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Top 5 Tech-Fueled Innovations to help CIOs Prepare for Compliance
High profile data breaches and enactment of GDPR is driving compliance to the spotlight.
FREMONT, CA: Compliance professionals across Europe are focusing on corporate culture, and data safety measures by addressing challenges and observed misconduct. Besides, compliance technology is capable of mitigating risks and alleviating the pressure, which play a vital role. New compliance technology offerings are seeking to extract maximum value from data and aid decision-making and ease burdens on CIOs. Given that, many regulatory challenges can be solved with compliance technologies and here is more on the developments happening in the area of compliance technology in Europe.
• Compliance in the Cloud
Firms extensively adopt cloud technology due to its cost-effectiveness and flexibility. Enterprises are moving critical business operations to the cloud for scalability, efficiency, effectiveness, and usage-based pricing models. European tech solution providers are now offering security functions in cloud solutions. More companies are finding it comfortable leveraging this feature and are translating regulated functions to cloud-based services. Providers are offering firms with re-engineering capabilities to take advantage of the elasticity of cloud providers. Investing in the cloud is becoming an absolute necessity for protecting data and meeting regulatory requirements in the digital age.
• Automated Dashboard
Along with moving to the cloud and building infrastructure, enterprises are looking to automate the validation process by integrating ways to gain visibility into the routine parts of compliance. This will facilitate companies to understand their security posture on a continuous basis and help streamline validation process. By incorporating automated dashboards into the enterprise security monitoring architecture, the enterprise can not only streamline their annual compliance efforts but also have real-time visibility to their security status.
• Simplified Assessment
Audit fatigue is a reality for many enterprises, and organisations today, have to comply with various regulations ad requirements. As companies continue to expand to new regulated markets, they will face new compliance frameworks, which is even more complicated. Compliance assessment is a solution for this, but conducting assessments separately is time-consuming and incredibly inefficient. New entrants in European compliance technology market are coming up with solutions that can align assessment and compliance cycles, and provide a single assessment to be performed that can cover all requirements for greater efficiency, cost savings, and optimal resource usage. Simplifies assessment allows enterprises to focus the lion’s share of their time on other business drivers.
• Improved Data Privacy
Data privacy is an all-time popular subject. As consumers have become increasingly informed and concerned about how their data is collected and used, the consumer became the more significant concern for enterprises. To comply with the rise of data privacy legislation and frameworks, including GDPR organisations as well, compliance technology solution providers are offering improved data privacy solutions. When data privacy is intact, it is possible to safeguard customer data while witnessing the growth of the business.
• The Promise of Artificial Intelligence
Artificial intelligence in compliance means predictive analytics, advanced visualizations, intelligence in the cloud, and risk mind maps that can help enterprises better understand and anticipate compliance challenges. Algorithms are assisting companies in analysing the large volume of regulatory compliance information into useful and relevant insights. The scope of artificial intelligence in compliance is incredible. Providers are already offering deep learning technology that can detect abnormalities as quickly and accurately as the human eyes can identify. Soon firms will have access to tools that can learn from actions and behaviours to automatically identify risks.
CIOs can adhere to the new regulatory environment, and this is getting everybody in the enterprise on the same page. They realise that compliance is not an easy task, and there must be a significant investment in compliance to pacify requirements and gain maximum value from it. The initiatives to achieve compliance builds cross-organizational alliances. Corporate innovations occur continuously with new products and services, and compliance is an essential influence in this process. As time passes, more resources are allocated for compliance, and the above trends show that corporate governance landscape may change over the next few years.
With the regulatory environment changing so rapidly, it’s hard to stay on top of the latest developments. Things are shaping up to be a bright future for compliance. More conversations are happening among enterprises, and more of them are reaching out to technology vendors to make compliance easier. The rate of fresh ideas emerging and innovations taking place marks an exciting future of compliance where it has a prominent role to play in business for many years to come. The business landscape is only getting more competitive, and hence organisations that can take more informed risks, drive firm-wide compliance, and demonstrate better governance to lead with enduring value into the future.