The pressure to support growth while reducing cost is causing compliance operating models to evolve. The compliance function is the “second line of defense” in risk management. However, 60% of the professionals that responded to a study by Forbes say the responsibilities that were previously performed by compliance have shifted to operational management.
Addressing regulatory initiatives is still a concern. Improving responsiveness to business needs is the largest driver of transformation in compliance. That said, compliance needs to adopt technologies such as artificial intelligence and natural language processing and artificial intelligence (AI). This will enhance their teams’ skills and improve productivity.
Read more about four emerging trends for compliance professionals.