Compliance automation is the use of artificial intelligence (AI) features and technology to simplify compliance procedures and make compliance activities happen when they’re supposed to – as soon as regulatory requirements require. Tools that monitor compliance start by receiving an organisation’s security policies.
Compliance automation technology empowers businesses to streamline compliance-related workflows such as risk assessments, control evaluations, testing, and corrective action planning.
Compliance automation is best deployed to automate manual, repeatable processes and workflow. Often this is considered low-value work, but not always. At scale, there is enormous value in creating no-touch and low-touch compliance activities in both low and high-risk work. In both cases, automation gives time back to GRC teams, but also increases the quality and accuracy of outputs.
Records managers and security teams often deal with pushback from the business or ICT areas when they try to make the organisation more compliant.
Castlepoint supports full compliance automation, without any detrimental effects on the user base or the technology platform, delivering a stronger business case to progress.
The regulatory environment is growing, with more and more audits, Freedom of Information and legal discovery requests, security and privacy laws, and Royal Commissions each year. Information needs to be managed whole-of-life, so the risk and value is always known and controlled in accordance with these obligations. Most third party compliance tools use a ‘recordisation’ model, only archiving the record at the end of its life. Castlepoint allows compliant automated records management, in the source systems, from the moment of capture — with constant review and update of the sentence every time record changes.
The Artificial Intelligence capability is fully transparent, so you can see how each record sentence was determined, and can tune the retention as required. Castlepoint operates 24×7, constantly sentencing and re-sentencing millions of records in an accountable way, freeing up your records management staff to do more value-added and strategic work. And it is true AI – not a complex rules engine requiring a lot of effort to set up and maintain.
By deploying automated compliance solutions, organisations can increase efficiency and work quality. In an environment where financial and non-financial regulation is ever-increasing, compliance automation can be a building block for commercial and operational success.