3 Ways AI Can Streamline Your Regulatory Compliance

March 21, 2024 | By Esty Peskowitz
3 Ways AI Can Streamline Your Regulatory Compliance

In an era where regulatory changes are fast and frequent, organizations have a difficult time keeping up. They fall behind on compliance and jeopardize passing their audits or inspections. To avoid falling behind even further, organizations need to speed up the compliance process, reduce errors, and streamline assessments.

Thankfully, there is one thing that’s evolving even faster than regulations: technology.

Artificial intelligence (AI) is a perfect example. AI also happens to be a technology that’s ideally suited to helping CISOs and compliance practitioners streamline their audit preparation and eliminate fatigue. Here are a few ways how.

1. AI can assist practitioners by automating error detection

At the heart of the matter, compliance management is ripe with significant challenges. The complexity of laws and regulations and their variances across countries, states, industries, and even products can be overwhelming. Add to this the constant updates and revisions, and the result is a maze that organizations must navigate with utmost caution.

Manual processes are slow and break, and many tools lack substantial autonomy from manual intervention. The risk of human error looms large, with the potential for significant financial penalties, reputational damage, and in some cases, criminal liability. The stakes are high, and the margin for error is slim. AI significantly reduces the risk of human error, a critical factor in compliance management where mistakes can have far-reaching consequences.

2. AI can automate routine tasks

CCM platforms, already focused on speed and automation, are further enhanced by AI features. These capabilities allow organizations to adapt to new regulations swiftly. AI can streamline the compliance process by automating routine functions, such as:

  • Data ingestion
  • Control mapping
  • Control writing, and
  • Control assessments

This improves efficiency and frees up human resources to focus on more strategic aspects of compliance, such as policy development and implementation.

3. AI can speed the compliance process

AI and continuous controls monitoring (CCM) combine forces to speed every phase of the compliance process. By leveraging the power of machine learning and natural language processing, AI-enabled systems can sift through vast amounts of regulatory information in real-time, identifying relevant changes and promote updates throughout compliance documentation with precision.

From extracting policies and controls to auditing controls for effectiveness, innovative features made possible by AI not only enhance the effectiveness of compliance programs but also provide a competitive edge in a rapidly changing work environment.

Think of AI as “Assisted Intelligence”

The advent of AI in compliance management is not about replacing human judgment but enhancing it. AI is a powerful tool that augments human capabilities, making compliance processes more efficient, accurate, and agile. As we move forward, integrating AI into compliance strategies will become an advantage and a necessity. By embracing AI, organizations can confidently navigate the complexities of the regulatory landscape, ensuring they not only survive but thrive in the dynamic world of today and tomorrow.

Whether you are looking to improve the quality of your controls implementation statement or extract policies or controls in speed, check out RegML – RegScale’s latest AI solution to streamline your regulatory compliance.

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