Artificial Intelligence (AI) has been a fascinating concept of science fiction for decades, but now we are finally getting to see AI as a reality. Artificial Intelligence, also called machine learning, is the ability of computer systems to perform tasks normally requiring human intelligence and where computers automatically learn from past data and keep becoming intelligent.
For instance, IBM Watson is an artificially intelligent computer system capable of answering questions posed in natural language. IBM Watson takes a question expressed in natural language, seeks to understand the meaning of the question in greater detail and then returns a precise answer to that question.
Though it is hard to predict the applications and future of Artificial Intelligence, robots powered by artificial intelligence will be available to do any programmed processes including Governance, Risk & Compliance, in future. Robots will track the law, read the law, interpret and analyze the law and present you with gap analysis with respect to compliances and non-compliances, risks and control failures etc.
While Robotics takes its own course, with the law now changing almost on a daily basis, the complexities of compliances are only increasing and so are the penalties of non-compliances, faster than ever. It is therefore both urgent and important to adopt a compliance system which is intelligent, reliable and hassle-free.
Here’s the forecasted trend in Governance, Risk & Compliance in the next 1-3 years:
- Risk and implications of non-compliance will be high: Doing scalable and sustainable business in India in an organized form will only be possible in an ethical and compliant way. The penalties for non-compliances will shoot through the roof.
- Responsibility and Liability of Compliance Officers will be much higher: The Directors will heavily rely on the CEO /CFO / General Counsel / Company Secretary / Compliance Officer for risk management in business including legal and compliance risk management.
- The role of technology in Governance, Risk & Compliance will increase: We can see an increasing trend in the use of technology in the Governance, Risk and Compliance domains. Officers manually tracking thousands of compliances, documents, excel sheets and legal updates will soon be a thing of the past. It will be increasingly non-productive to track and monitor or even figure out all the compliances applicable to your organization in excel files, let alone the repercussions of missing any.
- Cost of Governance, Risk and Compliance Software will drastically come down: If you thought that these software are expensive and are only for the large organizations, just re-check once and you may be happily surprised.
COMPLINITY is one such intelligent and value for money Governance, Risk and Compliance Software in India, which helps you to track and monitor compliances under applicable laws, manages your contracts, tracks litigation, maps risks & controls and automates your Secretarial, Legal and Compliance functions. Complinity also provides applicable legal updates on a real time basis on 600+ laws so that you are always aware of the latest changes in the law and its implications.
You can reach out to the compliance experts in my team Amit (98114 06675) or Anukrati (98733 02025) or visit www.complinity.com to know more.
Complinity is powered by eMinds Legal, a Corporate Law Firm in India specializing in Governance, Risk & Compliance, with 70+ professionals and 200+ Clients all over India and abroad.
While it will still take some time for Robots to fully manage your Compliances, till that time, fix your roof while the sun is still shining and manage your Compliances till Infinity with Complinity!
Partner, eMinds Legal
EA Mobile: 98733 02025