No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home Compliance

6 Critical Components of Next-Gen Compliance Solutions

by Yunhong Liu
October 9, 2017
in Compliance, Featured
compliance app on tablet

Key Considerations for Your Next Compliance Tech

Dun & Bradstreet’s Global Regulatory Strategist outlines six key traits compliance professionals should be on the lookout for when evaluating next-gen compliance solutions. In an increasingly global economy where pressure for cost control is high, accessibility to broader data and advanced technologies can help compliance executives manage new regulations and intensified scrutiny.

Compliance executives today are in a constant state of reaction mode as U.S., EU and U.K. regulators continue to introduce new regulations and intensify scrutiny to address shifting priorities. Ideally, it’s safe to say that compliance professionals would much rather take a proactive approach to contend with day-to-day challenges, solving issues before they become crises. In fact, that approach is a fully attainable goal rather than a pipe dream, but in order to do so, compliance teams may want to consider some of the cutting-edge solutions available today as artificial intelligence (AI) wends its way further into business operations.

Choosing next-generation compliance data and solutions that are customizable, flexible and future-proofed will help teams better manage compliance in an increasingly global economy and at a time when the pressure for efficiency and cost controls has never been greater. Accessibility to broader data and advanced technologies such as AI, machine learning and blockchain will all become part of that solution.

What exactly does it look like?  Here are 6 critical components your next-gen compliance solution should possess.

  1. A centralized, cloud-based systemthat enables global business units of an organization to access it anytime, anywhere and in local languages. It would also enable an organization’s headquarters to monitor the screening process, handle escalations, perform big data analysis in real time and report risk. That will give internal and external auditors visibility into system controls and audit trails, moving the company one step closer to global consistency.
  2. Global regulatory data, balanced with regional specifics. It is necessary to have a global regulatory database covering the critical sanctions and regulations worldwide, as well as city- and country-specific data that aligns with local regulations. In addition, depending on the industry, a more granular level of lists – local sanctions, or certain data only available in local languages – should also be considered.
  3. A 360-degree customer view. The solution should be able to match and extend customer identification data to a valid full profile, which includes beneficial ownership (BO) information required by many regulations; people with significant control (PSC) data; key principles; and parties meeting a certain threshold for aggregated ownerships, such as those required by the OFAC 50 percent rule and similar regulatory reporting rules. Technology exists that can move this process from a manual to an automated workflow and enable flexible changes on threshold and aggregated ownership analyses.
  4. Configurable settings and visualized reporting and workflow. The solution should enable users to configure the screening process in detail, such as selecting lists or events to screen against, changing the matching rate and geography radar, adding or de-selecting certain risk parameters, adjusting the risk model easily, customizing reporting templates and frequencies and customizing workflow design, tailored to the company’s needs. Adopting a visualization technology will provide an easy-to-digest graphic view of complex entity structures and can make reviewing and auditing processes easier to navigate.
  5. An integrated solution that consolidates compliance processes.Ideally, the system should be a one-stop shop, aligning identification, verification, risk assessment, screening, alert reviews, decision-making, monitoring and reporting functions, and supported by accurate, up-to-date reference data and regulatory data. It should enable management of each contract and vendor relationship seamlessly.
  6. Forward-thinking, extendable and scalable architecture. The solution should be developed with advanced and open-source technology. Considering the convergence trends among various compliance practices, such as anti-money laundering (AML), anti-bribery/anti-corruption (ABAC) and anti-fraud, having a solution that can be flexible enough to enable plugging in new data sources, predictive or risk assessment models and other new modules to handle multiple compliance needs is crucial.

Consider these six factors when choosing your new compliance solution or updating your existing capabilities and you will be far better prepared for the future.


Tags: Artificial Intelligence (AI)Big DataBlockchainMachine LearningTechnology
Previous Post

Managing the Risks of a U.S.-Iran Nuclear Deal Withdrawal

Next Post

The Telia FCPA Resolution

Yunhong Liu

Yunhong Liu

Yunhong (Hong) Liu is Sr. Director, Global Regulatory Strategist, Dun & Bradstreet. An Advanced Certified Anti-Money Laundering Specialist with a focus on Compliance Audit (CAMS-Audit), Hong is a compliance subject matter expert with extensive international experience and 10+ years background in compliance, data management and banking operations. She covers AML and anti-bribery/corruption practices for large global accounts. Hong holds a bachelor’s degree in International Finance and a master’s degree in Accounting, as well as an MBA from CU Leeds School of Business.

Related Posts

cci top 10 stories collage

Top 10 Compliance Stories of 2022

by Jennifer L. Gaskin
December 7, 2022

The more things change, the more they stay the same. This time last year, we summarized the top 10 ESG...

ai bias_f

Still Racist After All These Datasets: Once Bias Is Baked Into Your AI, It’s Hard to Root Out

by Nigel Cannings
November 9, 2022

Spending on artificial intelligence across all sectors is expected to more than double by 2025, but Nigel Cannings of Intelligent...

The North Korean Crypto Threat_f

The North Korean Crypto Threat

by Corporate Compliance Insights
October 20, 2022

How to challenge North Korea's entry into the crypto field of play Facing the Latest Challenge to the Crypto Ecosystem...

regulatory storm

The Regulatory Storm Is Coming. Compliance Can Help Tech Leaders Batten Down the Hatches

by Stuart Breslow
September 14, 2022

The “move fast and break things” mentality that serves tech entrepreneurs well when they’re getting their companies off the ground...

Next Post
The Telia FCPA Resolution

The Telia FCPA Resolution

Compliance Job Interview Q&A

Jump to a Topic

AML Anti-Bribery Anti-Corruption Artificial Intelligence (AI) Automation Banking Board of Directors Board Risk Oversight Business Continuity Planning California Consumer Privacy Act (CCPA) Code of Conduct Communications Management Corporate Culture COVID-19 Cryptocurrency Culture of Ethics Cybercrime Cyber Risk Data Analytics Data Breach Data Governance DOJ Download Due Diligence Enterprise Risk Management (ERM) ESG FCPA Enforcement Actions Financial Crime Financial Crimes Enforcement Network (FinCEN) GDPR HIPAA Know Your Customer (KYC) Machine Learning Monitoring RegTech Reputation Risk Risk Assessment SEC Social Media Risk Supply Chain Technology Third Party Risk Management Tone at the Top Training Whistleblowing
No Result
View All Result

Privacy Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2022 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe

© 2022 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT