#WomensMonth: Vishala Panday is starting a compliance AI revolution
How is the role of compliance officers evolving in the face of automation?
The role of compliance officers is shifting from manual, administrative tasks to strategic business partnerships.
Automation tools are taking over the burden of maintaining registers, tracking regulatory changes, and other time-consuming activities.
This frees up compliance officers to focus on higher-value tasks such as risk assessment, stakeholder engagement, and ensuring that the business operates ethically and in line with regulations.
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What are the key benefits of compliance automation for African organisations?
Compliance automation offers several benefits, including:
Efficiency: Automation streamlines compliance processes, reducing the time and effort required to manage compliance obligations.
Accuracy: Automated systems minimise the risk of human error, ensuring that compliance data is accurate and up-to-date.
Real-time monitoring: Automation enables continuous monitoring of regulatory changes and potential compliance risks, allowing organisations to proactively address issues.
Cost savings: By automating manual tasks, organizations can reduce their compliance costs and allocate resources more effectively.
Strategic decision-making: Compliance automation provides valuable data and insights that can inform strategic decision-making at the highest levels of the organization.
How can organisations ensure that they are using automation effectively?
If you want to make the most of compliance automation, you first need to choose the right tools that suit your compliance needs and work well with your existing systems.
There needs to be a greater emphasis on investment in training the compliance team and other staff on how to use the automation tools effectively.
Businesses and compliance officers must be careful to not forget the human factor. You still need to interact and engage with your stakeholders regularly.
Organisation must keep an eye on automation performance and make improvements as needed – you can’t just deploy the solution and forget about it.
Stay curious and continuously seek opportunities to learn and grow.
What advice would you give toa younger you, if you were entering this profession with all these tools available?
The compliance field is evolving rapidly, so it's essential to be adaptable and embrace new technologies.
Develop strong communication and interpersonal skills, as stakeholder engagement is a critical aspect of the role.
Stay curious and continuously seek opportunities to learn and grow.
What does the future hold for compliance automation in Africa?
The future of compliance automation in Africa is bright. As technology continues to advance, we can expect to see even more sophisticated and powerful automation tools emerge.
These tools will further empower compliance officers to play a strategic role in their organisations and contribute to sustainable business growth.
Business advantage
By embracing these technologies, businesses can enhance efficiency, accuracy, and cost-effectiveness while elevating the role of compliance officers to strategic business partners.
As Panday aptly puts it, "We're not trying to replace compliance officers with AI; we're trying to enrich their practice and make them better at what they do."
