Automate the process of monitoring compliance, such as scheduling periodic testing of compliance controls, reviewing test results, and following up on corrective actions taken. RPA bots can automatically check and document any compliance deviations. The bots can then generate reports detailing the deviations and recommended corrective action. AI can also be used to identify patterns or anomalies, which can be used to identify the risk of potential deviations from regulations.
This automation provides retail finance organizations with a detailed view of potential compliance issues so that controls can be planned to mitigate them proactively. It can also track and ensure that timely corrective actions are taken.