The controversy over the replacement of people in the workplace caused by technology and automation is not just a modern-day issue, it has a long history. Around a century ago, when Henry Ford introduced his automated assembly line, he met much fearful disdain from his workers.
New technology has always given rise to speculation about job losses – understandable – if often unwarranted – reactions. The purpose of AI and automation is not to make workers redundant, but to ensure that staff make more effective use of appropriate technology.
”In a world of compliance, AI would probably be able to decipher potential bottlenecks in processes, further reducing risks.”
Today, compliance professionals are also under constant pressure to do much more with typically the same resources. They have an important role to play in helping organisations comply with a daunting mix of laws, regulations and industry-specific requirements, while trying to do so in the most cost-effective way possible.
In a world of compliance, AI would likely be able to decipher potential process bottlenecks, which in turn would further reduce risks. However, it is important to understand that intelligent algorithms (AI) do not operate independently, but are deeply integrated into human processes by humans.
”The year in which the events related to the interest rate virus (COVID-19) significantly disrupted all business operations clearly demonstrated the value of process automation.”
The year in which COVID-19 events significantly disrupted all business operations clearly demonstrated the value of process automation. RegTech solutions offering artificial intelligence, natural language processing, process robotisation and other automation and machine learning are increasingly important components of a modernised compliance department. These advanced technologies can significantly reduce the cost and time required to review applicable rule changes, while delivering high quality outcomes in an efficient manner.
”At NordCheck, we offer the first step towards automating your business.”
When you take responsibility for the future of your business, quality management and compliance issues are not left to excel files, single point solutions and manual work.
At NordCheck, we offer the first step towards automating your business; in most cases, semi-automation is sufficient. It’s time to switch from folders and excels to mindmaps. Replace the complex and fragmented model with a modern solution that will ensure your operations in an increasingly demanding environment will continue to thrive.
Compliance is a management tool that brings transparency, efficiency and quality to operations.