You probably already know that Compliance is essential for your company, but have you been able to keep up with the changes in recent years that have made it even more comprehensive and efficient?
The main strategy against issues related to corruption and human misconduct has also been influenced by Industry 4.0 and required an update, evolving into Compliance 4.0.
What is Compliance 4.0?
Compliance 4.0 is simply the new way of applying Compliance within your company, meeting the needs of Industry and Management 4.0.
Among the main changes is the management of a large amount of information, along with new technologies that have opened up both opportunities and risks, which need to be managed in a balanced manner.
To meet these new demands, fraud control, for example, had to be reinforced by using data analysis systems for cross-referencing information and mapping patterns, such as fraud via PIX.
Artificial intelligence is now integrated into onboarding platforms to assist with principles like Know Your Customer, Know Your Supplier, Know Your Transaction, among others. Big Data also plays a role in Due Diligence, enhancing the quality of integrity and reputation research.
And, of course, information and data become more vulnerable with the technology in use. However, this doesn’t mean that compliance with the General Data Protection Law (LGPD) will be overlooked, as encryption is being implemented in data transactions to ensure compliance with the law.
The guarantee of access control to information is also supported by new technologies such as OCR – Optical Character Recognition.
Today, the world demands that companies have their processes increasingly aligned, with organized and managed information. There is no more room for error, and doing Compliance halfway will continue to be insufficient.
Challenges Faced by Companies
Technology, in this case, can be seen as something positive, but for most companies, it can also become a challenge, as it may first be necessary to implement a complete Digital Transformation within the company before moving to this new version of Compliance.
The main technologies involved include data analysis, cloud storage, automation, big data, artificial intelligence, Business Intelligence, robotics, blockchain, metaverse, etc.
Another challenge related to the rapid change in scenarios is the training of employees and teams who will work with Compliance on a daily basis. Despite all the focus on technology, the human element behind it is becoming increasingly essential.
Therefore, to overcome the challenges related to team management, organizational culture and continuous training should be considered powerful allies.
Technology is the Key to Success
New industry standards require improvements in productivity and process efficiency, process automation, data processing, communication, connectivity, consistency, and innovation.
Likewise, without these aspects, it is impossible to implement a fully effective Compliance system focused on mitigating failures.
This is why having a Governance and Compliance software solution ensures an effective policy. After all, having a well-developed Code of Ethics and Conduct is useless without a tool to monitor it.
Compliance must integrate, preferably in an automated way, Corporate Governance, Risk Management, Internal Controls, regulations and legislation, audits, Whistleblowing Channels, among others.
The GRC – Governance, Risk, and Compliance solution from Interact Suite SA is a good example, as it significantly transforms the development of the organization’s culture, sustainability, and brand strength.
Moreover, it adheres to globally recognized models and methodologies such as ISO 9000, ISO 31000, PMBOK, SOX – Sarbanes Oxley, U.S. Sentencing Guidelines, Australian Standard AS 3806, LEC, and the Office of the Comptroller General of the Union.
Its modules can carry out secure and transparent management with audit practices through a flexible and dynamic workflow, adapting to various business models.
Want to learn more about the solution? Visit our website, and if you have any questions, contact our team.
Author:
Bianca Wermann
Journalist, Communication and Marketing Analyst at Interact Solutions.
