The quarterly publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/116777
AVOID BLIND SPOTS WITH AUTOMATED COMPLIANCE MONITORING EMERGING SOLUTIONS FOR IT GRC The best emerging tools for IT GRC are not compliance tools at all, but rather big data tools that can be applied to the compliance world. Tools for analyzing customer behaviors can be used to analyze employee behaviors. The indexing algorithms designed for search engines can be used to search massive amounts of data without massive computing platforms. These solutions provide such features as: • Collecting and indexing data from a large variety of data sources, both structured and unstructured • Securely collecting, indexing and cataloging all data with audit trails and integrity checks • Searching for and correlating vast amounts of data in real time without the need for massive computing systems • Translating compliance terms into simple searches, real-time reports and anomalous behavioral patterns • Automating checks for compliance violations based on event triggers and decision trees Instead of thinking of compliance as an unpleasant mandate, firms should be incorporating it into annual strategic and performance goals. By using business and compliance intelligence together, firms can reduce the overall cost of compliance and create a competitive advantage. This can be found in the combination of business intelligence, advanced information management and modern search engines. INTELLIGENT COMPLIANCE In order for this formula to work, you need to be sure your systems can deliver the information required to monitor compliance objectives. Taking a good look at data sources in your environment is a key step toward implementing a compliance monitoring system. However, the entire process encompasses much more. Obtaining management support, of course, is a crucial first step. Combining compliance and business intelligence on common goals will incorporate compliance into the firm's strategy. A review of data sources is required to identify any data that can be used to monitor compliance or performance indicators. Then metrics, performance indicators and behavioral patterns for measuring compliance can be created. Finally, you can design and build the compliance monitoring system based on your needs and data management requirements. Turning compliance requirements into compliance and business intelligence creates a true competitive advantage. Peer to Peer 59