Friday March 19, 2021
What is Digital Compliance?
Digital Compliance is meeting standards in information security and risk management. Achieving digital compliance comes from strategizing and bringing in the right technologies to protect vital information and rid the company of unhelpful data. Companies making a move to digitized compliance must understand their digital needs. Bringing in the right team and technology is key to achieving compliance in an increasingly evolving Life Sciences industry.
What are the Different Types of Digital Compliance?
In the Life Sciences, it is essential to focus on the various processes, people, and technology that help meet and exceed an organization’s unique digital compliance needs. The following are different types of digital compliance that can be implemented to meet security standards and minimize compliance risk:
- Data compliance is the method of positioning classified data according to business standards and safeguarding compliance with appropriate governing regulations.
- Cloud compliance ensures cloud computing services are met, cloud security is secured, adhering to internal best practices, and meets regulations set by governing agencies and industry organizations.
- Cyber Security prevents digital attacks of computers, systems, servers, sensitive data, and networks with security assists in data privacy and adopting operational security measures.
- Robotic Process Automation Compliance is establishing levels of process accuracy to create a robust and effective compliance program.
- Emerging Technologies are fast-growing technologies, like Robotics and AI, that impact industry, processes, and regulations.
- GDPR Compliance ensures all parts of an organization handling personal data are compliant with GDPR law and adhering to data protection principles.
- Governance, risk, and compliance (GRC) are strategies to manage governance, enterprise risk management, and compliance with industry and government regulations.
- Sarbanes-Oxley Act (SOX) compliance upholds accountability in financial reporting, protects a company’s data security, and benefits organization communications.
- Artificial Intelligence (AI) Compliance is the process of meeting applicable governing regulations by proactively monitoring and addressing compliance requirements with AI and machine learning.
How is Artificial Intelligence Changing Digital Compliance?
As Life Sciences move to cloud-based storage, the increasing amount of digitized data and processes is further driving the move to Artificial Intelligence (AI). Artificial Intelligence is centralizing the digital compliance approach by proactively monitoring and addressing regulatory requirements with AI technologies. Furthermore, Machine Learning is an AI implementation that allows systems to make improved predictions from learned experiences, a process that can effectively support the process of maintaining regulatory compliance. Companies in heavily regulated industries are therefore implementing AI to maintain compliance and increase efficiency within their workflows. The need to manually control and regulate processes, store data and maintain risk and compliance are consolidated into an AI Process, effectively changing the Life Sciences methods to achieve digital compliance.
Predictive Analytics is the next step in maximizing the potential of Artificial Intelligence to positively shift the effectiveness of digital compliance. Predictive analytics is identifying patterns, trends, and anomalies that provide an organization with unlimited opportunities to improve existing workflows. As organizations have an improved digital compliance process, their communications and business processes are also greatly improved by Artificial Intelligence. AI technologies like data mining, machine learning, and predictive modeling are further instrumental in shaping how digital compliance is executed in regulated organizations and beneficial to day-to-day business processes.
As the Life Sciences industry becomes increasingly digitized, maintaining compliance with governing bodies will increase the dependence on digital compliance technologies and services. Digital compliance has evolved to a necessity to stay relevant in an industry that is constantly evolving technologically.
What are the Challenges of AI in Digital Compliance?
The biggest challenge of digital compliance is using the technology to its full potential. Digital compliance technologies like Artificial Intelligence are increasingly complex. As its processes and algorithms become harder to understand, businesses may be hesitant to jump into moving the company forward technologically without adequate support.
It is important to remember that Artificial Intelligence and Machine Learning can handle many processes and large amounts of data, but it is generally not smarter than a brain. Knowing how to use AI systems to their full potential requires a full understanding by its user. Having a dedicated team to the implementation and maintenance can alleviate these challenges and increase the benefits of AI Compliance.
AI Regulatory Compliance with Arbour Group
Diving into the world of digital compliance can be very intimidating, and it may be tough to know where to start. One of the keys to achieving digital compliance in the Life Sciences industry is having a supportive team that understands technological solutions and regulatory services.
Arbour Group offers a selection of Digital Compliance Services with a team ready to assist you in achieving your digital regulatory requirements and goals. We can assist in all stages of the regulatory compliance process, from developing a full-bodied compliance consultation package through benchmarking, examination, remediation, and recovery in instances of non-compliance or misconduct. Moreover, we are dedicated to the people, processes, and technology that support and surpass your digital compliance needs.
To learn more about how Arbour Group can assist in AI and regulatory compliance, contact us today!