Extract from Epiq’s article “Effectively Creating and Managing a Data-Driven Compliance Program”
The regulatory landscape is drastically changing. Increased regulator intervention and oversight, new laws, and globalization makes it tough to stay on top of compliance obligations. Duties generally arise under law – such as data privacy or financial regulations – or during litigation and investigations. The long list of potential compliance drivers and evolving data sources has created a noticeable shift where more organizations are prioritizing compliance initiatives.
Deploying targeted processes and solutions is the way to stay afloat. The industry has started to explore whether artificial intelligence (AI) can provide a reasonable programmatic response.
Shifting Historical Practices
Most organizations likely have already implemented some type of compliance workflows, policy guidelines, and training. Having a comprehensive program considering both proactive and reactionary measures has not been the norm. For organizations operating on an enterprise scale in several locations, there is even more information to manage. When a compliance requirement arises, an organization may be required to share information at a moment’s notice. Additionally, several regulators are broadening investigatory powers, placing higher scrutiny on settlements, and even requiring robust compliance programs. All of this means that providing compliance training and baseline reactionary programs are no longer enough.
