Compliance automation technology gives organizations compliance-related workflow capabilities, such as self-assessments, control analyses, corrective action planning, and controls testing. Initially, compliance automation tools receive a company’s security policies.
An organization can change or update this database of compliance regulations and security standards at any time.
Companies that process sensitive data would especially benefit from implementing compliance automation tools.

The benefits of compliance automation tools include:

• They are more cost-effective compared to manual controls.
• Users can access and check compliance status and audit information in a single dashboard.
• Management can make risk management decisions based on real-time data.
• They continuously verify compliance requirements, manage third-party risks, and catch potential vulnerabilities.
• They reduce the likelihood of security breaches.
• They decrease the number of reporting mistakes.

There are several areas where automation of compliance activities has been developed, particularly on the security and payment processing side. Implementation of a licensing compliance program can only enhance the effectiveness and efficiency of a team. By enabling transparency to regulation, the risks associated with licensing and lack of compliance can be lowered. Engaging individuals within an organization to focus on their own areas of responsibility in a clear ‘call to action’ way would free up precious time for CO’s to focus their attentions on the areas of higher risk. When managing multiple licenses, having a dashboard that simply and easily enables comparisons between jurisdictions’ regulations would allow harmonization and consistency in the approach to solutions throughout the company. For example, comparing the responsible regulations between all licenses to identify gaps would allow developers to build products to the highest standard.

AML COMPLIANCE

AML rules and regulatory expectations that are constantly evolving.
The purpose of the AML rules is to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation. It must be reasonably designed to ensure the firm detects and reports suspicious activity.
Most Important AML Compliance Laws You Need to know:
Applying a Risk-Based Approach: Firms should identify and evaluate money laundering and terrorist financing risks. In line with these risks, measures should be taken to anti-money laundering and terrorist financing.

1.Customer Due Diligence: Financial institutions are required to take customer due diligence (CDD) measures. According to customer due diligence (CDD) requirements, financial institutions must first verify their identity. At the other stage, the risk level of the customer should be determined by making checks. Companies must establish the audit process according to the customer risk level.

2.Record-Keeping: According to laws, financial institutions must keep customer records for at least five years. These records are vital as they constitute evidence.

3.Politically Exposed Person Controls: Companies have to make PEP list control to their customers to prevent corruption and bribery. Political Exposed Persons are risk-bearing customers for firms.

4.Reporting of Suspicious Transactions: If financial institutions detect a suspicious situation or a suspicious transaction during the checks, they must report this to the competent authorities with a “suspicious transaction report.”

GDPR

Guide your business to meet requirements of the General Data Protection Regulation. Our qualified experts will translate the regulation to practical guidance to be implemented in your organization, helping you meet your business and privacy goals.

Risk Management

Any risk-mitigation strategy should be tailored to the specific industry setting, location, and organization being protected. There are important factors that affect how protection measures will be implemented, how well they will be accepted, and how effective they will be.

Step 1: Identify the Risk
here are many different types of risks – legal risks, environmental risks, market risks, regulatory risks, and much more. It is important to identify as many of these risk factors as possible.

Step 2: Analyze the Risk
Once a risk has been identified it needs to be analyzed. The scope of the risk must be determined. It is also important to understand the link between the risk and different factors within the organization. To determine the severity and seriousness of the risk it is necessary to see how many business functions the risk affects.

Step 3: Treat the Risk.
Even under a digital environment, the basics of the risk management process stay the same. What changes is how efficiently these steps can be taken, and as it should be clear by now, there is simply no competition between a manual risk management system and a digital one.

If you need help for your Compliance issues, you can contact us at [email protected].

Luba (Compliance Officer)