VinciWorks has published a short whitepaper entitled, “What can technology do for Compliance?” (registration is required). The report is thought-provoking and comprises three main sections. The first is a look at the cost of compliance to businesses in the UK, drawn from several industry surveys by leading organisations.
The second section delivers insights into what different technologies can do for compliance within organisations. It covers Big Data, AI, Cloud-based computing, Machine Learning, and Information Security.
The third and most useful part is a buyer’s guide to compliance tech. It provides a series of questions that will help organisations determine what they need and how to select the right technology supplier. This comprehensive and independent guide covers auditing your compliance needs and advice on the purchasing process, from trialling the software to what to consider before signing a contract.
Nick Henderson-Mayo, Director of Learning and Content at VinciWorks, commented, “Compliance technology offers a dual advantage. Not only does it deliver immediate cost savings through reduced personnel hours and averted fines, but it also strengthens an organisation’s overall risk posture. By investing wisely in technology, firms can safeguard their reputation, enhance operational efficiency, and achieve long-term sustainability.
“Asking the right questions is crucial to maximising ROI and ensuring that compliance technology delivers tangible value. The need to spend money is there. It’s about spending smarter.”
Why compliance technology matters
Drawing on surveys by organisations including Bloomberg, Forrester Research and Deloitte, the report notes that compliance is costly. The True Cost of Compliance Report from LexisNexis Risk Solutions revealed that UK financial services firms are spending £21.4k per hour fighting financial crime and fraud. The cost of screening activities alone has risen 33% from 2021 to 2023. The total cost of compliance for UK organisations in this sector has reached £38.4 billion.
While some of these costs are due to technology, AI-powered technology could help reduce this expenditure. VinciWorks estimated that smart compliance tech can offer an ROI of 300%. Its implementation could lower costs between 30-50%. There are other benefits as well:
- 25% improvement in efficiency of procurement
- 30% reduction in errors
- 70% reduction in compliance issues
- Reduced risk of fines and penalties
Enterprise Times: What does this mean?
This report is well put together, using secondary sources and providing some useful information about compliance technology. The section that covers the different technologies used in compliance tech is high-level, but if the authors had gone any deeper, it could easily have become a substantial book. Instead, VinciWorks offers several courses around the subjects mentioned that interested parties could explore for more information.
Without a primary survey, the authors have created a well-laid-out, though mainly textual, report. Some graphics might have enhanced some of the information, though it is easy to read and has several take-outs for the reader, including at least fifteen reflection questions.
While Vinciworks offers a wide range of compliance solutions and a comprehensive elearning compliance platform, this report has a lot of vendor-neutral advice that buyers should consider. While a lot of it is common sense, it is worth a good read to make sure that all the relevant questions and processes are being covered.
The report makes a strong case for the adoption of compliance technology. It offers a clear ROI and helps mitigate the growing security and regulatory financial risks that organisations are facing.
