Digital transformation in compliance comes with many challenges. Along with it being relatively new for the people in compliance, the lack of global compliance platforms, weak IT systems, difficulty accessing databases, all contribute to the increased difficulty for any company to switch from manual spreadsheet tracking. Efficiency in Compliance goes up when risk monitoring happens along with risk management as there forms a balance between reactive and proactive compliance.
However, how do you begin digital transformation in compliance? The initial push towards data analysis is the hardest therefore, you can begin by assessing your areas of concern and then having an end goal in mind. Knowing that is the difference between the climb on the left; very straining vs the right; easier and more straightforward.
Risk assessments can take too long in companies, it has to be made more dynamic and not something you can only do once a year. There should also be increased digitized training, while maximizing the value obtained from traditional descriptive analytics and then sprinkling in predictive analytics where necessary. Lastly, Analytics should not drown you in unnecessary information thus, always localize the type of data you want to focus on and the kind of analytics that the end user can grasp valuable information from.