Managing risk and compliance are critical tasks for keeping companies safe, which is why corporate legal departments are turning to compliance automation tools.
Between an ever-changing regulatory landscape, an increased focus on data privacy, the need to monitor internal policies and guidelines and more, risk and compliance represent a challenging task. It spans multiple departments within an enterprise, requiring collaboration and management of often manual tasks. These elements increase the possibility of the proverbial dropped ball and, in turn, increase the likelihood of noncompliance with external or internal protocols or higher risks for companies.
Take, for example, data breach incident reporting for GDPR and other data privacy regulations. Organizations must take immediate action to report potential data breaches to the Information Commissioner’s Office (ICO) within 72 hours. However, this can be a challenging timeline for large organizations relying on spreadsheets, phone calls and emails as tools for compliance.
What if legal operations could build their own compliance automation tools? It’s happening – and quite often. Here’s how.
The Power of Business Process Automation
As a general rule, the lower the number of tools needed to manage a process, the higher the overall efficiency. That’s where business process automation and compliance meet.
Corporate legal departments of all sizes across the globe are rethinking how they work. They are looking for ways to radically improve their process performance to optimize compliance activities. Technology is rapidly accommodating this need through the rise of no-code platforms and visual interfaces. These innovations have made it possible for almost anyone to build and deploy solutions and applications without writing a single line of code.
Let’s return to the example above of data breach incident reporting. Automation vastly streamlines this process. One team of legal operations experts, which included BT and Standard Chartered, built an App on a no-code business process automation platform to streamline the process. The resulting App reports, manages and tracks data breaches and notifies regulators. It collects data breach information, automatically sends a notice to the security and compliance team and offers a rules-based dashboard and a quick entry point to review records. It even generates ICO reports and submits them in addition to collecting feedback from the organization. (You can see the App in action in this video.)