Conventional Compliance |
Data-Driven Compliance |
Compliance relies on manual monitoring of processes, policies, and activities. |
Automating routine tasks and processes reduces manual efforts, minimizes human error, and improves data collection, analysis, and reporting. |
Compliance tends to be reactive, addressing issues after they occur or when they are detected during audits. |
Allows real-time monitoring of compliance activities to identify control failures, ensuring proactive identification and remediation of risks. |
Different functions operate in silos and manage compliance independently. This limits the view of compliance across the organization. |
Breaks down silos by integrating functions. It fosters collaboration, enhances communication, and provides a unified view of compliance efforts. |
Policies are communicated and enforced without effective training. This affects the overall compliance stature of the organization. |
Collaboration, open communication, self-accountability, and information transparency across all functions contribute to building a compliance culture. |
The limited use of advanced technologies restricts real-time data analysis and proactive risk management. |
Using data analytics and AI, compliance officers can leverage predictive models to forecast potential compliance risks. |