REGULATION AND COMPLIANCE TECHNOLOGY
Trends and challenges in regulation and compliance Wael Salem, Chief Executive Officer, Tradesocio, details the coming changes, trends and requirements of regulation and compliance.
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iven the increasing adoption of technology in the wake of the COVID19 pandemic outbreak, where is technology playing a significant role in compliance risk management currently?
Artificial intelligence is the technology used for compliance automation. These software provides organizations with workflow capabilities related to compliance, including self-assessments, control analyses, corrective action planning and controls testing. By automating these processes, compliance automation replaces traditional paperbased compliance checks and manual reviews, allowing fully digital onboarding. Tools that monitor compliance start by receiving an organization’s security policies. Any regulations that involve a company’s industry, configurations, accounts, inventories, and security m e a s u re s a re c o p i e d i n to t h e compliance automation software to detect violations. This knowledgebase of compliance regulations and security
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standards can be changed or updated at any time.
As an organization, what are some of the most advanced i n n ova t i ve a p p ro a c h e s to compliance risk management you have implemented? Our solutions are integrated with a powerful ERP solution that allows management of internal business processes, such as sales, retention, support, accounting, finance, and compliance. We provide the flexibility to accept and validate different types of documentation. Our digital KYC and compliance checking solutions have the ability to onboard more than 90% of new customers.
What trends do you see among financial institutions in the MENA region and how do you compare them to other parts of the world? There is a race towards digital solutions and an increasing competition amongst financial institutions in the GCC. Financial institutions are considering partnerships
Banking and Finance news in the MEA market
with fintech companies to deliver relevant flexible solutions that adapt to market products, compliance and regulatory changes. Paperless transactions mean there is an increasing trend in secured and automated onboarding of new clients. We are also seeing more onestop service providers that offer multiple services from one platform, services such as money exchange, investments, and portfolio management, while the increased use of AI and ML is helping with costs and risk management. In short, there is a race towards digital for scale, cost-efficiencies and user experience optimisation. More fintechs are emerging across the region and competition from the digitised non-traditional financial companies are coming to the fore. The potential for competition from Big Tech entering the financial sector is also driving financial institutions to upscale their digital technologies to survive and be competitive. Moreover, with the work-fromhome environment, wealth management providers also need to empower their
