and that the trial gives you access to full functionality. Put the software through its paces and see whether it lives up to the developer’s promise.