Amol Ashok Sahasrabudhe Explains How To Use Technology To Help Your Business Maintain Compliance
From years of experience as a Chief Risk Officer, Amol Sahasrabudhe learned the effectiveness of technology for managing many risk and compliance management issues. While government regulations benefit the consumer, some industries face significant scrutiny, which makes mandated risk and compliance challenging, even in the best of times. Companies must integrate rules into existing processes and prove integration with rigorous documentation. Over the years, technological advances allowed for easier risk management and greater transparency.
Amol Sahasrabudhe Explains Ways of Using Tech for Business Risk Compliance
As industries develop and technologies and processes advance, risk compliance and measuring is also evolving, becoming more complicated by the day. Thankfully, tech is helping to make even the most complex risk issues more measurable and efficient to manage.
If business owners are not yet comfortable with improvements in risk and compliance management software, they may want to re-evaluate their aversion. Tech can improve compliance reporting and integration in three ways.
1. Real-Time Alerts and Automated Reporting
Regarding risk and regulatory reporting, immediacy is essential, as after-the-fact reporting isn’t too helpful. Real-time alerts, provided by SaaS apps, can immediately detect compliance violations, allowing you to take action and correct the issue, avoiding penalties or fines in the process.Custom developed solutions also offer better solutions but require a commitment to developing and maintaining internal staff.
Some software can also aggregate and collect all necessary data from business operations for reports. Also, some tools can automatically generate custom compliance reports, saving time and eliminating human error. Data aggregation tools and algorithmic approaches are critical in identifying problem areas and reporting on them real-time.
2. Built-In and Automatic Compliance Checks
According to Amol Sahasrabudhe, a business can install workflow management software into operations and establish automatic compliance checks. Some programs can effectively stop employees from continuing their jobs until they complete any necessary regulatory steps.
Some supervisors might worry that automatic checks reduce productivity, but the contrary is true. The automation ensures everyone upholds a consistent standard of work, reducing human error and the time needed to correct it.
As an example, automation of risk checks during trading and measurement of compliance with limits real-time help portfolio managers immediately address their work flow and orders rather than raise an issue to be handled after the fact. Operational and market risks can both be handled and mitigated real-time with the appropriate investments in technology and workflow solutions. Portfolio managers are also encouraged to adjust real-time to risk issues which leads to better outcomes in risk-adjusted performance on their portfolios.
3. Video, Email, and Chat Communication
Employees or team members represent the forefront of business risk and compliance. Their commitment to their work and productivity are essential to regulatory compliance and business success. Communication is vital to relaying how important each member is to company success.
Regular check-ins via video, email, and chat allow managers to reiterate the importance of employee roles and compliance. Employers must ensure staff can easily access communication tools to ask questions and receive answers about compliance-related issues. Secure communication tools like Symphony or Slack streamline organizations that depend on strong connectivity and real-time communication especially when it comes to trading, portfolio and risk management.
Amol Ashok Sahasrabudhe Encourages the Use of Tech in Business
Being in an executive role, Amol Sahasrabudhe understands the importance of compliance and the role each team member plays in it. Technology is not a distraction from risk and regulatory compliance; it is a necessary tool to streamline reporting and operations. All companies should integrate various technological tools, from equipment to software, to improve the ease of integration. Employees and supervisors can use the help of various SaaS and sector-specific tools along with custom developed solutions that cater to the tasks at hand. The age of quantitative investing is in its 2nd innings already and human and machines have now begun to interact as one. The advent of AI is going to materially impact investing but also the ways in which risk can be managed and addressed real-time. All of this depends on the adoption of technology by the business as an essential component and continuing investment in it.