Regulatory Compliance and RPA

8 Things You Should Know About Improving Compliance With RPA

Regulatory Compliance and RPA

Although many describe the creation of software robots with Robotic Process Automation (RPA) a new technology, the underlying technology and concept have been around for nearly two decades. However, in its current form, the benefits have encouraged acceptance across all market segments to some degree. Businesses of all sizes are looking to either newly adopt RPA or expand their RPA solutions into Intelligent Automation because of the improved productivity associated with automating basic business processes. In either case, compliance is improved.

RPA has many compliance benefits

The general link between compliance and RPA is that automation of standardized processes creates greater compliance. Greater compliance is particularly true for highly regulated industries. Industries such as Banking, Financial Services, Insurance, Healthcare, Pharma, and Finance & Accounting will benefit the most by adopting RPA solutions for compliance reasons. Government agencies at all levels also benefit from RPA’s efficiency and accuracy.

The following eight points highlight how to improve compliance with RPA.

1. Regulatory Bodies

Different industries have regulatory bodies that set the rules that guide activities. These bodies provide regulatory oversight on activities within highly regulated industries. Adhering to the regulations in an industry is a deliberate process that involves carrying out everyday activities according to the established guidelines. RPA provides a means to deliver consistent results over and over without error.

2. Human activities and regulatory

Human activities are prone to errors and often flagged for regulatory violations. Elimination of errors is a common benefit when software robots replace humans in carrying out routine, monotonous activities—especially when the activities align with established regulations. RPA solutions are adopted to establish efficient and accurate business results that adhere to industry standards.

3. Adopting the right processes for compliance.

Improving compliance starts with adopting the right processes. RPA is a form of technology where software robots carry out activities based on established instructions or business rules. If the instructions developed for a process are not compliant to industry standards and if RPA is programmed using the same instructions, then the process will remain non-compliant. Ensure the process is optimized prior to automating.

4. Suitability of RPA for compliance

It is important to highlight the suitability of RPA solutions for compliance. RPA solutions are programmed to carry out instructions in a specific way. This programming can be updated over time as the solutions are highly flexible. Thus, RPA solutions provide improved oversight that can be applied to achieve compliance. Processes automated with RPA become error-free.

5. The architecture of RPA solutions welcome audibility

Why? Because activity logs record all software robot actions. With the activity log, the software tracks all its actions. By maintaining activity logs, RPA tools become strategic for compliance as routine in-house checks can be carried out to assess compliance. The resulting logs can be made available to internal audit for pre-audit testing.

6. Regarding issues such as data protection

Establish a data record policy to help meet regulatory requirements of the General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA), and Personally Identifiable Information (PII). If data does not meet the established policy, the software robot can be programmed to issue an alert to resolve the issue. RPA solutions are capable of ensuring 100% compliance with data protection regulations. With the release of new measures of data protection to ensure compliance, RPA tools can be easily adjusted to adapt. Also, with error-free processes that occur with an RPA  solution, data accuracy and privacy have a greater level of certainty.

7. RPA scalability

The scalability of RPA solutions also makes them suitable for ensuring compliance. As the need for automation expands, the capacity of the tools can be easily scaled to meet the increased demands and operate according to the industry’s standards. The ease of audit and ability to scale enterprise RPA makes it suitable for achieving greater levels of compliance.

8. Guaranteed compliance

Accuracy is the key factor that can guarantee compliance. The software architecture of RPA delivers speed and accuracy and is thus assures compliance at the speed of demand. Apart from the speed and cost-saving benefits, the compliance benefit is quite noticeable within companies with deployed RPA solutions.

Conclusion

To raise your organization’s compliance efficiency, identify the best RPA use cases in your business, focus on tasks that are repetitive, manual, time-consuming, and prone to errors when carried out by humans.

Highly regulated industries such as Banking, Financial Services, Insurance, Healthcare, Pharma, and Finance & Accounting will benefit the most from adopting RPA to solve their compliance needs.

How can we help you with creating efficient compliant processes?

Contact us to speak with an expert. We offer the following services to help you achieve your goals.

  • Short- and long-term roadmap to success
  • Proven ideation selection process
  • Proof of Value (in place of PoC)
  • Governance and operating model blueprint
  • Automation analytics playbook
  • Guidance on RPA tool selection
  • Center of Excellence playbook
  • and much more!

Are you stuck or do not know where to start?

  • Do you need a robust Strategic Automation plan that scales for growth?
  • Do you need to be better at selecting the RIGHT processes for automation?
  • Have your RPA projects hit a wall and are no longer progressing?

Do you want an RPA & IA strategy that scales – guaranteed?

Book a FREE consultation with us.

Charles Dents, President, Automation Strategy Consultants

President Automation Strategy Consultants

Charles Dents

“We help organizations automate processes that are 10x faster than doing it manually, with 100% accuracy, and delivers a positive ROI within 12 months!”

 

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