Compliance Insight: Analytics, Monitoring & Testing
Adopting efficiencies, overcoming challenges, and leveraging AI/technology
How are Chief Compliance Officers (CCOs) advancing their analytics, monitoring, and testing given both the opportunities and risks? KPMG pulses our CCO clients and shares our insights and perspectives:
Key Issues/Considerations
- Scope & Efficiency:
- Who conducts control testing between business unit and Compliance
- Definition of “monitoring” versus “testing”
- Moving from post-reviews to more preventive and predictive analytics
- Key Challenge Areas:
- Data accuracy/integrity
- Dynamically linking analytics/monitoring and testing to Compliance risk assessments
- Real-time/ongoing third-party risk monitoring
- Leveraging AI & Technology:
- Differentiating “AI” versus “automation”
- Focus of risks in use of AI and emerging technology automation
- Ability to use AI/technology to identify issues earlier
KPMG Perspective
There is a clear consensus (regardless of industry) on both the need to enhance compliance monitoring and testing and on the opportunity to utilize AI and technology to do so:
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